Nigeria’s richest woman, Folorunso Alakija, unveils $1 million grant for women

Nigeria’s richest woman, Folorunso Alakija, has unveiled a $1 million (N1.3 billion) funding pool for female entrepreneurs as applications open for Cohort 5 of the Flourish Africa Business and Life Skills Programme. The initiative will provide funding, training and mentorship to selected participants, with applications open until April 12, according to a post on her LinkedIn page. 

Women founders aged 18-50 targeted

The program targets female entrepreneurs aged 18 to 50 whose businesses have operated for at least 12 months and are based in Abuja, Lagos or Port Harcourt. Applicants who previously participated in Flourish Africa training or received grants are not eligible, a move designed to expand opportunities to new founders seeking capital and business guidance.

Alakija said the initiative aims to equip women with the knowledge, funding and support needed to grow sustainable businesses. She noted that women-led enterprises continue to play an important role in Nigeria’s economy, particularly in small and medium-sized businesses that create jobs and support local supply chains. Her comments reflect a broader effort to improve access to funding and business education for women across the country. 

Flourish Africa offers training, grants

Founded by Alakija, Flourish Africa supports women through business training, life skills and funding access. Selected participants in the 2026 cohort will receive structured training and grants to strengthen operations, improve financial management and expand market reach. The program follows earlier cohorts that provided mentorship and funding to women-led businesses across retail, agriculture and services across multiple regions.

Alakija’s own career reflects the growth she now encourages. She began in 1974 as an executive secretary at Sijuade Enterprises in Lagos. In the 1980s, she launched Supreme Stitches, later renamed The Rose of Sharon House of Fashion, which gained popularity among Nigeria’s business and political elite.

Her move into oil came in 1993 when she secured an oil license for a 617,000-acre offshore block in Nigeria’s Agbami Field. She later built Famfa Oil into one of Nigeria’s leading crude exporters, helping her fortune grow beyond $1 billion. 

Alakija’s debt-free Ikoyi tower

Her real estate investments also reflect her long-term strategy. Among them is the $100 million Centre Point Tower Ikoyi, formerly known as Famfa Oil Tower. Rising 103 meters above Ikoyi, the structure was built without bank loans, highlighting her conservative financing approach and expanding footprint in Nigeria’s commercial real estate market.

Through the $1 million (N1.3 billion) Flourish Africa funding pool, Alakija is supporting a new generation of female entrepreneurs. The initiative aims to help women build stronger businesses, create jobs, and contribute to Nigeria’s private sector growth, a goal that reflects both her business journey and her continued investment in women-led enterprises.