Groups unveil initiative to support African SMEs

In a landmark move aimed at catalyzing economic growth and empowering Small and Medium-Sized Enterprises (SMEs) across Africa, Boma Consult LCC and the Douglas Kintsukuroi Foundation have unveiled The Boma Prize for Africa Initiative.

Scheduled to commence on March 10, 2024, this groundbreaking initiative will spearhead a year-long competition spanning the continent, focusing on youth empowerment, business education, and SME growth.

The Boma Prize for Africa Initiative, rooted in the United Nations Sustainable Development Goals, seeks to address the pressing need for inclusive and sustainable economic growth, job creation, and decent work for all in Africa.

By leveraging entrepreneurship as a catalyst for change, the initiative aims to bridge the gap in economic opportunities and foster a conducive environment for SMEs to thrive.

With SMEs serving as the backbone of the African economy, the initiative aims to provide essential support, mentorship, and resources to address the challenges faced by these enterprises, including limited access to financing and high operational costs.

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By empowering SMEs, The Boma Prize for Africa Initiative aims to unlock the continent’s economic potential and contribute significantly to poverty alleviation and improved livelihoods.

Ms. Blessing Douglas, President and Founder of the Boma Prize for Africa, expressed her belief in the transformative power of entrepreneurship, stating, “The Boma Prize for Africa is our way of supporting the next generation of African innovators, entrepreneurs, and change-makers.”

She emphasised the importance of creating ripples of positive change across the continent through this initiative.

The initiative has garnered support from sponsors like Nancy Potok, who lauded the initiative’s meaningful impact.

As the launch date approaches, anticipation is high for the positive changes The Boma Prize for Africa Initiative will bring to SMEs and the broader African economy.

NIGERIAN TRIBUNE