Faith-based group secures $1m for African businesses

Loveworld Kingdom, a faith-based organization, has secured $1 million in funding for an investment initiative aimed at supporting small and medium-sized enterprises (SMEs) across Africa. The investment fund was unveiled at the Loveworld Trade and Investment Forum held in Accra, Ghana, in October. The initiative seeks to provide financial support to businesses within the organization's network, particularly entrepreneurs looking to expand their operations and enter new markets.

With limited access to affordable financing being a major challenge for African businesses, this funding is expected to address the financing constraints faced by SMEs. The World Bank reports that fewer than five percent of Nigeria's micro, small, and medium-sized enterprises have access to bank credit, leaving many entrepreneurs dependent on personal savings and informal sources of financing.

The Executive Minister of Commerce and Convener of the forum, Stephanie Oforka, emphasized the importance of directing investment towards businesses that are expected to grow.

Brief written by urgent.news from Punch Nigeria's own syndicated text. Machine-written — may contain errors; check the original before relying on it.