Reported by Weng Patrick Atokor | Journalist at Weng Global
First Bank of Nigeria Limited has reinforced its commitment to promoting women-led businesses by awarding ₦10 million in grants to outstanding female entrepreneurs through its inaugural Spark A Gem Challenge, a business acceleration initiative designed to provide funding, mentorship and long-term business support.
The programme, unveiled in Lagos, forms part of FirstBank’s broader Women-Preneur Pitch-A-Ton Programme under its FirstGem proposition, which focuses on equipping women entrepreneurs with the financial resources, skills and networks needed to build sustainable businesses.
The initiative attracted 356 applications from women-owned businesses operating across key sectors of Nigeria’s economy, including agriculture, healthcare, education, food processing, hospitality and other small and medium-sized enterprises. Following a rigorous screening process, eight finalists advanced to the final stage after participating in a four-day capacity-building programme where they refined their business models before presenting their ideas to an independent panel of judges.
At the end of the competition, Onyinye Obayi, founder and Managing Director of Honeypot Confections Ltd., emerged as the overall winner, receiving the top grant of ₦5 million. The first runner-up received ₦3 million, while the second runner-up was awarded ₦2 million, bringing the total grants distributed to ₦10 million.
Beyond the cash prizes, FirstBank announced that every entrepreneur who applied for the competition would become part of its FirstGem ecosystem, giving them access to banking services, financial education, advisory support, mentorship opportunities, networking platforms and future credit facilities aimed at helping women-owned businesses expand.
Speaking on the initiative, Group Executive for e-Business and Retail Products at FirstBank, Chuma Ezirim, said the bank recognises the vital role women entrepreneurs play in driving economic growth, creating jobs and strengthening communities across Nigeria.
According to him, providing funding alone is no longer enough to guarantee business success. He stressed that women-led enterprises achieve better outcomes when access to finance is combined with business development, mentorship, financial literacy and strong professional networks.
Ezirim explained that the Spark A Gem Challenge was deliberately designed to identify promising women-owned businesses, improve their investment readiness and strengthen their managerial capacity while positioning FirstBank as a long-term partner in their growth journey.
Industry experts have increasingly argued that women entrepreneurs face greater challenges accessing finance than their male counterparts despite their significant contribution to Nigeria’s micro, small and medium enterprise sector. Many women-owned businesses struggle with limited collateral, restricted access to formal credit and inadequate business development opportunities.
Programmes such as Spark A Gem seek to bridge these gaps by combining financial support with structured entrepreneurial development. The approach aligns with global evidence showing that businesses benefit more from integrated support systems than from grants or loans alone.
The initiative also reflects the growing role financial institutions are playing in promoting inclusive economic growth. As Nigeria seeks to diversify its economy and strengthen the MSME sector, greater investment in women-owned enterprises is expected to contribute to employment creation, innovation and poverty reduction.
According to FirstBank, research informed the design of the programme, indicating that women entrepreneurs are more likely to build resilient and sustainable businesses when financing is accompanied by mentorship, financial education and strategic networking opportunities.
The Women-Preneur Pitch-A-Ton Programme, under which Spark A Gem operates, is one of several initiatives introduced by FirstBank to deepen financial inclusion and expand opportunities for women entrepreneurs across Nigeria.
Observers say such interventions are increasingly important as small businesses continue to face rising operating costs, inflationary pressures and limited access to affordable financing. By supporting women-owned enterprises, banks can help unlock greater productivity while strengthening local economies.
For the beneficiaries, the grants provide not only immediate financial relief but also an opportunity to scale operations, improve competitiveness and create additional employment within their communities.
FirstBank reaffirmed that it remains committed to investing in programmes that empower women entrepreneurs, describing female-owned businesses as critical drivers of sustainable economic development. The bank noted that strengthening women’s participation in enterprise development remains central to its vision of advancing financial inclusion and supporting Nigeria’s long-term economic growth.
Sources
Punch Newspapers
The Sun Nigeria
Chronicle NG
FirstBank Nigeria
