FirstBank of Nigeria has awarded a total of N10 million in grants to outstanding female entrepreneurs following the successful conclusion of the inaugural Spark A Gem Challenge, a business development initiative aimed at strengthening women-owned enterprises across Nigeria.
The programme, launched under the bank’s FirstGem proposition, is designed to support female entrepreneurs through funding, business training, mentorship and access to professional networks, reflecting a broader strategy to promote inclusive economic growth beyond conventional lending.
The competition attracted 356 applications from women-led businesses operating in sectors including agriculture, healthcare, education, food services and other key segments of the Nigerian economy. After a competitive screening process, eight finalists advanced to a four-day intensive capacity-building programme before presenting their businesses to an independent panel of judges during the final Pitch Day.
At the end of the competition, Mrs. Onyinye Obayi, founder of Honeypot Confections Ltd., emerged as the overall winner and received the grand prize of N5 million. The first runner-up received N3 million, while the second runner-up was awarded N2 million, bringing the total value of grants distributed to N10 million.
Speaking at the event, Chuma Ezirim, Group Executive, e-Business and Retail Products at FirstBank, said the initiative reflects the bank’s long-term commitment to supporting women as key contributors to Nigeria’s economic development.
“When women thrive, economies thrive. At FirstBank, we recognise that women entrepreneurs play a critical role in driving economic growth, job creation and community development,” he said.
Ezirim noted that the Spark A Gem Challenge was intentionally designed to identify high-potential women-led businesses and equip them with the financial knowledge, managerial skills and industry connections needed for long-term success. He added that access to capital alone is often insufficient, stressing that sustainable business growth is more likely when financing is combined with mentorship, financial literacy and strategic business support.
Beyond the cash grants, FirstBank said all participants will be integrated into its FirstGem ecosystem, giving them access to future financing opportunities, business advisory services, enterprise development programmes and tailored banking solutions.
The initiative comes as women-owned small and medium-sized enterprises (SMEs) continue to face significant barriers to accessing affordable finance despite their growing contribution to employment and economic activity. Development experts have consistently identified improved access to finance, business training and mentorship as critical to unlocking the full potential of female entrepreneurship in Nigeria.
By expanding programmes such as Spark A Gem, FirstBank aims to strengthen women-led businesses, deepen financial inclusion and support sustainable enterprise growth, reinforcing the banking industry’s role in advancing Nigeria’s broader economic diversification agenda.
