FirstBank, Rotary Invest ₦45 Million to Help 140 Entrepreneurs Launch Businesses

FirstBank of Nigeria Limited has partnered with Rotary International District 9111 to support 140 entrepreneurs with vocational start-up kits worth ₦45 million.

The beneficiaries were selected from Lagos and Ogun states.

The program aims to support entrepreneurship, create income opportunities, and strengthen micro, small, and medium enterprises.

The empowerment also targets artisans and small business owners who need tools to start or expand their businesses.

What The Beneficiaries Received

The beneficiaries received practical business tools across different trades.

The items include grinding machines, sewing machines, hair dryers, make-up kits, mechanics’ toolboxes, gas burners, and cylinders.

Others include bread mixers, cake mixers, and other equipment needed to run small businesses.

These tools can help beneficiaries begin work immediately, reduce start-up costs, and improve their chances of building sustainable income.

FirstBank Explains The Initiative

Speaking at the empowerment program in Lagos, Acting Head of Retail Business, SME Banking Department at FirstBank, Musiliu Olokodana, said the initiative reflects the bank’s commitment to entrepreneurship and financial inclusion.

He said the partnership with Rotary International District 9111 has supported more than 400 artisans with vocational tools over the past five years.

According to him, many beneficiaries have used the support to start businesses and improve their economic prospects.

Olokodana urged the new beneficiaries to use the tools to build sustainable enterprises.

He warned against treating the equipment as items for quick sale or immediate cash gain.

Support Beyond Start-Up Kits

FirstBank said the support will not end with the donation of equipment.

The bank plans to continue engaging beneficiaries through financial products, business advisory services, and digital banking solutions.

The support may also include access to loans, savings products, payment platforms, and capacity-building programs.

This follow-up is important because many small businesses fail not only because they lack equipment but also because they lack funding, records, market access, and business knowledge.

Rotary Calls The Kits “Seeds” For Growth

Rotary International District 9111 Governor, Rotarian Henry Akinyele, described the vocational tools as “seeds” for business growth.

He said the equipment could help beneficiaries build businesses, reduce poverty, and support grassroots economic development if they use them properly.

The Rotary governor’s message points to a larger issue: empowerment works best when beneficiaries turn support into productive activity.

A start-up kit can open the door, but discipline and business management determine how far the business grows.

Why This Matters For MSMEs

Nigeria’s MSME sector remains one of the biggest sources of employment and informal income.

Small businesses support households, create local jobs, and drive trade in communities.

But many entrepreneurs face major barriers.

These include lack of capital, poor access to equipment, high operating costs, and limited business training.

Programs like this can reduce the cost of entry for artisans and young entrepreneurs.

They can also help beneficiaries move from survival-level work to more structured business operations.

Expert View

The FirstBank and Rotary initiative is important because it focuses on practical tools, not just cash support.

For many entrepreneurs, equipment is the first major barrier to starting a business.

A sewing machine, mixer, dryer, or toolbox can immediately create income when placed in the hands of someone with the right skill.

However, equipment alone is not enough.

Beneficiaries need training on pricing, savings, customer service, bookkeeping, and digital payments.

FirstBank’s plan to provide follow-up support through financial products and advisory services is therefore critical.

If the program is monitored well, it can help more beneficiaries move from informal hustle to sustainable small businesses.

Frequently Asked Questions

How many entrepreneurs received support?

A total of 140 entrepreneurs received vocational start-up kits.

Who organized the empowerment program?

The program was organized by FirstBank of Nigeria Limited in partnership with Rotary International District 9111.

How much are the start-up kits worth?

The start-up kits are worth ₦45 million.

Where were the beneficiaries selected from?

The beneficiaries were drawn from Lagos and Ogun states.

What items were distributed?

The items include sewing machines, grinding machines, hair dryers, make-up kits, mechanics’ toolboxes, gas burners, cylinders, bread mixers, and cake mixers.

Why is the program important?

It supports entrepreneurship, financial inclusion, and small business growth.

Will FirstBank provide further support?

Yes. FirstBank said it will support beneficiaries with financial products, advisory services, digital banking solutions and capacity-building programs.