Loveworld Kingdom, a faith-based organisation founded by Pastor Chris Oyakhilome, has secured $1 million to support small and medium-sized enterprises (SMEs) across Africa through a new investment initiative.
The organisation disclosed this in a statement on Tuesday, following the unveiling of the investment fund at the Loveworld Trade and Investment Forum held in Accra, Ghana, in October.
The initiative is designed to provide financial assistance to businesses within its network, particularly entrepreneurs seeking to increase production, expand their operations and gain access to new markets.
According to the organisation, its Ministry of Commerce will serve as a link between business owners and potential investors, professionals and other resources within its network to help businesses overcome financial challenges and achieve sustainable growth.
Loveworld Kingdom noted that many small businesses across Africa struggle to secure loans from commercial banks because of strict collateral requirements and inadequate financial records.
The statement referenced World Bank figures indicating that fewer than five per cent of Nigeria’s micro, small and medium-sized enterprises have access to bank credit, highlighting the difficulties faced by entrepreneurs in obtaining the funding needed to expand their businesses.
Speaking on the initiative, the Executive Minister of Commerce and convener of the forum, Stephanie Oforka, stressed the need for individuals and organisations to invest in businesses they genuinely want to see grow.
She explained that meaningful economic development would require people to direct their financial resources towards supporting entrepreneurs and productive enterprises.
Oforka said, “We cannot continually speak about the businesses we want to see while directing our capital elsewhere.”
The organisation also referenced an African Export-Import Bank estimate that Africa faces an annual trade finance deficit of approximately $100 billion, with smaller businesses bearing a significant portion of the impact.
Also speaking, the Executive Minister of Hinterlands Ministries at Loveworld Kingdom, Chidi Ezimako, said businesses seeking investment support must demonstrate credibility, maintain quality products and show the ability to fulfil their financial and business obligations.
He added that access to the investment opportunity would not be determined solely by membership of the organisation or religious affiliation.
Similarly, Bolaji Akinboro, Special Adviser on the Economy to Loveworld Kingdom and co-founder of Cellulant, emphasised the importance of strengthening the productive capacity of African businesses to enable them to compete effectively in regional and international markets.
Oforka further explained that the organisation’s next priority would be helping participating businesses move beyond their existing markets through increased production, improved standards and access to investment capital.
She highlighted the need to transform locally successful businesses into enterprises capable of competing across Africa and the global market.
According to her, the organisation is working towards connecting entrepreneurs with new markets, investors, suppliers, professional expertise and potential customers.
The proposed investment model is expected to create opportunities for business owners to access the resources and partnerships required to expand their operations and improve their competitiveness.
Loveworld Kingdom said the initiative would contribute to enterprise development and economic growth by supporting businesses with the potential to create jobs, increase production and strengthen Africa’s private sector.
However, the organisation did not disclose the identities of the investors providing the $1 million, the specific investment terms or the criteria that would guide the selection of beneficiary businesses.
Loveworld Kingdom is a spiritual community introduced by Christ Embassy, also known as Believers’ Loveworld Inc., founded by Pastor Chris Oyakhilome. Pastor Yemisi Kudehinbu serves as its Prime Minister.
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