Sunday Aborisade in Abuja
Boma Consult LCC, in partnership wth the Douglas Kintsukuroi Foundation (DKF), has announced the launch of The Boma Prize for Africa initiative.
The groundbreaking initiative is set to officially commence on March 10, 2024, initiating a year long competition across the continent aimed at fostering youth empowerment, business education and the growth of Small and Medium Enterprises (SMEs).
The Boma Prize for Africa Initiative, according to a statement by the President and Founder of the Boma Prize for Africa, Ms. Blessing Douglas, on Monday in Abuja, was conceptualised to empathize, educate and empower Africans across all 54 countries.
They hope to do this through an annual pitch contest developed on the foundations of the United Nations Sustainable Development Goals.
The statement said: “This year, we’re supporting Goal 8 of the United Nations Sustainable Development Goals (SDGs), focusing on promoting inclusive and sustainable economic growth, full and productive employment, and decent work for all.
“This initiative seeks to catalyze job creation, entrepreneurship and economic empowerment across Africa, thus contributing significantly to the continent’s economic development and improved livelihoods.
“It will also lead to the boost of Small and Medium Enterprises (SMEs), which is the backbone of the African economy that has faced numerous challenges including high operational costs, limited access to financing and inadequate infrastructure.
“Despite these hurdles, SMEs are a critical force for economic growth, job creation and poverty alleviation, accounting for 60% of jobs and contributing about 50% of Sub-Saharan Africa’s GDP.
“The Boma Prize aims to address these challenges by providing SMEs with the necessary mentorship, resources and networking opportunities to thrive.”
According to the statement, “Inspired by the untapped potential of African innovators and entrepreneurs, the President and Founder of the Boma Prize for Africa envisions this platform as a catalyst for sustainable development through local innovation.”
Douglas said: “The initiative stands as a testament to the power of entrepreneurship in transforming lives and communities across the continent.
“We believe in the power of entrepreneurship to transform lives and communities. The Boma Prize for Africa is our way of supporting the next generation of African innovators, entrepreneurs and change makers.
“As Mother Teresa said: ‘I alone cannot change the world, but | can cast a stone across the water to create ripples.’ We are creating ripples right now.”
