First Bank LogoThrough its groundbreaking Spark A Gem Challenge, FirstBank rewards outstanding female entrepreneurs with grants, mentorship, training and long-term business support, reaffirming that investing in women is investing in Nigeria’s economic future.
Women have long been recognised as the backbone of families, communities and the nation's informal and formal economy. Across Nigeria, thousands of women continue to break barriers, create employment and build resilient businesses despite economic uncertainties and limited access to finance. Yet, many promising enterprises remain constrained by inadequate funding, poor access to mentorship and limited business development opportunities.
In a bold demonstration of its unwavering commitment to women entrepreneurship and inclusive economic growth, First Bank of Nigeria Limited has once again positioned itself at the forefront of empowering women-led enterprises with the inauguration of the Spark A Gem Challenge, a flagship initiative under its Women Preneur Pitch-A-Ton Programme and FirstGem proposition.
The initiative culminated in the presentation of ₦10 million in grant funding to exceptional women-owned businesses, marking another significant milestone in the bank's long-standing efforts to promote financial inclusion, innovation and sustainable enterprise development.
Far beyond the financial rewards, the programme was carefully designed to equip female entrepreneurs with practical business knowledge, strategic mentorship, professional networking opportunities and long-term advisory support that will enable them to compete successfully in an increasingly dynamic business environment.
The competition attracted an impressive 356 applications from women entrepreneurs operating across diverse sectors including agriculture, education, healthcare, food services and several other key industries that contribute significantly to Nigeria's economy.
Following a rigorous and transparent screening process, eight outstanding finalists emerged and participated in an intensive four-day capacity-building programme where they received expert coaching, business development training and mentorship before presenting their innovative business ideas before an independent panel of judges.
At the end of the highly competitive exercise, Mrs. Onyinye Obayi, founder of Honeypot Confections Limited, emerged as the overall winner, securing a ₦5 million grant to expand her business and strengthen its market presence.
The first runner-up received ₦3 million, while the second runner-up was awarded ₦2 million, bringing the total grant disbursement under the challenge to ₦10 million.
However, the impact of the initiative extends well beyond the winners. FirstBank disclosed that every applicant has been integrated into its FirstGem ecosystem, giving them access to specialised banking solutions, business advisory services, networking opportunities and future credit facilities designed to support sustainable business expansion.
Speaking on the significance of the initiative, the Group Executive, e-Business and Retail Products at FirstBank, Mr. Chuma Ezirim, said the bank remains committed to empowering women beyond merely providing access to finance.
"When women thrive, economies thrive. Women entrepreneurs play a critical role in driving economic growth, job creation and community development."
He explained that the Spark A Gem Challenge was intentionally created to discover promising women-led businesses, improve their financial and managerial capabilities and position them for long-term success.
"Spark A Gem was deliberately designed to identify promising women-led businesses, strengthen their financial and business capabilities and support their long-term growth," Ezirim stated.
According to him, sustainable business success requires more than capital, noting that entrepreneurs record stronger and more enduring growth when financial support is complemented by quality mentorship, financial education and access to valuable business networks.
"Access to finance alone is not enough. Women entrepreneurs achieve better outcomes when funding is combined with mentorship, financial literacy and strong business networks."
He further stressed that the challenge was developed to improve business readiness, strengthen enterprise resilience and encourage the growth of sustainable businesses capable of creating lasting economic impact.
The initiative, he noted, aligns seamlessly with FirstBank's broader vision of advancing women's economic empowerment, expanding financial inclusion and supporting inclusive economic development across Nigeria.
Industry observers have consistently maintained that women-owned businesses contribute immensely to employment generation, poverty reduction and innovation. However, many female entrepreneurs continue to face structural challenges ranging from limited access to capital and business training to inadequate market opportunities. Programmes such as the Spark A Gem Challenge therefore represent practical interventions capable of bridging these gaps while unlocking the immense economic potential of women-led enterprises.
Beyond celebrating individual success stories, the challenge sends a powerful message that talent, innovation and determination deserve recognition regardless of gender. By investing in women entrepreneurs today, institutions like FirstBank are helping to build stronger businesses, healthier communities and a more prosperous national economy.
As Nigeria continues to pursue inclusive and sustainable economic growth, initiatives that combine funding with education, mentorship and strategic partnerships are increasingly becoming indispensable. FirstBank's latest intervention not only rewards excellence but also inspires thousands of aspiring women entrepreneurs to dream bigger, innovate boldly and transform their ideas into thriving businesses capable of shaping the nation's economic future.
Ultimately, the Spark A Gem Challenge is more than a business competition, it is a platform for hope, opportunity and transformation, proving that when women are empowered with the right resources, they do not merely build successful businesses; they create jobs, strengthen families, uplift communities and contribute meaningfully to national development.
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