Loveworld Kingdom, the faith-based movement founded by Pastor Chris Oyakhilome, says it has secured $1m for an investment initiative aimed at small and medium-sized enterprises (SMEs) across Africa.
The organisation disclosed this in a statement on Tuesday, following the unveiling of the fund at the Loveworld Trade and Investment Forum in Accra, Ghana, in October.
The statement said the initiative would provide financial support to businesses within its network, especially entrepreneurs looking to boost production, expand operations and reach new markets. Its ministry of commerce will link business owners with investors, professionals and other resources within the network.
According to the organisation, the fund is meant to ease the financing challenges of smaller businesses, many of which cannot access commercial bank loans because of collateral demands and poor financial records. It cited World Bank data showing that fewer than five per cent of Nigeria’s micro, small and medium-sized enterprises have access to bank credit.
Executive minister of commerce and convener of the forum, Stephanie Oforka, urged individuals and organisations to channel more capital into the businesses they want to see thrive.
“We cannot continually speak about the businesses we want to see while directing our capital elsewhere,” she said.
The statement also referenced an African Export-Import Bank estimate that Africa’s annual trade finance gap is about $100bn, with smaller businesses hit hardest.
Executive minister of hinterlands ministries at Loveworld Kingdom, Chidi Ezimako, said businesses seeking support must show credibility, product quality and the ability to meet their obligations. The organisation added that access to funding would not depend solely on membership or religious affiliation.
Bolaji Akinboro, special adviser on the economy to Loveworld Kingdom and co-founder of Cellulant, stressed the need to strengthen productive capacity so African businesses can compete in regional and international markets.
Oforka said the next priority was helping participating businesses grow beyond their current markets through better production capacity, higher standards and access to capital.
“Our next responsibility is to scale. How do we take our businesses from local successes to global success? How do we take our businesses to regional relevance? How do we improve standards? How do we increase our production capacity? How do we provide access to capital? How do we connect our businesses to new markets?” she said.
Under the proposed model, entrepreneurs would be connected to potential investors, suppliers, professional expertise and customers.
However, the organisation did not disclose the investors behind the $1m, the terms of the investment, or the criteria for selecting beneficiary businesses.
Loveworld Kingdom is a spiritual community introduced by Christ Embassy, also known as Believers’ Loveworld Inc., which Oyakhilome founded. Pastor Yemisi Kudehinbu serves as its prime minister.
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