LAGOS – RosGwen Group, a conglomerate with interests in energy, manufacturing and technology, has announced a US$2m fund to support African entrepreneurs in technology, agriculture and manufacturing sectors.
The fund, which is aimed at boosting entrepreneurship and innovation in Africa, will be disbursed over a period of two years to support startups and small and medium-sized businesses in the targeted sectors.
The move is also aimed at promoting economic growth and supporting innovation in Africa, according to the information by company.
According to the CEO of RosGwen Group, Oladepo Olaide, the fund is part of the company’s commitment to fostering sustainable development in Africa.
“As a company with a strong presence in Africa, we understand the challenges faced by entrepreneurs in these sectors. We believe that by supporting their ideas and businesses, we can contribute to the growth of the African economy and create opportunities for young people,” he said.
The fund is open to entrepreneurs from across the African continent who are working on innovative solutions in technology, agriculture and manufacturing.
Successful applicants will receive financial support and mentorship from RosGwen Group, with the aim of helping them scale their businesses and create jobs in their communities.
Mr Olaide who also heads 9jaboizgist, a Nigerian based tech company added that the fund is part of RosGwen Group’s broader strategy of investing in sustainable development and innovation in Africa.
“We believe that Africa has enormous potential for growth and development, and we are committed to contributing to its economic transformation. By investing in entrepreneurs in these sectors, we can help drive innovation, create jobs and support sustainable development in Africa,” he said.
The announcement of the fund has been welcomed by entrepreneurs and industry leaders across Africa. Many have praised RosGwen Group for its commitment to supporting innovation and economic growth in the region.
“This is a great initiative by RosGwen Group, and it will go a long way in supporting entrepreneurs who are working hard to create innovative solutions in these key sectors.
“With the right support and resources, African entrepreneurs can lead the way in driving economic growth and creating opportunities for young people,” said Jane Muthoni, a technology entrepreneur from Kenya.
Projected impact of the RosGwen Group fund on African entrepreneurship
The fund comes at a time when Africa is experiencing a surge in entrepreneurial activity, particularly in the technology sector.
According to a recent report by the African Development Bank, Africa is now the second-fastest-growing region for entrepreneurial activity in the world, with the technology sector leading the way.
However, many entrepreneurs in Africa face significant challenges, including limited access to finance, mentorship and networks. The latest RosGwen Group fund is expected to address some of these challenges and provide much-needed support to entrepreneurs in these sectors.
The RosGwen Group is a global conglomerate with operations in various industries, including energy, telecommunications, real estate and finance.
The company has a strong presence in Africa, with operations in several countries, including Nigeria, Ghana, Kenya and South Africa through various partnerships.
The company has previously supported initiatives aimed at promoting sustainable development and innovation in Africa.
In 2018, RosGwen Group launched an initiative aimed at promoting renewable energy solutions in Africa. The initiative provided funding and technical support to entrepreneurs working on innovative renewable energy solutions in the region.
The announcement of the US$2m fund for African entrepreneurs in technology, agriculture and manufacturing sectors is the latest example of RosGwen Group’s commitment to supporting economic growth on the continent.
