By Nneka Nwogwugwu
The Boma Prize for Africa, launched by Boma Consult LLC, is a transformative initiative aimed at promoting business education, youth empowerment and SME growth across the African continent.
In alignment with the Sustainable Development Goal (SDG) of eradicating poverty, this programme seeks to provide crucial financial support to small and medium-sized enterprises (SMEs), fostering economic development and job creation.
According to the organization, the grants will help alleviate challenges faced by SMEs, such as high operational costs, limited access to finance and workforce constraints.
By addressing these barriers, the initiative empowers entrepreneurs, equipping them with the resources needed to scale their businesses and contribute to Africa’s economic growth.
The 2024 grant competition, launched last year, attracted numerous applicants eager to secure funding. Although the application process has closed, the organization is now preparing for the Semi-final event, which will take place at Meeting Point, Abuja, on July 12, 2025.
This event presents a valuable opportunity for SMEs to engage with industry experts, gain insights and prepare for the next application cycle.
Benefits
Recipients of the grant will gain access to an exclusive global community of student entrepreneurs, mentors, and industry leaders. Additionally, they will have the chance to advance to the Global Finals, where finalists compete for over $20,000 in funding and value-added services to bring their business ideas to life.
This financial support and mentorship are essential for driving sustainable business growth and reducing poverty in Africa.
Timeline
The grant application process began in January, and by December, successful applicants will receive their funding. This structured timeline ensures that entrepreneurs receive timely support to implement their projects and create a lasting impact.
For more information about the grant and future application cycles, visit Boma Prize for Africa.
The Boma Prize for Africa, initiated by Boma Consult LLC, focuses on promoting business education, empowering youth, and fostering SME growth across Africa. This initiative aligns with the Sustainable Development Goal of poverty eradication by providing vital financial support to small and medium-sized enterprises (SMEs), aiding in economic development and job creation. The program addresses challenges faced by SMEs, such as high operational costs and limited access to finance, empowering entrepreneurs to scale their businesses.
The 2024 grant competition drew many applicants, with a semi-final event scheduled for July 12, 2025, in Abuja, providing SMEs the chance to engage with experts and prepare for the next application cycle. Grant recipients will join a global community of entrepreneurs and compete for over $20,000 in funding and services at the Global Finals. The structured timeline for the application process ensures timely support for successful applicants to implement their projects and create lasting impact, contributing to sustainable business growth and poverty reduction in Africa. More details can be found on the Boma Prize for Africa website.
