Faith-based group secures $1m for African businesses

L-R: Reverend Tom Amenkhienan, Regional Pastor, Loveworld Kingdom; Pastor T.T. Temisan, Executive Minister, Ministry of Information, Loveworld Kingdom; Pastor Biodun Lawal, Executive Minister, Ministry of Discipleship, Loveworld Kingdom, and Zonal Pastor, Accra Ghana Zone; and Stephanie Oforka, Executive Minister of Commerce, Loveworld Kingdom, and Convener, LTIF, at the Loveworld Trade & Investment Forum (LTIF) 2026 in Accra, Ghana. Photo: LTIF.

Loveworld Kingdom has attracted $1m in funding for an investment initiative to support small and medium-sized enterprises across Africa, as businesses continue to struggle with limited access to affordable financing.

The faith-based organisation disclosed the development in a statement issued on Tuesday, following the unveiling of the investment fund at the Loveworld Trade and Investment Forum held in Accra, Ghana, in October.

“Loveworld Kingdom has secured a $1m boost for an investment fund targeting businesses within its network, as the faith-based organisation seeks to mobilise private capital to address financing constraints facing African small and medium-sized enterprises,” the statement partly read.

The initiative is expected to provide financial support to businesses within the organisation’s network, particularly entrepreneurs seeking to increase production, expand their operations and enter new markets.

The funding comes amid persistent financing challenges facing African businesses, particularly smaller enterprises that often lack the collateral and financial records required to obtain commercial bank loans.

According to the World Bank, fewer than five per cent of Nigeria’s micro, small and medium-sized enterprises have access to bank credit, leaving many entrepreneurs dependent on personal savings and informal sources of financing.

Through its Ministry of Commerce, Loveworld Kingdom plans to connect business owners with potential investors, professionals and other resources available within its network.

The Executive Minister of Commerce and Convener of the forum, Stephanie Oforka, said the initiative reflected the need for organisations and individuals to direct more investment towards businesses they wanted to see grow.

“We cannot continually speak about the businesses we want to see while directing our capital elsewhere,” she said.

The financing difficulties confronting Nigerian businesses also reflect a wider challenge across the continent.

The African Export-Import Bank estimates Africa’s annual trade finance deficit at approximately `$100bn, with smaller businesses particularly vulnerable to the shortage of funding.

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Loveworld Kingdom’s proposed investment model seeks to address some of these constraints by bringing entrepreneurs into closer contact with individuals and institutions capable of providing capital, business advice and market opportunities.

However, the organisation maintained that access to financing would not be determined solely by membership or religious affiliation.

The Executive Minister of Hinterlands Ministries at Loveworld Kingdom, Chidi Ezimako, emphasised the importance of business credibility, product quality and the ability of entrepreneurs to honour their obligations.

His position suggests that businesses seeking support under the initiative would be expected to demonstrate commercial viability rather than depend exclusively on relationships within the organisation.

Similarly, the Special Adviser on the Economy to Loveworld Kingdom and Co-founder of Cellulant, Bolaji Akinboro, stressed the importance of improving productive capacity to enable African businesses to compete in regional and international markets.

The initiative also highlights the potential for organised religious communities to facilitate business financing by connecting entrepreneurs with investors, suppliers, professional expertise and customers.

Such arrangements could provide additional funding opportunities for enterprises that struggle to meet conventional lending requirements, although the sustainability of the model would depend on effective investment management and commercial performance.

Oforka said the organisation’s next priority was to help participating businesses develop beyond their existing markets by strengthening production capacity, improving standards and expanding 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.

The organisation expects the investment initiative to support enterprise development and create opportunities for African entrepreneurs seeking to expand their commercial activities.