Vice President Kashim Shettima has revealed that the newly established National Philanthropic Office (NPO) is set to raise $200 million in grants and non-financial investment to support the Micro Small Medium Enterprises (MSMEs) space in the country.
Shettima disclosed this in a statement during the inauguration of the Local Implementation Committee of the National Philanthropic Office (NPO) at the Banquet Hall of the Presidential Villa, Abuja.
According to the vice president, President Bola Tinubu’s unwavering commitment to societal improvement is the reason for the establishment of NPO as a means of helping the vulnerable and creating an enabling environment for MSMEs.
He also mentioned that the programme will be driven 100% by the private sector, with full support from the government, both at the national and sub-national level.
“Distinguished ladies and gentlemen, this initiative proposes to raise $200m in grants and non-financial investment, through local and international teams, to provide support to start-ups in the key sectors within the MSMEs space that drive job creation in Nigeria.
“Long before stepping into the realm of public service, His Excellency President Bola Ahmed Tinubu has been a steadfast believer in the ideals of giving back to society. This commitment to philanthropy has always defined his identity.
“The Country Chairperson of the National Philanthropic Office (NPO), Mrs Thelma Ekiyor, can rest assured that this initiative is in secure hands. Mr President’s enduring spirit of societal betterment is enough to guarantee its success and impact,” the vice president stated.
Eligible MSMEs to receive grants from N5 million to N10 million
Speaking further, the vice president said that eligible MSMEs will receive grants ranging from N5 million to N10 million through the initiative.
He also added that the programme will target 50% of women-owned businesses and start-ups.
“While the NPO is 100% driven by the private sector, enjoying government support, it thrives on the reality that worldwide, governments are increasingly exploring alternative funding methods for vital projects and economic sectors through collaboration with the private sector.
“The objective is to create twelve industrial value-chain hubs and accelerators nationwide. This will focus on digitised shared workspaces, agro-processing, and shared industries. The overarching aim is to generate one million jobs directly and indirectly within the MSME ecosystem.
“Additionally, eligible MSMEs will receive grants ranging from 5 million to 10 million. Emphasis will be placed on supporting women-led businesses, constituting 50% of the start-ups,” he said.
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On her part, the Country Chairperson of the NPO, Ms Thelma Ekiyor-Solanke, said Philanthropy and Impact Investing are two important avenues of supporting MSMEs that can encourage innovation and provide catalytic capital to entrepreneurs.
She noted and commended the Vice President’s visionary commitment to the initiative, saying it will transform philanthropy and impact the country’s investing landscape.
Members of the Local Implementation Committee chaired by Ms Thelma Ekiyor-Solanke include the Managing Director of Wema Bank, Mr Moruf Oseni; Managing Director, of Bank of Industry, Mr Olasupo Olusi; Managing Director of Access Bank, Mr Roosevelt Ogbonna; Chairman, Impact Investors Foundation, Mr Afolabi Oladele, and Founder, Sambo Foundation, HRH, Samuel Sambo.
Others are the Managing Director, of BUA Foundation, Mr Ubon Udoh; Executive Secretary of Nigerian Content Development and Monitoring Board, Mr Felix Ogbe; CEO of Brownvalley Partners, Mr Terlumun Ikya, and Mrs Ayodele Olojede from Wema Bank, while Mr Temitola Adekunle-Johnson will serve as Secretary of the committee.
