Vice President Senator Kashim Shettima has announced that women-led businesses will get 50% of the proposed $200 million grant, which the National Philanthropic Office (NPO) would raise for MSME startups.
Shettima disclosed this during the inauguration of the Local Implementation Committee of the National Philanthropic Office (NPO) at the Banquet Hall of the Presidential Villa, Abuja, on Friday, according to a statement by his spokesperson, Stanley Nkwocha.
Here’s what the Vice President said:
- “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,”
- “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 digitized 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.”
What you need to know
- The NPO is a private-sector-driven initiative driven, with full support from the federal government.
- The NPO is part of President Tinubu-led administration to raise alternative funding for Small and Medium-Sized Enterprises (SMEs) and other vital economic programmes through collaboration with the private sector.
- The NPO aims to raise $200 million in grants and non-financial investment, for startups capable of driving job creation in Nigeria.
- Aside from the $200 million grant it will raise for MSMEs, the NPO is also responsible for ensuring the establishment of 12 industrial value-chain hubs and accelerators for startups and small businesses across the six geopolitical zones in Nigeria.
- The SMSEs to benefit from the NPO include those in digitized shared workspaces, agro-processing, and shared industries.
- Eligible SMEs will receive grants ranging from N5 million to N10 million, with emphasis placed on women-led small businesses.
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