In a groundbreaking move aimed at fostering economic empowerment, Vice President Senator Kashim Shettima has announced a substantial $100 million grant dedicated to supporting women-driven businesses in Nigeria. The initiative, spearheaded by the National Philanthropic Office (NPO), is set to provide a boost to Micro, Small, and Medium-Sized Enterprises (MSMEs) across the country.
During the inauguration of the Local Implementation Committee of the NPO at the Banquet Hall of the Presidential Villa in Abuja, Vice President Shettima outlined the plan to allocate 50% of the anticipated $200 million grant specifically to women-led startups. Eligible MSMEs will receive grants ranging from $5 million to $10 million, with a significant focus on empowering women entrepreneurs who constitute half of the beneficiary start-ups.
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The NPO, a private sector-driven initiative with government support under the leadership of President Bola Ahmed Tinubu, aims to secure alternative funding for MSMEs and vital economic programs through collaboration with the private sector. The office’s mandate includes establishing 12 industrial value-chain hubs and accelerators for startups and small businesses across Nigeria’s six geopolitical zones.
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In his speech titled “Philanthropy and Our Shared Responsibilities,” Vice President Shettima revealed the NPO’s ambitious goal of raising $200 million in grants and non-financial investments, leveraging both local and international partnerships. The funds are earmarked to provide essential support to startups in key sectors within the MSME space, thereby promoting job creation and economic growth in Nigeria.
Recognizing President Tinubu’s longstanding commitment to philanthropy, Vice President Shettima emphasized the success and impact guaranteed by the enduring spirit of societal betterment. Mrs. Thelma Ekiyor, the Country Chairperson of the NPO, was assured that the initiative is in secure hands, with the VP highlighting the significance of collaboration between the government and private individuals in driving philanthropic endeavors.
This move addresses existing gaps in philanthropy, with Vice President Shettima emphasizing the need for collaborative efforts to support vulnerable enterprises and ideas crucial to collective progress. The establishment of the National Philanthropic Office signifies a pivotal step towards fostering collaboration between the government and private entities for the greater good of Nigeria’s economic landscape.
Source: Leadership News
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