The newly established National Philanthropic Office (NPO) is set to raise $200 million in grants and non-financial investment to support Micro, Small, and Medium Enterprises (MSMEs) in Nigeria, according to Vice President Kashim Shettima. The NPO, driven 100% by the private sector with government support, aims to create an enabling environment for MSMEs and job creation. Eligible MSMEs may receive grants ranging from N5 million to N10 million, with a focus on supporting women-led businesses, constituting 50% of the start-ups. The initiative targets the establishment of twelve industrial value-chain hubs and accelerators nationwide, generating one million jobs within the MSME ecosystem.
Additional Insights:
The NPO initiative aligns with President Bola Tinubu’s commitment to societal improvement and philanthropy.
The program will be executed through local and international teams to support start-ups in key sectors within the MSME space.
The Local Implementation Committee includes representatives from Wema Bank, Bank of Industry, Access Bank, Impact Investors Foundation, BUA Foundation, and others.
Transforming Philanthropy and Impacting Investing Landscape
Ms. Thelma Ekiyor-Solanke, the Country Chairperson of the NPO, emphasized that philanthropy and impact investing are crucial for supporting MSMEs, encouraging innovation, and providing catalytic capital to entrepreneurs. She commended Vice President Shettima’s visionary commitment to the initiative, stating that it will transform philanthropy and impact the country’s investing landscape. The Local Implementation Committee, chaired by Ms. Thelma Ekiyor-Solanke, includes representatives from various organizations, contributing to the success and impact of the initiative.
