Vice President Senator Kashim Shettima has announced that women-led businesses will be allocated 50% of the anticipated $200 million grant proposed by the National Philanthropic Office (NPO) for MSME startups. The announcement was made during the inauguration of the Local Implementation Committee of the NPO at the Banquet Hall of the Presidential Villa, Abuja.
Eligible MSMEs are set to receive grants ranging from $5 million to $10 million, with a strong emphasis on supporting women-led businesses, which will constitute half of the startups benefiting from the grant. The NPO, a private sector-driven initiative with full government support, aims to raise alternative funding for Small and Medium-Sized Enterprises (SMEs) and other crucial economic programs through collaboration with the private sector.
As part of its responsibilities, the NPO will ensure the establishment of 12 industrial value-chain hubs and accelerators for startups and small businesses across the six geopolitical zones in Nigeria. During the inauguration, Vice President Shettima highlighted the NPO’s goal to raise $200 million in grants and non-financial investments through local and international teams to support startups in key sectors of the country’s MSME space.
Vice President Shettima commended President Bola Ahmed Tinubu’s commitment to philanthropy, stating that the NPO initiative is in secure hands under Mrs. Thelma Ekiyor, the Country Chairperson of the NPO. He emphasized the significance of collaboration between the government and private individuals or organizations bound by empathy, stressing that philanthropy plays a vital role in societal betterment and collective progress. The NPO’s focus on supporting vulnerable enterprises aligns with its mission to bridge existing gaps in philanthropy and foster collaboration for the benefit of Nigeria’s economic growth.
