In a significant development, Vice President Senator Kashim Shettima has unveiled a groundbreaking initiative, revealing that women-led businesses will receive a substantial 50 per cent share of the proposed $200 million grant raised by the National Philanthropic Office (NPO) for MSME startups.
The announcement took place during the inauguration of the Local Implementation Committee of the NPO at the Banquet Hall of the Presidential Villa in Abuja.
This initiative, characterized by both local and international efforts, aims to inject grants and non-financial investments into supporting startups within key MSME sectors that actively drive job creation in Nigeria.
The NPO, a private-sector-driven initiative with full government backing, aligns with global trends exploring alternative funding methods for essential projects through private sector collaboration.
Vice President Shettima outlined the initiative’s ambitious objectives, stating, “The overarching aim is to generate one million jobs directly and indirectly within the MSME ecosystem.”
The initiative envisions the establishment of twelve industrial value-chain hubs and accelerators nationwide, with a specific focus on digitized shared workspaces, agro-processing, and shared industries.
Regarding financial support, eligible MSMEs stand to receive grants ranging from 5 million to 10 million. A notable emphasis will be placed on supporting women-led businesses, constituting a significant 50% of the start-ups set to benefit from this transformative initiative.
The NPO, a private-sector-driven initiative enjoying government support, aims to raise $200 million in grants and non-financial investments for startups contributing to job creation in Nigeria.
The initiative envisions the establishment of twelve industrial value-chain hubs and accelerators across Nigeria’s six geopolitical zones, emphasizing digitized shared workspaces, agro-processing, and shared industries.
Eligible MSMEs can secure grants ranging from 5 million to 10 million, with a considerable focus on empowering and supporting women-led businesses.
This initiative represents a pivotal aspect of the broader strategy pursued by the President Tinubu-led administration, fostering collaboration with the private sector to explore alternative funding avenues for Small and Medium-Sized Enterprises (SMEs) and crucial economic programs.
