Vice President Kashim Shettima has assured that the success and positive impact of the newly established National Philanthropic Office (NPO) is guaranteed under the Tinubu administration.
He gave the assurance on Friday during the inauguration of the Local Implementation Committee of the National Philanthropic Office (NPO) at the Banquet Hall of the Presidential Villa, Abuja.
The NPO, an initiative driven 100 per cent by the private sector, with full support from the government, is part of efforts by the Tinubu-led federal government to raise alternative funding for Small and Medium-Sized Enterprises (SMSEs) and other vital economic programmes through collaboration with the private sector.
The office is saddled with the responsibility of ensuring the establishment of 12 industrial value-chain hubs and accelerators for startups and small businesses across the six geopolitical zones in Nigeria.
According to him, President Bola Ahmed Tinubu has been a firm believer in giving back to society and as such, his enduring spirit of bettering the lot of the citizens is enough guarantees for the NPO to make a huge success and impact.
Delivering his speech titled, “Philanthropy and Our Shared Responsibilities,” during the inauguration of the Local Implementation Committee of the NPO, Vice President Shettima disclosed that the NPO is set to raise $200 million in grants and non-financial investment through local and international teams to provide support for start-ups in key sectors of the country’s MSMEs space.
“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,” he said in a statement by his spokesman, Stanley Nkwocha.
“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,” he added.
On her part, the Country Chairperson of the NPO, Ms Thelma Ekiyor-Solanke, said Philanthropy and Impact Investing are two important avenues of supporting MSMEs that can encourage innovation and provide catalytic capital to entrepreneurs.
