NPO grant: According to Vice President Senator Kashim Shettima, women-owned enterprises would get half of the $200 million grant that the National Philanthropic Office (NPO) intends to raise for MSME launches.
According to a statement made by his spokesperson, Stanley Nkwocha, Shettima made this revelation on Friday at the banquet hall of the Presidential Villa in Abuja, during the opening of The NPO’s Local Philanthropic Office Implementation Committee.
The Vice President stated as follows:
To promote start-ups in the important MSME space sectors that drive job creation in Nigeria, this project aims to raise $200 million in grants and non-financial investment through local and international teams.
Although the NPO is entirely private-sector driven and receives government backing, it lives on the fact that governments all over the world are increasingly looking at other funding sources for important projects and economic sectors through partnerships with the private sector.
“The goal is to establish twelve industrial value-chain accelerators and centers across the country. This will highlight shared industries, agro-processing, and digitalized shared workspaces. The main goal is to create one million jobs in the MSME ecosystem, both directly and indirectly.
Additionally, incentives of between $5 million and $10 million will be awarded to qualified MSMEs. As women run 50% of new enterprises, there will be a focus on helping them.
What you should be aware of
The federal government fully supports the NPO, which is a private-sector initiative.
The NPO works with the business sector to secure alternative finance for Small and Medium-Sized Enterprises (SMEs) and other essential economic initiatives under President Tinubu’s leadership.
The NPO wants to gather $200 million for non-financial and grant investments in firms that will propel employment growth in Nigeria.
In addition to raising $200 million for MSMEs, the NPO is in charge of seeing to it that 12 industrial value-chain hubs and accelerators are established for startups and small enterprises throughout Nigeria’s six geopolitical zones.
The SMEs to profit from the NPO include those in digital shared workplaces, agro-processing, and shared industries.
Grants ranging from N5 million to N10 million would be awarded to qualified SMEs, with a focus on women-owned small enterprises.