‘To raise $200m for SMEs’ — FG inaugurates national philanthropic office

The federal government has established the national philanthropic office (NPO) that will raise funds for micro small and medium enterprises (MSME) in the country.

Inaugurating a local implementation committee for the NPO in Abuja on Friday, Vice-President Kashim Shettima said President Bola Tinubu believes in giving back to society.

Shettima said NPO – a body that is completely private sector driven – is part of the federal government’s efforts to find alternative funding for micro small and medium enterprises (MSME) in the country.

“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,” Shettima said.

“Long before stepping into the realm of public service, His Excellency President Bola Ahmed Tinubu has been a steadfast believer in the ideals of giving back to society.

“This commitment to philanthropy has always defined his identity.

“The Country Chairperson of the National Philanthropic Office (NPO), Mrs. Thelma Ekiyor, can rest assured that this initiative is in secure hands. Mr. President’s enduring spirit of societal betterment is enough to guarantee its success and impact.

“The objective is to create twelve industrial value-chain hubs and accelerators nationwide.

“This will focus on digitized shared workspaces, agro-processing, and shared industries. The overarching aim is to generate one million jobs directly and indirectly within the MSME ecosystem.

“Additionally, 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.”

On his part, Sheriff Oborevwori, governor of Delta, who spoke on behalf of his 35 colleagues, said the initiative will be beneficial to MSMEs across the country.