FGN To Support Nigerians With N75 Million Grant Support Through Google To Empower Small Businesses
Saturday 25 November 2023
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In a recent announcement made in Abuja, the Senior Special Assistant to the Vice President of Job Creations and SMEs, Tola Adekunle-Johnson, revealed the Federal Government's commitment to empowering small businesses in Nigeria. This revelation came during the graduation ceremony of 5,300 Small and Medium-sized Businesses (SMBs) from Google's Hustle Academy.
The graduation marked a significant milestone, with over 10,300 entrepreneurs having participated in the program since its inception in 2022, with 4,400 hailing from Nigeria. Google's Hustle Academy is designed to address specific challenges faced by SMBs in Africa, providing practical skills and resources to facilitate their growth. CONTINUE READING.......
Adekunle-Johnson emphasized the necessity of a dedicated SME Council due to the substantial contributions of small businesses to the Nigerian economy. Recognizing the crucial role SMEs play, he stressed the importance of substantial support for their thriving, especially in the current economic climate.
The Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Charles Odii, echoed this sentiment, highlighting that SMEs constitute the lifeblood of any economy. He emphasized that the majority of businesses in the country, around 96%, are small businesses, responsible for creating 80% of the jobs in the economy, with 72% of them led by women aged between 20 to 60 years.
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Acknowledging the efforts of Google, the Federal Government expressed its commitment to supporting the technology firm's initiatives. The Google West Africa Country Director, Olumide Balogun, commended the passion and resilience exhibited by the SMBs graduating from the Hustle Academy. He stressed that the program is a testament to the transformative potential of focused training and resources. CONTINUE READING.....
Google Head, Brand and Reputation, Mojolaoluwa Aderemi-Makinde, revealed that 15 Nigerian SMEs from the Hustle Academy were selected to receive a N75 million grant. The selection process involved careful consideration, starting with 100,000 applicants, which was gradually narrowed down to the top 15. Aderemi-Makinde emphasized Google's commitment to seeing businesses thrive in Nigeria.
Small businesses in Africa face challenges such as inflation, forex instability, cost of living, and insecurity. Balogun referenced the International Monetary Fund's (IMF) findings, stating that there is a $400 billion funding gap for several million SMEs in Sub-Saharan Africa. He highlighted the importance of providing the necessary skills to boost access to funding, with Google ready to support the growth of small businesses through tech skills.
Source: The Guardian
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