VP Launches $200M Grant to Empower Businesses in Nigeria
Sunday 14 January 2024
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Abuja, Nigeria - In a groundbreaking move, Vice President Senator Kashim Shettima unveiled a $200 million grant initiative by the National Philanthropic Office (NPO) to support MSME startups. Emphasizing inclusivity, 50% of the fund is dedicated to women-driven businesses.
During the inauguration of the Local Implementation Committee of the NPO at the Presidential Villa's Banquet Hall, Shettima outlined the plan, with eligible MSMEs set to receive grants ranging from $5 million to $10 million. The initiative, fully supported by the government, aims to boost Small and Medium-Sized Enterprises (SMSEs) through private sector collaboration. CONTINUE READING.....
The NPO, led by President Bola Ahmed Tinubu, is focused on establishing 12 industrial value-chain hubs and accelerators across Nigeria's six geopolitical zones. Vice President Shettima, in his speech titled "Philanthropy and Our Shared Responsibilities," highlighted the aim to raise $200 million in grants and non-financial investment to foster growth in key MSME sectors.
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Acknowledging Tinubu's commitment to philanthropy, Shettima expressed confidence in the initiative's success. He addressed existing philanthropic gaps, stating, "Through this office, we aim to kindle a spirit of support for vulnerable enterprises and ideas that hold the key to our collective progress." CONTINUE READING.....
The NPO, a collaborative effort between the private sector and the government, stands as a testament to the power of public-private partnerships in driving economic development.
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