Funding

Empowering Women Entrepreneurs: FG Allocates 50% of $200 Million Grant to Women-Led MSME Startups

Empowering Women Entrepreneurs

Vice President Senator Kashim Shettima Unveils Initiative Allocating 50% of $200 Million Grant to Women-Led MSMEs.

In a significant announcement, Vice President Senator Kashim Shettima revealed plans to allocate 50% of the anticipated $200 million grant, proposed by the National Philanthropic Office (NPO) for MSME startups, specifically to women-led businesses. This proclamation was made during the inauguration of the Local Implementation Committee of the NPO at the Banquet Hall of the Presidential Villa in Abuja.

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Eligible MSMEs stand to benefit from grants ranging between $5 million and $10 million, with a strong emphasis on empowering women-led enterprises. The NPO, characterized as a private sector-driven initiative with robust government backing, is dedicated to mobilizing alternative funding for Small and Medium-Sized Enterprises (SMEs) and critical economic programs, achieved through collaboration with the private sector.

As part of its expansive responsibilities, the NPO will oversee the establishment of 12 industrial value-chain hubs and accelerators strategically positioned across the six geopolitical zones in Nigeria. Vice President Shettima underscored the NPO’s ambitious goal to secure $200 million in grants and non-financial investments, both locally and internationally, to fortify startups within key sectors of the country’s MSME space.

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Commending President Bola Ahmed Tinubu’s steadfast commitment to philanthropy, Vice President Shettima expressed confidence in the capable leadership of Mrs. Thelma Ekiyor, the Country Chairperson of the NPO. He highlighted the crucial role of collaboration between the government and private entities, united by empathy, emphasizing philanthropy’s pivotal contribution to societal betterment and collective progress. The NPO’s dedicated focus on supporting vulnerable enterprises aligns seamlessly with its mission to bridge existing gaps in philanthropy, fostering collaboration for the mutual benefit of Nigeria’s economic growth.

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