50% Of $200 Million NPO Grant To Be Allotted To Women-Led Ventures, Says Vice President Shettima

Fifty percent or $100 million of the proposed $200 million National Philanthropic Office (NPO) grant for micro, small and medium enterprises (MSME) startups will be given to women-led ventures, Vice President Kashim Shettima has revealed.

Speaking during the inauguration of the Local Implementation Committee of the NPO held at the Banquet Hall of the Presidential Villa in Abuja on Friday, the vice president said this initiative is expected to bring guaranteed success and have a positive impact on Nigeria.

According to Shettima, the NPO initiative is 100% driven by the private sector, which has been fully supported by the federal government led by President Bola Tinubu in raising alternative funding for MSMEs and other vital economic programs.

"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," he said, as per a statement posted on social media platform X on Wednesday.

"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," he added.

The vice president said Thelma Ekiyor, country chairperson of the NPO, can assure that the initiative is in "secure hands," adding that Tinubu's enduring spirit of "societal betterment is enough to guarantee its success and impact."

Shettima explained that under the directives of Tinubu, the federal government aims to "kindle a spirit of support for vulnerable enterprises and ideas that hold the key to our collective progress."

He talked about flourishing governments in the world, noting that none of them thrive in isolation or without the collaboration of private individuals and organizations.

Nigeria seems to be trying to fix its ongoing economic crisis with the help of MSMEs. Haruna Bala Mustapha, director of banking supervision at the Central Bank of Nigeria (CBN), revealed in April last year that the cashless policy in the country will help promote loan services for MSMEs. Moreover, former President Muhammadu Buhari signed the Business Facilitation Bill 2022, also known as the Omnibus Bill, to provide a supportive environment for the MSMEs in the country.