The National Philanthropic Office (NPO) was inaugurated by the federal government yesterday, aiming to raise $200 million in grants and non-financial investments for start-ups in key sectors of the country’s MSMEs space. Vice President Senator Kashim Shettima made the announcement during the inauguration of the Local Implementation Committee of the NPO at the Banquet Hall of the Presidential Villa, Abuja.
Shettima assured that the success and positive impact of the NPO were guaranteed under the Tinubu administration, emphasizing President Bola Ahmed Tinubu’s commitment to giving back to society. The NPO, driven entirely by the private sector with government support, aims to secure alternative funding for Small and Medium-Sized Enterprises (SMSEs) and other economic programs through collaboration with the private sector.
The NPO’s responsibility includes establishing 12 industrial value-chain hubs and accelerators for start-ups and small businesses across the six geopolitical zones in Nigeria. Shettima, delivering a speech titled “Philanthropy and Our Shared Responsibilities,” revealed that the NPO plans to raise $200 million in grants and non-financial investments through local and international teams to support start-ups in key MSME sectors.
He acknowledged President Tinubu’s long-standing commitment to philanthropy, stating that this commitment has defined his identity. Shettima noted gaps in philanthropy and emphasized the NPO’s role in fostering support for vulnerable enterprises and ideas crucial to collective progress.
The NPO, driven entirely by the private sector, aims to create 12 industrial value-chain hubs and accelerators nationwide, focusing on digitized shared workspaces, agro-processing, and shared industries. The overarching goal is to generate one million jobs directly and indirectly within the MSME ecosystem, with eligible MSMEs receiving grants ranging from 5 million to 10 million. The emphasis will be on supporting women-led businesses, constituting 50% of the start-ups.
The Vice President urged the members of the Local Implementation Committee to work with a collective vision. Delta State Governor Sheriff Oborevwori, speaking on behalf of Governors of the 36 states, expressed support and highlighted the initiative’s benefits to businesses and individuals across the states.
The Minister of Budget and Economic Planning, represented by the Permanent Secretary in the Ministry, Mr Nebolisa Anako, commended the Vice President and private sector partners for their commitment, aligning with the goals of the Tinubu administration. Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Aniete, and the Country Chairperson of the NPO, Ms. Thelma Ekiyor-Solanke, also expressed support and appreciation for the initiative.
Members of the Local Implementation Committee, chaired by Ms. Thelma Ekiyor-Solanke, include representatives from Wema Bank, Bank of Industry, Access Bank, Impact Investors Foundation, BUA Foundation, Nigerian Content Development and Monitoring Board, Brownvalley Partners, and Wema Bank. Mr. Temitola Adekunle-Johnson will serve as the committee’s Secretary.
Source: Daily Times