Shettima Unveils $200 Million NPO Initiative to Empower Nigerian MSMEs
Vice President Kashim Shettima has announced the establishment of the National Philanthropic Office (NPO) with a mission to raise $200 million in grants and non-financial investments to support Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. Shettima made this revelation during the inauguration of the Local Implementation Committee of the NPO at the Banquet Hall of the Presidential Villa in Abuja.
The vice president emphasized that the NPO’s establishment reflects President Bola Tinubu’s steadfast commitment to societal improvement and support for vulnerable groups. He highlighted that the initiative will be entirely driven by the private sector, with comprehensive backing from the government at both the national and sub-national levels.
Shettima outlined the NPO’s objective to raise $200 million through local and international partnerships to bolster startups in key sectors within the MSME space, aiming to stimulate job creation across Nigeria. He underscored President Tinubu’s enduring dedication to philanthropy, asserting that this commitment ensures the initiative’s success and impact under the leadership of Mrs. Thelma Ekiyor, the Country Chairperson of the NPO.
In terms of support for MSMEs, Shettima revealed that eligible businesses can expect grants ranging from N5 million to N10 million, with a particular focus on empowering women-owned enterprises and startups. He emphasized the NPO’s collaboration with the private sector, aligning with global trends where governments increasingly seek private sector partnerships for funding critical projects and economic sectors.
The vice president outlined the NPO’s strategic plan to establish twelve industrial value-chain hubs and accelerators nationwide, focusing on digitized shared workspaces, agro-processing, and shared industries. This initiative aims to directly and indirectly generate one million jobs within the MSME ecosystem.
Thelma Ekiyor-Solanke, the Country Chairperson of the NPO, commended the Vice President’s visionary commitment to the initiative. She highlighted the potential of philanthropy and impact investing to drive innovation and provide crucial capital to entrepreneurs, expressing confidence in the transformative impact of the NPO on Nigeria’s investment landscape.
The Local Implementation Committee, chaired by Thelma Ekiyor-Solanke, includes prominent figures such as Moruf Oseni (Managing Director of Wema Bank), Olasupo Olusi (Managing Director of Bank of Industry), Roosevelt Ogbonna (Managing Director of Access Bank), Afolabi Oladele (Chairman of Impact Investors Foundation), and others. Their mandate is to oversee the effective implementation of the NPO’s objectives, with Temitola Adekunle-Johnson serving as the committee’s Secretary.
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