Shettima made this announcement during the inauguration of
the Local Implementation Committee of the NPO at the Banquet Hall of the
Presidential Villa, Abuja, on Friday, according to a statement by his
spokesperson, Stanley Nkwocha.
He said, “Eligible MSMEs will receive grants ranging from $5
million to $10 million. Emphasis will be placed on supporting women-led
businesses, constituting 50% of the start-ups.”
The NPO, an initiative driven 100 percent by the private
sector, with full support from the government, is part of efforts by the
Tinubu-led federal government to raise alternative funding for Small and
Medium-Sized Enterprises (SMSEs) and other vital economic programmes through
collaboration with the private sector.
The office is saddled with the responsibility of ensuring
the establishment of 12 industrial value-chain hubs and accelerators for
startups and small businesses across the six geopolitical zones in Nigeria.
Delivering his speech titled, “Philanthropy and Our Shared
Responsibilities,” during the inauguration of the Local Implementation
Committee of the NPO, Vice President disclosed that the NPO is set to raise
$200 million in grants and non-financial investment through local and
international teams to provide support for start-ups in key sectors of the
country’s MSMEs space.
“Distinguished ladies and gentlemen, 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 stated.
Noting President Bola Tinubu’s knack for giving back to
society, Shettima said his boss’s commitment to philanthropy had always been
the mark of his identity.
“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.
“The Country Chairperson of the National Philanthropic
Office (NPO), Mrs. Thelma Ekiyor, can rest assured that this initiative is in
secure hands. Mr. President’s enduring spirit of societal betterment is enough
to guarantee its success and impact,” the VP stated.
He acknowledged what he called gaps existing in
philanthropy, saying “there’s an unmistakable inadequacy of philanthropy,” even
as he added that this “has led to the establishment of the National
Philanthropic Office.
“Through this office, we aim to kindle a spirit of support
for vulnerable enterprises and ideas that hold the key to our collective
progress,” he explained, noting that there is no place in the world “where
government thrives in isolation, and without collaboration with private
individuals and organizations bound by the virtue of empathy, this practice of
philanthropy”.