Nigerian VP Shettima Allocates $200M Grant for Women-Led MSMEs

Vice President Senator Kashim Shettima announced a $200 million grant proposal from the National Philanthropic Office (NPO) in a significant step to promote the Small and Medium-Sized Enterprises (SMSE) sector. During the inauguration of the NPO's Local Implementation Committee at the Presidential Villa in Abuja, Kashim said that 50% of the projected award will go to women-led enterprises.

Eligible MSMEs will get grants ranging from $5 million to $10 million, with an emphasis on encouraging female entrepreneurs, who account for half of all start-ups. The NPO, a private-sector effort with government support under Tinubu's administration, seeks to raise alternative finance for critical economic projects and SMSEs.

Vice President Kashim stressed the NPO's objective of establishing 12 industrial value-chain centers and accelerators across Nigeria's six geopolitical zones. In his address titled "Philanthropy and Our Shared Responsibilities," Kashim emphasized President Bola Ahmed Tinubu's devotion to charity as a distinguishing characteristic.

The NPO, led by Country Chairperson Mrs. Thelma Ekiyor, aims to generate $200 million in grants and non-financial investments through local and international collaborations. Kashim recognized the gaps in charity and emphasized the significance of public-private collaborations for societal improvement.

The project shows a determined attempt to overcome philanthropic gaps and offer critical assistance for fragile firms that drive employment development in Nigeria's MSME sector.