FG Initiates Drive to Raise N200m from Philanthropic Organizations to Boost MSMEs

FG Initiates Drive to Raise N200m from Philanthropic Organizations to Boost MSMEs


In a bid to support job creation and bolster Micro, Small, and Medium Enterprises (MSMEs), the Federal Government of Nigeria has unveiled plans to raise N200 million from philanthropic organizations.

According to Channels Television, this initiative aims to invigorate various sectors by investing in crucial programs and projects.

Temitola Adekunle-Johnson, the Senior Special Assistant to the President on MSMEs and Job Creation, announced that these funds would be channeled into targeted sectors, emphasizing the creation of employment opportunities and fostering growth within the MSMEs sector.

The establishment of the Nigeria Philanthropic Organisation (N.P.O) marks a significant stride in this endeavor.

This private sector-led coordinating office, set to be domiciled in the office of the Vice President, will spearhead the coordination of efforts with donors, impact investors, and financial institutions.

Its primary objective is to support the creation of twelve mega hubs spread across the nation.

Adekunle-Johnson highlighted the N.P.O's focus areas, which include renewable energy, agro-processing, furniture, fashion, and other crucial segments of the economy.

He underlined the pivotal role these funds will play in bolstering both existing and new entrepreneurs.

Vice President Kashim Shettima has appointed Thelma Ekiyor-Solanke as the chairperson of the Nigeria Philanthropic Organisation.

Ekiyor-Solanke, currently heading SME.NG, brings extensive experience, notably serving on Nigeria's National Advisory Board on Impact Investing (NABII) and chairing the Centre for Analytics and Behavioural Change (CABC) in South Africa.

Moreover, Adekunle-Johnson will oversee the coordination of the organization's secretariat, emphasizing the commitment of high-level officials to ensuring the success of this ambitious initiative.





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