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FG, International Donors To Raise $200Mn For MSMEs

The Federal Government in collaboration with International philanthropic organisations have partnered to raise $200 million to support the nation’s Micro, Small and Medium Enterprises (MSMEs) with the attendant positive potential for job creation in the country.

The Senior Special Assistant to the President on MSMEs and Job Creation in the Office of the Vice President, Mr. Temitola Adekunle-Johnson, who stated this on Sunday, indicated that the fund would be invested in key programmes and projects that would create opportunities for employment across different target sectors and facilitate growth in the MSMEs space.

He clarified: “Furtherance to this, the presidency has established the first ever Nigeria Philanthropy Office (NPO) – a private sector-led coordinating office domiciled in the Office of the Vice President.

”The office will facilitate this high level philanthropic support and impact investing for Micro, Small and Medium Enterprises (MSMEs) for targeted sectors that have high job creation potential.

“The mandate of the new office aligns with the job creation vision of President Bola Tinubu and the administration’s ongoing work in the MSME space”, the President’s aide added

According to him, the Office will contribute towards achieving the Federal Government’s job creation goals by working with donors, impact investors, financial institutions, and foundations to catalyse key interventions with potential for employing many Nigerians.

Specifically, he explained that the Office would focus on providing catalytic and non-catalytic support for existing and new entrepreneurs in Fashion entrepreneurs, Irrigation Solution, Solar Panel Facilities, Agro Processing, Mechanised Industrial Facilities, Furniture entrepreneurs, Sustainable Agribusinesses, and Renewable energy solutions sectors.

Adekunle-Johnson hinted that the Vice President, Kashim Shettima, had constituted an implementation committee for the office that would support the establishment of 12 mega hubs and shared offices nationwide.

He said: ”The committee consist of local and international philanthropic and impact investing organisations, financial institutions and the Bank of Industry (BOI), NEXIM Bank, Wema Bank, Access Bank and the Nigeria Content Development Monitoring Board.”

In addition, the President’s aide said that Ms Thelma Ekiyor-Solanke will serve as the Chairperson of NPO and the implementation committee.

He further clarified that Ekiyor-Solanke had over 23 years’ experience working in the international development, philanthropy and impact investment sectors and that the Secretariat for the Committee would be coordinated by the Senior Special Assistant to the President on MSMEs and Job Creation.

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