In a strategic collaboration between the Federal Government and international philanthropic organizations, plans have been unveiled to raise $200 million aimed at fostering job creation and bolstering Micro, Small, and Medium Enterprises (MSMEs) in Nigeria.
Senior Special Assistant to the President on MSMEs and Job Creation, Mr. Temitola Adekunle-Johnson, revealed this development in a statement released in Abuja on Sunday, per NAN.
Adekunle-Johnson emphasized that the funds raised would be strategically invested in key programs and projects, targeting various sectors to generate employment opportunities and drive growth within the MSME space.
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He further highlighted the establishment of Nigeria’s inaugural Philanthropy Office, an initiative led by the private sector and housed within the Vice President’s office.
“Further to this, the presidency has established the first-ever Nigeria Philanthropy Office– 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 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,” he said.
This office aims to coordinate high-level philanthropic support and impact investing specifically tailored to the MSME sector, focusing on sectors with substantial job creation potential.
The newly established office aligns closely with President Bola Tinubu’s vision for job creation and the ongoing efforts of the administration to enhance the MSME landscape.
The primary goal of the office is to collaborate with donors, impact investors, financial institutions, and foundations to facilitate significant interventions capable of employing a considerable number of Nigerians.
Specific sectors earmarked for support include fashion, irrigation solutions, solar panel facilities, agro-processing, mechanized industrial facilities, furniture, sustainable agribusinesses, and renewable energy solutions.
Additionally, plans are in place to establish 12 mega hubs and shared office spaces strategically located across the country to further support and nurture entrepreneurship.
Vice President Kashim Shettima has appointed an implementation committee comprising local and international philanthropic and impact-investing organizations, financial institutions, and key stakeholders such as the Bank of Industry, NEXIM Bank, Wema Bank, Access Bank, and the Nigeria Content Development Monitoring Board.
The Chairperson of the Nigeria Philanthropy Office (NPO) and the implementation committee is Ms. Thelma Ekiyor-Solanke, a seasoned professional with over 23 years of experience in international development, philanthropy, and impact investment sectors. Ekiyor-Solanke brings a wealth of expertise and a diverse background, having served in various influential roles in Nigeria and internationally.
The secretariat for the committee will be coordinated by the Senior Special Assistant to the President on MSMEs and Job Creation, further demonstrating the government’s commitment to fostering sustainable economic growth and job creation in Nigeria.