FG, Philanthropic Bodies To Raise $200m For Job Creation, MSME Support

The Federal Government has initiated plans to secure $200 million from philanthropic organizations as part of its commitment to generate employment opportunities and bolster Micro, Small, and Medium Enterprises (MSMEs).

According to a statement by Temitola Adekunle-Johnson, the Senior Special Assistant to the President on MSMEs and Job Creation in the Office of the Vice President, the funds will be allocated to key programs and projects spanning various targeted sectors.

The presidency has also established the Nigeria Philanthropic Organisation (N.P.O), a private sector-led coordinating office to be housed within the office of the vice president, to facilitate this initiative.

Adekunle-Johnson highlighted that the N.P.O will collaborate with donors, impact investors, and financial institutions to support the establishment of twelve mega hubs nationwide.

These hubs aim to catalyze support for both existing and new entrepreneurs, particularly in sectors such as renewable energy, agro-processing, furniture, and fashion, contributing to economic growth.

“The funds raised will be invested in key programmes and projects that will create opportunities for employment across different target sectors and facilitate growth in the MSMEs sector,” he added.

He stated that Vice President Kashim Shettima has chosen Thelma Ekiyor-Solanke as the chairperson of the Nigeria Philanthropic Organisation, with the Senior Special Assistant to the President on MSMEs and Job Creation responsible for coordinating its secretariat.

“She is the current Chairperson of SME.NG. She is a member of Nigeria’s National Advisory Board on Impact Investing (NABII) and the Chairperson of the Centre for Analytics and Behavioural Change (CABC) in South Africa,” the statement read.