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BUSINESS

Tinubu Govt, International Donors to Raise $200m for MSMEs

November 27, 2023 • 3 min read

The Federal Government in collaboration with International Philanthropic organisations have partnered to raise 200 million dollars to create jobs and support micro, small and medium enterprises (MSMEs).

Mr Temitola Adekunle-Johnson, senior special assistant to the President on MSMEs and Job Creation, Office of the Vice-President, made this known in a statement on Sunday in Abuja.

Adekunle-Johnson said that the funds raised 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.

”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. “

Adekunle-Johnson also said the office would contribute towards achieving the Federal Government’s job creation goals by working with donors, impact investors, financial institutions, and foundations.

”This will enable them to catalyse key interventions with potential for employing many Nigerians.

”The office will specifically focus on providing catalytic and non-catalytic support for existing and new entrepreneurs in the following sectors:

”Fashion entrepreneurs, irrigation Solution, Solar Panel Facilities, Agro Processing, Mechanised Industrial Facilities, Furniture entrepreneurs, Sustainable Agribusinesses, Renewable energy solutions.”

Adekunle-Johnson added that the office would support the establishment of 12 Mega Hubs and shared office spaces across the country.

He disclosed that the Vice-President Kashim Shettima had appointed an implementation committee for the office.

”The committee consists 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”, the presidential aide said.

He disclosed that Ms Thelma Ekiyor-Solanke would serve as the chairperson of NPO and the implementation committee.

Adekunle-Johnson added that Ekiyor-Solanke had over 23 years experience working in the international development, philanthropy and impact investment sectors.

”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.

”Ekiyor-Solanke has a law degree from the University of Buckingham, an MBA from Imperial College London and is currently completing a Doctorate at Cranfield University, UK”, he said.

Adekunle-Johnson revealed that the secretariat for the committee would be coordinated by the Office of Senior Special Assistant to the President on MSMEs and Job Creation.

Source: NAN