President Bola Ahmed Tinubu has given his approval for the establishment of the National Philanthropic Office (NPO). The announcement was made by Vice President Kashim Shettima during the inauguration of the Local Implementation Committee of the NPO at the Banquet Hall of the Presidential Villa in Abuja.
Shettima assured the public that the NPO, under President Tinubu’s administration, is destined for success and positive impact. He highlighted Tinubu’s longstanding commitment to giving back to society, emphasizing that this dedication guarantees the NPO’s success in making a substantial impact.
The Vice President revealed that the NPO aims to secure $200 million in grants and non-financial investments through both local and international teams.
These funds will be directed towards supporting startups in critical sectors of the country’s Micro, Small, and Medium Enterprises (MSMEs) space, with a focus on job creation.
Shettima emphasized President Tinubu’s philanthropic identity, stating that his commitment to societal betterment has been a defining characteristic long before entering public service.
The newly established NPO, led by Country Chairperson Mrs. Thelma Ekiyor, is expected to play a crucial role in fostering support for vulnerable enterprises and innovative ideas.
The Vice President acknowledged existing gaps in philanthropy and emphasized the need for collaboration between the government and private individuals or organizations.
The NPO, operating solely within the private sector but enjoying government support, will create twelve industrial value-chain hubs and accelerators nationwide. The goal is to generate one million jobs directly and indirectly within the MSME ecosystem.
Eligible MSMEs are set to receive grants ranging from 5 million to 10 million, with a particular emphasis on supporting women-led businesses, constituting 50% of the startups. The NPO’s mission includes the establishment of 12 shared office spaces for startups across the six geopolitical zones in Nigeria.
The Local Implementation Committee of the NPO, chaired by Thelma Ekiyor-Solanke, includes prominent figures from various sectors, such as the Managing Directors of Wema Bank, Bank of Industry, and Access Bank, as well as representatives from Impact Investors Foundation and BUA Foundation.
The committee is tasked with overseeing the successful implementation of the NPO’s initiatives, reflecting a collective vision for transformative philanthropy and impact investing in the country.
