Nigeria unveils $ 200m global donor initiative to boost SMES

NIGERIA closed this year’s African Diaspora Investment Symposium ( ADIS24) with the unveiling of its new online charitable platform, iphilanthropy, that invites Nigerians from all over the world to have a stake in the country’s economy.

This is in fulfillment of President Bola Tinubu’s promise to tap into knowledge of Diaspora Africans to facilitate youth employment and his mission to create one million jobs over the next four years. Launched at the weekend in San Jose, in the heart of Silicon Valley, California, the initiative is part of Tinubu’s global push to raise $ 200 million in start- up capital for Micro, Small & Medium Enterprises ( MSMES) in the country.

Speaking at the private networking event hosted by the Nigeria Philanthropy Office for Philanthropy & Impact Investing ( NPO) at the just concluded ADIS24, organised by the African Diaspora Network ( ADN), the pioneer chairperson of NPO, Mrs. Thelma Ekiyor- Solanke, explained that I- Philanthropy is an innovative solution to democratise giving.

The NPO, a private- sector led initiative domiciled in the Office of the Vice President, would offer grants and non- financial investment support to qualified MSMES, with 50 per cent of its capital directed towards investing in women businesses.

She said: “I- Philanthropy is an NPO initiative to democratise philanthropic giving by enabling individuals to become philanthropists through small donations towards job creation and supporting MSMES in the fashion, furniture, equipping hubs and shared offices, sustainable agriculture and renewable energy sectors. Donors can decide the sector or state in Nigeria they would like to support and track their giving periodically.

“This initiative seeks to drive high- level catalytic philanthropic support for MSMES for targeted sectors that have high job creation potential. The office will make it easier for the government to achieve its job creation goals by working with donors, impact investors, financial institutions and foundations.”

The I- Philanthrophy is funded by Wema Bank and donors can make a one- time donation or monthly contribution with a minimum of $ 2 in various featured projects to support and invest in startups in the fashion, furniture, sustainable agriculture and renewable energy sectors in Nigeria.

Recall that Nigerian philanthropists gave a total of $ 434.17 million in the last five years, according to a recent report published by the African Philanthropy Forum ( APF).

Donations ranged from as low as $ 922, to as high as just over $ 14 million. The study was carried out evaluating a total of 31 Nigerian philanthropists.