Google grants 75 million naira to SMEs, FG launches SME Council
To support the over 40 million small and medium enterprises in Nigeria, the Federal Government plans to launch the Small and Medium Enterprises Council of Nigeria (SME).
This was disclosed by the Senior Special Assistant to the Vice President for Job Creation and Small Business, Tola Adekunle-Johnson, at the graduation ceremony of 5,300 small businesses who graduated from Google’s Hustle Academy in Abuja yesterday. This graduation marks the continued impact of the program, with over 10,300 entrepreneurs participating since its inception in 2022, 4,400 of them from Nigeria.
Hustle Academy is designed to address the specific challenges faced by small and medium-sized businesses in Africa, providing practical skills and resources to help small businesses grow.
Adekunle-Johnson said the Small and Medium Enterprises Council was necessary given the significant contribution of small and medium enterprises to the Nigerian economy, stressing that small and medium enterprises require significant support to grow, especially now. .
The SSA on Job Creation and Small Businesses appreciated Google’s efforts, but said the FG would support the technology companies’ efforts. The Director-General of Small and Medium Enterprises Development Authority of Nigeria (SMEDAN) confirmed the need to support small and medium enterprises. , Charles Oddy said that small businesses are the lifeblood of any economy.
Mr Odi revealed that MTN, Google and other multinational companies account for only 4 per cent of domestic companies, while the remaining 96 per cent are small and medium-sized enterprises that do a lot of business. He said small and medium-sized enterprises create 80% of jobs in the economy, and about 72% of such enterprises are led by women in the age group of 20 to 60 years.
Mr. Odi stressed the need to support small and medium enterprises and noted that SMEDAN, the Office of the Vice President, the National Information Technology Development Association (NITDA) and the Lagos State Employment Trust Fund (LSETF) were providing massive support. revealed.
Olumide Balogun, Google West Africa Country Director, said the Hustle Academy graduates were selected from six geopolitical zones in Nigeria.
“The passion and resilience shown by these small businesses is truly inspiring. The Hustle Academy is proof of what intensive training and resources can accomplish. We are proud to celebrate their graduation today.” We recognize their potential to reshape and revitalize Nigeria’s business environment,” he said.
Balogun said that out of over 10,000 SMEs, about 4,400 are from Nigeria, noting that SMEs remain the lifeblood of any economy. He said inflation, foreign exchange volatility, cost of living and insecurity were further exacerbating the problems faced by small and medium-sized enterprises in the country.
Referring to the IMF, Balogun said there are millions of SMEs in SSA and a $400 billion funding gap, adding that Africa’s SMEs need the necessary skills to increase access to finance. “And Google stands ready to provide the technical skills to support their growth.” ”
Mojolaoluwa Aderemi Makinde, Head of Brand and Reputation at Google, said meticulous steps were taken in selecting 15 Nigerian SMEs from Hustle Academy for the N75 million grant. Ta.
He said they were chosen from a pool of 30 out of 100,000 people and 15 from the 30 who rose to the top of the academy, adding that the top priority for Google is that businesses thrive and Nigeria thrives. He emphasized that.
Source: guardian.ng