BUSINESS NEWS

Facebook grants N500m to Nigeria’s SMBs to help lessen COVID-19 impact

NEWSMAN – US-based technology firm, Facebook, has announced a ₦500-million grant to support 781 small and micro businesses in Nigeria, as part of its $100 million Global Grants Programme, announced earlier this year, which aims to support 30,000 SMBs in over 30 countries.
  
Facebook said the grants is aimed at helping local small business owners who have been most affected by the corona virus pandemic, adding that it will be provided as a combination of cash and ad credits to help small businesses as they rebuild, re-engineer, and recover operations during this challenging year.

The social media platform explained that the grants will be administered and managed by Deloitte in partnership with the FATE Foundation and Afrigrants , and that the grant is available to qualified SMBs in Nigeria, while applications will be open from August 24 for the North East, North West, and South East regions, and August 26 for the South West, South-South, and North Central regions. SMBs can check Facebook to see whether they’re eligible as well as apply and find out more details about the programme, Guardian reported.

Regional Director, Facebook Africa, Nunu Ntshingila said “We know small businesses are the engine of the Nigerian economy, the COVID-19 pandemic has extended beyond a public health crisis to an economic emergency, with these small businesses most affected. We’re listening to the challenges these small business owners are facing right now, and want to provide useful resources for them during this difficult and uncertain year”.

Recent reports published by Facebook in partnership with the Organisation for Economic Co-operation and Development (OECD), and the World Bank, showed the many challenges faced by SMBs during this COVID-19 crisis, specifically with over 37 per cent in Nigeria saying that cash is a concern.
 

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