Social Media giant Facebook has announced a N500 grant as support for 781 small scale Nigerian businesses as part of its $100 global grants programme announced within the first three months of 2020.
The global grants programme aims to stimulate economic recovery by supporting 30,000 small businesses in 30 countries around the world. The grant is expected to empower local businesses heavily impacted by the effects of the global COVID-19 pandemic.
According to a statement by Facebook on Monday, the grants will be administered and managed by Deloitte in conjunction with the FATE foundation and Afrigrant.
The grant will be provided as a combination of cash and ad credits aimed at helping small businesses rebuild, re-engineer and recover operations as the battle over COVID-19 is slowly won.
Facebook revealed in that many small businesses complained of cash shortages in Nigeria while a recent state of small business report was being compiled in collaboration with the OECD and the World Bank.
“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,” Nunu Ntshingila, Regional Director, Facebook Africa said on Monday.
“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.”
