By Adedapo Adesanya
Global social media giant, Facebook, has said it will support 781 small businesses in Nigeria with N500 million in grants, cash and advert credits, as part of efforts to cushion the effects of the coronavirus pandemic on economic activities.
The company, in a statement on Monday, said that the N500 million is part of its $100 million Global Grants Programme announced earlier in the year.
Facebook said that the global grant programme was aimed at supporting 30,000 Small and Medium Businesses (SMBs) in over 30 countries.
According to the statement, the grant is also aimed at stimulating economic recovery following the effects of COVID-19, noting that it would help empower and extend a lifeline to local small business owners who have been most affected.
“The grants will be administered and managed by Deloitte in partnership with FATE Foundation and Afrigrants.
“It will be provided as a combination of cash and advert credits to help small businesses as they rebuild, re-engineer and recover operations during this challenging year.
“It is available to qualifying SMBs in Nigeria and applications will be open from August 24, for the North East, North West and South East regions.
“For those in the South West, South-South and North Central regions applications will be opened on August 26, at www.facebook.com/grantsforbusiness,” it said.
The company said that because it also realised that SMBs needed training, digitisation and improved social connection infrastructure as consumer behaviour shifts online, it has rolled out virtual versions of its in-person training Boost with Facebook across Nigeria.
It said that the free webinars and online resources cover a range of topics from how to take businesses online, build resilience, stay connected with customers and adapt in real-time.
Speaking on this, Regional Director, Facebook Africa, Ms Nunu Ntshingila said: “We know small businesses are the engine of the Nigerian economy, the pandemic has extended beyond a public health crisis to an economic emergency, with these businesses most affected.
“We are 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.”
In March 2020, Facebook announced that it has created a $100 million grant program for small businesses which include both ad credits and cash grants that can be spent on operational costs like paying workers and paying rent. It noted that it would be available to up to 30,000 businesses in the 30-plus countries where it operates.
