Google, a world-famous tech company, has made a big decision to help businesses in Nigeria. They plan to give a huge amount of money, $75 million, to Nigerian businesses.
This is great news for the country as it tries to grow its business world.
Let’s talk about how this money can help Nigeria.
Google’s ₦75 Million Hustle Academy Fund for Nigerian Small Businesses
Google has come up with a fantastic way to help small businesses in Nigeria. They have introduced the Hustle Academy SMB Fund. It’s a big step, with a whopping ₦75 million, to boost these businesses.
Why is this Big News for Nigeria?
Nigeria has lots of small and medium-sized businesses. These businesses are the heart of Nigeria’s money-making world. But, many times, they don’t have enough money to grow.
The World Bank says that small businesses in Africa need about $330 billion. But, getting a bank loan in Africa is hard. Only 25% of small businesses in Africa can get a bank loan, compared to 50% in places with more money.
Google’s Hustle Academy started in 2022. The idea was simple: help these businesses learn more, get advice, and meet other businesses.
The results? Amazing! Over 4,000 small businesses in Nigeria got better with this program. And 74% of them saw their business grow in just one year.
Now, with this new Hustle Academy Fund, Google will pick 15 super-ready businesses. They will get a piece of the ₦75 million, without giving any share of their business to Google.
Plus, they’ll get personal advice to make sure they do great.
What Do Google’s Big People Say?
Mojolaoluwa Aderemi-Makinde, who heads Brand & Reputation in Africa for Google, said this fund shows how tough and creative Nigerian businesses are.
“This fund will make them even better. It’ll help the whole country by making more jobs,” Mojolaoluwa added.
Sinmisola Nojimu-Yusuf, the person in charge of this program at Google, added, “This fund gives businesses everything they need to do well.
We want Nigerian businesses to keep growing, and this fund is how we’re helping.”
If you’re a Nigerian business wanting some of this fund, here’s what you need:
- Be Nigerian: Your business should be Nigerian from the start.
- Be Young but Not Too New: Your business should be between 1-5 years old.
- Have a Plan: You need a clear plan that can grow big.
- Love Digital: If your business is digital or wants to be, that’s a plus.
- Bonus Point: If you were a part of Hustle Academy before, it might help.
You can start applying for this fund from September 28th.
But be quick, because the last day to apply is October 12th.
Google Does More for Africa
This isn’t the only way Google helps. They also started a program to help African businesses use AI, a type of computer technology.
And, in July, Google picked 25 African businesses for their Black Founders Fund program. This program helps black business owners in Europe and Africa.
In short, Google’s all in to help businesses in Africa grow. And with their ₦75 million Hustle Academy SMB Fund, Nigerian small businesses have a big reason to celebrate.
Boosting New Ideas and Growth
Google’s big money gift can help bring fresh ideas and growth to Nigeria. When Google gives money to new businesses, those businesses can do more.
They can come up with new things and grow bigger. This is good for Nigeria because it helps the country’s money situation.
Helping Small and Medium Businesses
Small and medium businesses are very important. In Nigeria, these businesses make a lot of jobs. Google’s money can help these businesses a lot.
With more money, they can get new tools, hire more people, and grow bigger. This helps the whole country.
Making Businesses More Modern
Businesses need to keep up with new technology. Google’s money will help Nigerian businesses use the latest tech tools.
This means they can sell their stuff online and connect with more people. This is a big deal in our world today.
Helping Businesses Work Together
This money isn’t just about buying things. It can also help businesses in Nigeria work together. They can share ideas and help each other.
This is good because when businesses work together, they can do even better things.
Closing the Tech Gap
Some businesses don’t have the same chances as others. They might not have enough tech tools or internet. Google wants to change this.
With this money, more businesses can use technology. This is a big step for fairness.
Google giving $75 million to Nigerian businesses is a big deal. This can help in many ways. From growing small businesses to using new technology, there are many good things ahead.
It shows the power of big companies working with countries. With Google’s help, Nigeria’s business world can reach new heights.
HOW TO JOIN GOOGLE’S PROGRAM
If you want to join Google’s program and get some money for your business, you can click here.