Five SMEs secure ₦50m Fire Data grant to expand businesses
Five small and medium-sized enterprises (SMEs) have received a total of ₦50 million in grants from Fire Data Limited to expand their businesses. Each beneficiary received ₦10 million under the initiative.
The grants are expected to strengthen the selected businesses and support their contribution to Nigeria’s economic growth. However, the programme also highlights the importance of private-sector support for small businesses.
Over 1,000 businesses applied
Founder of Fire Data Limited, Lydia Emeka, disclosed that more than 1,000 businesses applied for the grant. However, only five emerged successful after the selection process.
The beneficiaries were selected following a Business Growth and Data Clarity (BGDC) session. During the exercise, participating businesses underwent commercial assessments. Their real-time data profiles were also developed to connect them with funding, advisory services and business intelligence.
According to Emeka, the initiative was designed to provide a structured platform for business growth. She added that measures had been introduced to monitor the beneficiaries and ensure proper use of the funds.
Fire Data targets 5,000 SMEs
Meanwhile, Emeka disclosed that the company plans to support 5,000 SMEs in the future. She also called on more corporate organisations to partner with Fire Data to expand the initiative.
One of the partners, Banire Olayinka, commended the company for supporting small business owners. He urged the beneficiaries to use the grants responsibly, expand their operations and create opportunities for others.
He further noted that private-sector initiatives could help entrepreneurs grow without relying solely on government support. According to him, similar programmes could also create more opportunities and contribute to poverty reduction.
Beneficiaries welcome funding support
One of the beneficiaries, Obiefule Lawrence, who operates a confectionery business, expressed appreciation for the grant. He described the ₦10 million support as significant, particularly under the current economic conditions.
Similarly, Olubunmi Badejo, a fashion business owner, welcomed the funding. She said the grant would provide relief for businesses and support the growth of their brands.
The initiative highlights the role of private investment in addressing funding challenges faced by small businesses. With more corporate organisations supporting similar programmes, Nigerian entrepreneurs could gain better access to capital and resources needed to grow.
