Five SMEs secure ₦50m Fire Data grant to expand businesses

Five small business owners have received grants totalling ₦50 million from Fire Data Limited, with each beneficiary receiving ₦10 million to expand their businesses and contribute to Nigeria’s economic development.

The beneficiaries emerged from a selection process that followed a Business Growth and Data Clarity (BGDC) Session, during which participating business owners underwent a rigorous commercial assessment and had real-time data profiles created for their businesses.

The process was designed to connect the businesses with capital, advisory services and business intelligence infrastructure to support their growth.

Speaking at the presentation of cheques to the beneficiaries, Founder of Fire Data Limited, Lydia Emeka, disclosed that more than 1,000 businesses applied for the grant, but only five were selected.

She said the initiative was established to provide a structured platform for small businesses to grow, adding that measures had been put in place to monitor the beneficiaries’ progress and ensure the grants were used for their intended purposes.

“We wanted to provide a platform that makes everybody grow as a unified system. It’s high time that we begin to grow as a unified system. These grant recipients were selected, not just because they could speak the best English but because of their ability and what the data from the back-end shows us,” she said.

Emeka disclosed that Fire Data was targeting 5,000 small and medium-sized enterprises (SMEs) in the future, urging more corporate organisations to partner with the company to achieve the target.

One of the partners, Banire Olayinka, commended Emeka and Fire Data for supporting small business owners through the grant initiative.

He urged the beneficiaries to use the funds judiciously, expand their businesses and, in the future, extend similar support to other small business owners.

“We are witnessing the mindset of a young person who is highly intelligent, capable and genuinely compassionate. It takes an empathetic mindset to undertake something of this nature,” Olayinka said.

He said initiatives of this nature could help change people’s mindsets and empower them to grow their businesses without necessarily depending on government support.

“We can change people’s mindsets and empower individuals to grow without necessarily depending on the government. We are also looking forward to creating opportunities for more people to benefit from grants and for the second cohort to emerge. This is how we can collectively reduce poverty and give more people the opportunity to achieve their dreams,” he said.

One of the beneficiaries, Obiefule Lawrence, who owns a confectionery business, expressed appreciation to Fire Data for the grant, describing the ₦10 million support as significant for businesses operating under the current economic conditions.

“In times like this for businesses like ours, N10 million goes a long way. In the next one year, we will grow. We are looking forward to the future in Nigeria’s business space,” he said.

Another beneficiary, Olubunmi Badejo, who operates a fashion business, said she felt blessed to have been selected.

“With the current economic situation, a N10m grant is a huge relief for any brand. I want to assure Fire Data that they are helping us to build a community of brands,” she said.