Nigeria is investing about ₦100 billion to support entrepreneurs and technology innovators

Techloy
Techloy
Feb 27 · 1 min read

Nigeria’s government says it has approved the sum of $268 million (about ₦100 billion) in funding to support agricultural entrepreneurs and technology innovators, in a move to support Micro, Small and Medium scale (MSMEs) businesses and technology startups.

The funding is expected to be disbursed in two tranches, with $248 million (₦90 billion) to be dispensed by the country’s central bank, as “soft loans” for entrepreneurs building small-scale agricultural businesses, while a $20 million technology fund (₦7.3 billion) will be disbursed by the Bank of Industry to support young innovators in technology, according to Vice President Yemi Osinbajo, in a Twitter post on Tuesday.

Osinbajo, who made the announcement during a meeting with the Presidential Enabling Business Environment Council (PEBEC), added that “MSMEs though small in units, account for 50% of our GDP collectively”.

The funding demonstrates the Nigerian government’s commitment to improving the MSME experience with access to finance.

Image via @ProfOsinbajo/Twitter

Techloy | Data-driven insights into tech and business in Africa

Techloy is a digital publication covering news and data…

Techloy

Written by

Techloy

Covering news and insights into technology and business in Africa. Get in touch: hello@techloy.com

Techloy | Data-driven insights into tech and business in Africa

Techloy is a digital publication covering news and data about business, finance and technology, using infographics and charts to help people and brands make better decisions.

More From Medium

More from Techloy | Data-driven insights into tech and business in Africa

More on News from Techloy | Data-driven insights into tech and business in Africa

More on News from Techloy | Data-driven insights into tech and business in Africa

More on News from Techloy | Data-driven insights into tech and business in Africa

Africa’s Banked Population To Hit 400 Million By 2021

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch
Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore
Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade