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