Tech-Centred MSMEs In Nigeria To Receive $500m Fund Injection

The Federal Government of Nigeria has disclosed that the African Development Bank (AfDB) will be supporting its efforts to aid Micro Small Medium Enterprises (MSMEs) with $500 million.

This was disclosed by Vice President Yemi Osinbajo at the 33rd Inaugural Lecture of Babcock University, Ilishan Remo, Ogun State on Sunday, According to the News Agency of Nigeria (NAN).

He said, “The MSMEs Survival Fund gave almost a million businesses support after the pandemic.

“We paid three months salary of several of the MSMEs especially private schools such as-private primary schools, private secondary schools; we paid for teachers and also for several other businesses.

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“I think the statistics will be useful, especially as you further research and work; and so much have been done.

“But as I keep saying, it is a large country; a very big country; in order to deal with all those issues and in order to support more businesses in a way that they ought to be supported, a lot more money is needed.

“And just one final point on that, the AfDB has agreed to support the government with 500 million dollars for MSMEs in technology in particular; so, we think this is something that will be very helpful in addition to the N75 billion, which the government has set aside for young people in small businesses.”

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