WED, FEB 26 2020-theG&BJournal- Nigeria’s Bank of Industry (BOI) has approved a $20 million technology fund for young innovators, while the Central Bank of Nigeria (CBN) is offering a N90 billion soft loan facility for small scale agriculture enterprises in the country, the Presidency has said.
Both facilities are in furtherance of the President Muhammadu Buhari’s administration’s drive to support Micro, Small and Medium Enterprises (MSMEs) in the country.
The approvals were outcomes of a meeting at the Presidential Villa, Abuja, which was presided over by the Vice President Prof Yemi Osinbajo Tuesday, to review progress on the government’s efforts to support MSMEs.
The Presidency noted that the National MSMEs clinics driven by the Vice President has now reached 26 States, with more clinics to come in the series.
Nigeria’s Tech start-ups attracted over $112 million in 2019, according to 2019 Africa Tech Start Ups Funding Report. 311 African companies secured $491.6 million of investment in 2019 and Nigerian start ups received 24.8% of the investment.
The FGs’ investment of $20 million technology fund is seen by technology watchers as an added tonic to growing sector which has since doubled it contribution to the country’s GDP. In 2019, the sector contributed 13.8% to GDP, nearly double the contribution of the oil and gas sector at 8.8% within two years.
Meanwhile the National Agency for Food and Drug Administration and Control (NAFDAC) say it is now poised ‘’more than ever to register more Nigerians venturing into the food and drug businesses.
All Nigerian government agencies playing one role or the other in MSMEs sector attended the meeting.
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