Nigeria approved disbursing of $268 million in funding to support agricultural entrepreneurs and young technology innovators, Vice President Yemi Osinbajo said.
One tranche of the funding, worth 90 billion naira ($248 million), will be dispensed by the central bank as “soft loans” for people building small-scale agricultural businesses, while another $20 million will provide funding support to young innovators in technology, according to an emailed statement by the presidency.
Nigeria, Africa’s biggest crude producer, is seeking to diversify its economy away from oil dependence by boosting productivity in non-oil industries.
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In furtherance of the Buhari administration’s drive to support Micro, Small and Medium Enterprises (MSMEs), the Bank of Industry has approved a $20M 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.
These were some of the outcomes of a meeting at the Presidential Villa, Abuja, which was presided over by Vice President Yemi Osinbajo, SAN, on Tuesday, to review progress on the Buhari administration’s efforts to support MSMEs.
It would be recalled that the National MSMEs clinics driven by the Vice President has now reached 26 States, with more Clinics to come in the series.
Also, the National Agency for Food and Drug Administration and Control (NAFDAC) is now poised more than ever to register more Nigerians venturing into the food and drug businesses.
All Federal Government agencies playing one role or the other in the MSMEs sector attended the meeting.