Nigeria’s FG Approves N97.3 Billion to Innovators in Tech

Innovators - cfamedia

The Federal Government of Nigeria has approved N97.3 billion ($20 million) for Small and Medium Enterprises (SMEs) and innovators in the technology sector of the country.

This came in an announcement at the Presidential Villa, Abuja, in a meeting chaired by the Vice President, Yemi Osinbajo.

The aim of the meeting was in reviewing the development made by the administration of President Muhammadu Buhari on the support it has rendered to SMEs and MSMEs.

Similarly, the Central Bank of Nigeria (CBN) has revealed its offering worth N90 billion in soft loans to agricultural ventures within the small scale enterprise.

In a statement issued by Laolu Akande, Spokesperson to the Vice President, he explained that approval of the loans was part of the Federal Government’s efforts to support SMEs and MSMEs in Nigeria and according to Laolu, the Government has guaranteed giving its continuous support to the sectors.

Laolu also revealed that the National MSMEs clinics under the leadership of the Vice President has covered 26 states.

The National Agency for Food and Drug Administration and Control (NAFDAC) also gave its support to SMEs and MSMEs, stating its commitment to the registration of more Nigerians moving venturing into drug and food ventures.

It is no doubt that SMEs play a big role in enhancing economic development in developing nations. However, access to funds has been the bane of many entrepreneurs in maximizing their potentials.

This recent approval may have just shown the Federal Government commitment to innovators in SMEs and MSMEs to enhance them in creating values and eventually increase the country’s gross domestic product.

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