FG Approves $20 Million Fund for Tech Entrepreneurs

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SWITZERLAND, FEBRUARY 26 – The Federal Government has approved a $20 million fund for young entrepreneurs in the technology sector.

This was contained in a statement released by the presidency on Tuesday.

Today’s Echo gathers that this new development is the outcome of the meeting presided by Vice President Yemi Osinbajo who has been pushing for more investment into NIgeria’s Micro, Small and Medium Scale Enterprises(MSMEs).

See full statement below:

In furtherance of the Buhari administration’s drive to support Micro, Small and Medium Enterprises (MSMEs), The Bank of Nigeria (BOI) has approved a $20m technology fund for young innovators, while The Central Bank 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 Prof Yemi Osinbajo on Tuesday, to review progress on the Buhari administration’s efforts to support MSMEs.

It will 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 Government agencies playing one role or the other in the MSMEs sector attended the meeting.

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