AfDB to support tech-based MSMEs with $500m, says Osinbajo

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Vice-President Yemi Osinbajo says the African Development Bank (AfDB) has agreed to support micro, small and medium enterprises(MSMEs) in Nigeria, especially technology-based ones, with $500 million.

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Osinbajo made this known on Sunday at the 33rd inaugural lecture of Babcock University in Ogun state.

He said that one of the things the federal government did to support small businesses during the outbreak of COVID-19 was the introduction of the N75 billion MSMEs survival fund.

“The MSMEs survival fund gave almost a million businesses support after the pandemic,” NAN quoted him as saying.

“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.

“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.”

He noted that the support given to MSMEs had brought hope, jobs and opportunities.

According to him, support for small businesses must continue as they are the future of the country.

Source: The Cable.

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