The African Development Bank is set to support technology-driven Nigerian Micro Small and Medium Enterprises (MSMEs) with the sum of $500 million.
This was disclosed by Vice President, Yemi Osinbajo on Sunday at the 33rd Inaugural Lecture of Babcock University, Ilishan Remo, Ogun State, delivered by Oluseyi Oduyoye, Professor of Business Administration, titled, “From Small Business to Big Business: A Future with Little Hope.”
The Vice President disclosed that the covid pandemic forced the hands of the federal government to launch the MSME survival fund. He added that “The MSMEs Survival Fund gave almost a million businesses support after the pandemic.
“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; as so much has been done.”
He explained that Nigeria’s vast size makes its situation unique and therefore a lot more money is needed to support local businesses in Nigeria.
“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 stated.
He added that supporting MSMEs in Nigeria brings hope and opportunities as they are the nation’s future.