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With 500 million US dollars, the African Development Bank (AfDB) will be supporting Micro Small and Medium Enterprises (MSMEs) from Nigeria, notably those in the creative, and technology sectors beginning this October 2021.
Vice President Yemi Osinbajo stated this in a speech at the weekend during 33rd Lecture of the Babcock University, Ilishan-Remo, Ogun State, and the 65th birthday celebration of the institution’s Vice Chancellor, Prof. Oluseyi Oduyoye.
The institution’s 33rd Inaugural Lecture was delivered by Oluseyi Oduyoye, Professor of Business Administration with the title: “From Small Business to Big Business: A Future with Little Hope”.
The AfDB financial support came with assistance of the federal government to consolidate on its efforts at promoting and sustaining MSMEs as the cornerstone of Nigeria’s economic revitalization, the vice president said.
Government considers the MSMEs as the future of the country, the vice president told the audience. According to him, MSMEs account for employing more than 47 per cent of workers in the private sector in 2019.
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To make MSMEs sustainable in the face of the challenges from the COVID-19 pandemic, the federal Government introduced the MSMEs Survival Fund, he added.
His words: “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; 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.”
