By Emmanuel Nduka
Nigeria’s Vice President, Prof. Yemi Osinbajo has informed that the African Development Bank (AfDB) has agreed to support Micro Small and Medium Enterprises (MSMEs), especially the technology-based ones, with $500million.
Osinbajo disclosed this on Sunday at the 33rd Inaugural Lecture of Babcock University, Ilishan Remo, in Ogun State.
He recalled that one of the things the Federal Government did with small businesses during the COVID-19 pandemic and afterwards, was the introduction of the MSMEs Survival Fund.
“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,” he said.
Osinbajo harped that support for small businesses must continue, as they are the future of the country, adding that the support given to MSMEs had brought hope, jobs and opportunities.
In his opening remarks, Vice Chancellor of Babcock University, Prof. Ademola Tayo, said the lecture was in keeping with the tradition of the university in which new professors introduced their research work to world.
