Business Post Contributor
By Sodeinde Temidayo David
The African Development Bank (AfDB) has agreed to support Micro Small and Medium Enterprises (MSMEs), especially technology-based ones with 500 million in Nigeria and this is to assist the federal government of Nigeria in the efforts made to players in the ecosystem.
This is in addition to claims by the Nigerian government that it had disbursed N75 billion, set aside for young people in small businesses as the nation continues to introduce MSMEs Survival Fund.
This was disclosed by the Vice President, Mr Yemi Osinbajo, at the 33rd Inaugural Lecture of Babcock University, Ilishan Remo, Ogun State recently, who noted 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,” he ha said.
He also added that a lot has been done to help promote MSMEs as the federal government has been creating and providing various initiatives, funds, training and other support.
According to him, support for small businesses must continue as they are the future of the country. He said that the support given to MSMEs had brought hope, jobs and opportunities.
“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 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.”
Small businesses constituted a vibrant part of major economies of the world. MSMEs were responsible for employing more than 47 per cent of workers in the private sector in 2019.
