SMEs to benefit from AfDB’s $500m fund — Osinbajo

He noted that it would be an addition to the N75 billion  the federal government has made available

Vice President Yemi Osinbajo has disclosed that small scale business operators in Nigeria would be the major beneficiaries of a $500m support fund from the African Development Bank.

Osinbajo stated this in a speech at the 33rd Lecture of the Babcock University, Ilishan-Remo, Ogun State, and the 65th birthday celebration of the institution’s Vice Chancellor, Prof. Oluseyi Oduyoye.

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Speaking on the theme ‘From the Small Business to Big Business: A Future with Little Hope’, Osinbajo noted that the fund from the African Development Bank would be a boost to small scale enterprises.

He noted that it would be an addition to the N75 billion  the federal government has made available for young people and small businesses in the country.

Osinbajo said, “The Africa Development Bank (AFDB) has agreed to support the government with five hundred million dollars for small businesses, technology in particular.

“So, we think that this is something that is going to be very helpful in addition to the 75-billion-naira fund which the federal government has set up for young people and small businesses.

“We must keep working on small businesses because that sector is the future of our country and those businesses bring hope, job opportunities, and I strongly believe that this is where we will love to be headed”.

Earlier, Prof. Oduyoye, while calling on the federal government to pay more attention towards the survival of small businesses in the country, noted that small businesses often fail to develop as a result of lack of finance and harsh tax policies of the government.