FG Hopeful Of Securing $500M AFDB Fund For Technology Innovation
by Donatus Anichukwueze
The federal government is optimistic of securing a $500 million AFDB fund for technology innovation in the country, Trade and Industry Minister, Richard Adebayo has said.
Adebayo who disclosed this at the 11th meeting of the National Council on Industry in Uyo said the FG would also work towards the realization of one agro-processing zone in each senatorial district to encourage farmers in the country.
The minister also said the FG is committed to ensuring credit access to 10 million MSMEs at single digits rate in order to fully activate the private sector in six special zones in Lekki, Enyimba, Funtua, Ibom, Kano and Benue.
According to him, the policies were meant to boost FG strategy towards the realization of taking 100 million Nigerians out of poverty in the next ten years.
Adebayo said that the ministry already initiated and implemented the One Local Government One product Programme expected to generate over 4,900 new jobs and have established three facilities to help revamp SMEs in Sokoto, Aba and Minna.
“The National Enterprises Development Programme being implemented is generating 1,000,000 jobs annually. The programme is a strategic way of delivering enterprise development in the country directly addressing the critical factors that have inhibited the growth of the MSME sector.
“It is of interest to intimate the council that tremendous progress has been recorded in the areas of improved registration of enterprises, increased access of MSMEs to grants, improved capacity of MSMEs and job creation opportunities amongst others.
“There are over 100,000 MSMEs registered under the Business Innovative and Growth, (BIG) platform, which is the only channel through which MSMEs can access the project intervention programme.
“It is my sincere belief that this 11th National Council meeting, judging by the calibre of members present and coupled with your proven experience and expertise will help in articulating pragmatic resolutions for repositioning the Small and Medium Scale Businesses for alleviating poverty and eventual uplifting Nigeria to the next level of economic development.” He concluded.