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FG approves $20m Tech Fund for young innovators

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FG tech FUND
President Muhammadu Buhari (right) and his vice, Professor Yemi Osinbajo.

The Federal Government, on Tuesday, approved of $20 million technology fund for young innovators.

The sum was set aside by the Bank of Industry, BoI, in furtherance of the Buhari administration’s drive to support Micro, Small and Medium Enterprises, MSMEs.

According to Channels TV, this was disclosed by the Senior Special Assistant to the President on Media and Publicity, Laolu Akande.

He added that the fund was the outcome of a meeting at the presidential villa in Abuja, which was presided over by Vice President Yemi Osinbajo to review progress on the Buhari administration’s efforts to support MSMEs.

ALSO READ: FG targets $500 AfDB loan to boost technological innovation

According to Akande, the Central Bank of Nigeria, CBN, is also offering a N90 billion soft loan facility for small scale agriculture enterprises.

He added that the national MSMEs clinics driven by the Vice President have now reached 26 states, with more clinics to come in the series.

Also, the National Agency for Food and Drug Administration and Control, NAFDAC, is now poised more than ever to register more Nigerians venturing into the food and drug businesses.

All Federal Government agencies playing one role or the other in the MSMEs sector attended the meeting where the fund was decided on.


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