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AfDB pumps in $500m to support MSMEs; Tech based MSMEs to gain massively

AfDB pumps in $500m to support MSMEs; Tech based MSMEs to gain massively

Vice President Yemi Osibajo has revealed that the African Development Bank (AfDB) has agreed to support Micro Small and Medium Enterprises (MSMEs), especially, tech based ones with 500 million dollars in Nigeria.

The Vice President also revealed that N75 Billion has been set aside for young people in small businesses.

According to the Vice President, support for small businesses is continuum, as small businesses are the future of the country.

Osibajo made the disclosure at the 33rd Inaugural Lecture of Babcock University Ilishan Remo, Ogun state.

Now the big questions are: Are we ready?

Are the youths ready to utilize the funds and think outside the box for problem solving ideas using savvy tech?

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Will the government utilize the funds effectively? Will the funds be one sided or available for the bright ideas to help MSMEs grow?

With the increasing unemployment rate, this is a step in the right direction. It is also a welcome development if it will be utilized to the latter.

MSMEs are a crucial part of the nations economy and, if well harnessed, the sector could be our jackpot to solving this unemployment plague that has eaten deep into our roots as a nation.

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