Nigeria on Thursday disclosed that it would mobilise the sum of N2.5bn annually as equity investment
through qualified fund managers for Small and Medium Enterprises under
the Youth With Innovation Entrepreneurship programme.
The development was confirmed in a
statement by the Ministry of Finance and signed by the Director of
Information in the ministry, Mr. Salisu Dambatta.
The YouWin programme is an initiative of
the Finance ministry, which aims to support young entrepreneurs as they
plan, start and grow their businesses.
It seeks to promote entrepreneurship as a viable career option for young Nigerians, who in turn, will create jobs and wealth.
The additional impact of the scheme will
include social inclusion, job creation, youth empowerment and improved
human capital, according to the government.
The ministry said that the need to
attract co-investment funding for the SMEs under the scheme was borne
out of the conviction that it would help to stimulate and sustain the
Economic Recovery and Growth Plan being implemented by the Federal
Government.
It said since SMEs were the engine of
growth in an economy, adding that any fund attracted to the sector would
promote industrialisation and job creation.
The statement also quoted the Minister
of Finance, Mrs. Kemi Adeosun, to have said that one of the main
emphasis of the government in its economic recovery plan was to pursue
SME-led growth in agriculture, energy, technology, manufacturing and
industry, among others.
She said, “The Federal Government has a
renewed focus on key economic sectors in line with the Economic Recovery
and Growth Plan, with an emphasis on SME-led growth in agriculture,
energy, technology, manufacturing, industry and key services.
“The revival of these sectors, coupled
with increased investments in other sectors, less reliance on foreign
exchange for intermediate goods, raw materials and greater export
orientation will improve macroeconomic conditions, restore growth in the
short term, help to create jobs and bring about structural change.”
The minister said the government was
committed to empowering start-ups and early stage SMEs by providing
innovative solutions to local challenges.
The statement said the fund managers
would be expected to demonstrate a strong track record in investing in
and advising early stage SMEs, with a knowledge of diverse sectors and a
clearly defined investment strategy.
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