Business

African Development Bank to Invest $500m in MSMEs

African Development Bank, AfDB, will be investing $500 million in technologically-based Micro Small And Medium Enterprises, MSME.

This information was revealed by the Vice President of Nigeria, Professor Yemi Osinbajo, during the 33rd Inaugural Lecture of Babcock University, Ilishan Remo, Ogun, on Sunday 8.

The lecture’s titled, “From Small Business to Big Business: A Future with Little Hope,” delivered by Oluseyi Oduyoye, a Professor of Business Administration at the University.

In his address, Prof. Osinbajo recalled that one of the things the Federal Government did with small businesses during the COVID-19 pandemic and afterwards was introducing the MSMEs Survival Fund.

He stressed that the survival funds empowered about one million businesses immediately after the COVID-19 pandemic started relaxing.

He also pointed out that the government paid the salaries of several school teachers in private schools and supported similar businesses they embarked upon at the time.

African Development Bank Invest in MSMEs

Speaking on the funds from African Development Bank, AfDB, the Vice President said, “We think this is something that will be very helpful in addition to the N75 billion, which the government has set aside for young people in small businesses.”

Previously, during the lecture delivered by the Professor of Business Administration at the University, Oluseyi Oduyoye, he stated that small businesses constituted a vibrant part of the world’s significant economies.

Giving present statistics of MSMEs’ performance in the country, the Professor said the sector, in 2019, is responsible for the engagement of forty-seven per cent of employees in private businesses. 

He recommended that government at all levels, especially the Federal Government, go the extra mile to support small businesses.

Oduyoye advised that MSME should be encouraged to subscribe to insurance to give the confidence to grow in the competitive environment.

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