FG To Convert $160m W’Bank Grant To SMEs

The Federal Govern
ment is currently negotiating with the World Bank for conversion of over $160 million employment grant to Small and Medium Scale Enterprises (SMEs).
Minister of Industry, Trade and Investment, Dr Okey Enalamah, stated this in Lagos, recently, while speaking with newsmen. He disclosed that the ministry was in negotiation with the global bank on converting the employment grant for SMEs development.
Enalamah said the ministry has an employment programme that is being funded by the World Bank in the region of $R160 million.
“Coming from a financial background, I know that $100 million or $50 million venture capital fund would make a huge difference for SMEs and that is one of the negotiations I am talking about that we are having with the World Bank.
While expressing confidence that the grant would end up in SMEs sector, the minister added that many of the social intervention funds of government which are reserved for artisans, market women and others, were key as they are targeted to ensure financial inclusion.
He stated that it would further ensure that the ministry was better coordinated in delivering to SMEs in line with President Muhammadu Buhari led government’s objective for growth and development in the country.
Enalamah, however noted that government was committed to the creation of an enabling environment for trade and investment in the country.
Speaking on access to market, the minister stressed that the ministry was in partnership with the ministry of foreign affairs in providing business solutions for investors, who are determined to invest in the country.