Nigeria creates a $50 million venture capital fund for SMEs

Nov 19, 2014

Nigeria is to launch a $50 million (€40 million) venture capital fund to boost the development of small and medium-sized enterprises (SMEs) part of the Youth Enterprise with Innovation in Nigeria (YouWin) scheme.

Nigeria is to launch a $50 million (€40 million) venture capital fund to boost the development of small and medium-sized enterprises (SMEs) part of the Youth Enterprise with Innovation in Nigeria (YouWin) scheme.

"This fund will identify and strengthen some of you who have already benefited from the program, but also benefit the new people who join the programme looking to expand their business,"
said President Goodluck Jonathan, quoted by
Ecofin.


He added that the fund will be managed by an independent entity so that access is equitable for all.

The launch comes as the Central Bank of Nigeria (CBN) deployed
on
Monday
November 17th a development fund
worth
two billion naira (€9.2 million) in the Delta State as part of its efforts to reduce poverty and improve SME financing.

At the launch ceremony in Asaba, CBN governor Emefieli Godwin said that SMEs are a catalyst for poverty reduction, job creation and economic growth.

"The fund is meant to help those entrepreneurs with brilliant business ideas but lacking the necessary funds to succeed." he said, quoted by Vanguard.ADNFCR-2976-ID-801760997-ADNFCR