FG moves to secure $500m AfDB fund for technology innovation

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The Federal Government has initiated moves to secure a $500 million African Development Bank (AfDB) fund for technology innovation, says the Minister for Industry, Trade and Investment, Mr Richard Adebayo.

Speaking in an opening address at the 11th meeting of the National Council on Industry, Trade and Investment in Uyo on Monday, the Minister said the government would also work towards the realization of one agro processing zone in each senatorial district to encourage farmers in the country.
He expressed government’s commitment to ensuring credit access to 10 million Micro, Small and Medium Enterprises (MSMEs), at single digit interest rate and to fully activate the private sector in six special zones in Lekki, Enyimba, Funtua, Ibom, Kano and Benue.
Adebayo explained that the policies were meant to boost the Federal Government’s strategy towards taking 100 million Nigerians out of poverty over the next 10 years. He said that the ministry had already initiated and implemented the One Local Government One product Program expected to generate over 4,900 new jobs and had established three facilities to help revamp MSMEs in Sokoto, Aba and Minna. “The National Enterprises Development Program being implemented is generating 1,000,000 jobs annually.

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