FG Grants N756m To 81 Young Innovators
Prof. Yemi Osinbajo [/caption]
As part of the Federal Government’s economic empowerment initiatives, the Federal Government on Tuesday approved the sum of N756.3 million to 81 young Nigerian innovators.
This was made known yesterday during the grant award ceremony attended by the Vice-President Prof. Yemi Osinbajo and Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah in Abuja.
The grant is made possible through the Growth and Employment Project (GEM) financed by the World Bank IDA Credit.
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According to the Vice President, “The GEM-AVDD partnership demonstrates Government commitment to celebrate and empower the most promising and highly scalable indigenous technology start-ups who are providing innovative solutions to local challenges in Nigeria.’’
The Minister on his part stated that, “GEM is about igniting businesses and building their capacity to grow and employ Nigerians. Above all, it helps solve the problem of funding faced by many of our MSMEs.”
The GEM Project is a $160m World Bank IDA Credit with a Project Implementation Unit at the Federal Ministry of Industry, Trade and Investment.
The Project Development Objective is to increase growth and employment in participating firms in Nigeria through provision of technical assistance and grants to qualified existing firms/businesses across Nigeria, operating in five high growth sectors namely: Information and Communication Technology (ICT), Hospitality, Entertainment, Light Manufacturing, and Construction.
