Better days lie ahead for start-ups and early-stage small and medium enterprises (SMEs) in Nigeria as the Federal Government plans to mobilise N2.5 billion annually as equity investments for them under the YouWin Connect Series 1 programme.
The YouWin Connect Series is a programme conceived to stimulate the growth of SMEs as government recognises them as the engine room for economic development.
Speaking yesterday, Minister of Finance, Mrs. Kemi Adeosun, said the money would be disbursed through qualified fund managers under a co-investment model.
“The Federal Government has a renewed focus on key economic sectors in line with the Economic Recovery and Growth Plan (ERGP), with emphasis on SME-led growth in agriculture, energy, technology, manufacturing, industry and key services.
“The revival of these sectors, coupled with increased investment in other sectors, less reliance on foreign exchange for intermediate goods, raw materials and greater export orientation, will improve macroeconomic conditions, restore growth in the short term, help to create jobs and bring about structural change.
“This demonstrates government’s commitment to empower start-ups and early stage SMEs, providing innovative solutions to local challenges in Nigeria.
“This is a key component of the recently relaunched YouWin Connect programme.
YouWin Connect is an initiative of the Federal Ministry of Finance (FMF) which aims to support young entrepreneurs as they plan, start and grow their businesses”, she explained.