Vice President Yemi Osinbajo says the African Development Bank (AfDB) has agreed to  support Micro Small and Medium Enterprises(MSMEs), especially technology-based ones with 500 million dollars in Nigeria.

Prof Osinbajo disclosed this on Sunday at the 33rd Inaugural Lecture of Babcock University, Ilishan Remo, Ogun.

The institution’s 33rd Inaugural Lecture was delivered by Oluseyi Oduyoye, Professor of Business Administration. The title of the lecture is, “From Small Business to Big Business: A Future with Little Hope”.

The vice president said that one of the things Federal Government did with small business during the COVID-19 pandemic and afterwards was the introduction of the MSMEs Survival Fund.

“The MSMEs Survival Fund gave almost a million businesses support after the pandemic.“We paid three months salary of several of the MSMEs  especially private schools such as-private primary schools, private secondary schools; we paid for teachers and also for several other businesses.“I think the statistics will be useful, especially as you further research and work; and so much have been done.“But as I keep saying, it is a large country; a very big country;  in order to deal with all those issues and in order to support more businesses in a way that they ought to be supported, a lot more money is needed.

 “And just one final point on that, the AfDB has agreed to support the government with 500 million dollars for MSMEs in technology in particular; so, we think this is something that will be very helpful in addition to the N75 billion, which the government has set aside for young people in small businesses.”

According to him, support for small businesses must continue as they are the future of the country.

Vice President Yemi Osinbajo said the support given to MSMEs had brought hope, jobs and opportunities.

Earlier, in his lecture, Professor of Business Administration of the University, Oluseyi Oduyoye said small businesses constituted a vibrant part of major economies of the world. 

He said that MSMEs were responsible for employing more than 47 per cent of workers in private sector in 2019 and recommended that Federal Government, should go the extra mile to support small businesses.

Oluseyi Oduyoye said insurance should be encouraged to mitigate the losses of small businesses.