FG’s business innovation platform gets World Bank’s $160m support

Federal Government on Tuesday launched Business Innovation and Growth (BIG) platform, an initiative targeted at fostering growth in the micro-small and medium (MSME) enterprise sector through empowerment with business support services, technical assistance and grants.

The project, which is a four-year programme, is to be coordinated under the Growth and Employment Project (GEM) of the Federal Ministry of Industry Trade and Investment, a World Bank assisted project, and has $160 million grant to drive the initiative.

Okechukwu Enelamah, minister of industry, trade and investment, at the launch in Abuja, said the initiative was aimed at stimulating job creation through growth of specific, high potential, oil sectors, which include: ICT, construction, entertainment, light manufacturing – agro processing, hospitality and tourism.

He said: “With the launch of the online platform, the Federal Government targets employment generation of 40,000 direct jobs, and many more indirect job in the country.

“The initiative is to ensure an inclusive growth. Nigeria had had an average growth rate of 6-7 percent, which we have recorded over time as a country. In this project, we would ensure that key sectors in the MSME play a leading role in our economic growth, so that we expand and ensure more people are led out of poverty.

“The re-basing exercise conducted recently by the Federal Government had offered us insight into how large we could explore the advantages in the informal sector. In this project, we would be bridging the gap of skills for job component by matching skills to job, and ensuring employment market and the needed skills are interwoven. The service industry would be expanded to contribute more than 50 percent of what it currently does to the economy.”

In his submission, Rachid Benmessaoud, the World Bank country director for Nigeria at the launch, said: “The online platform will be the main channel through which Growth and Employment Project of the Federal Government is made available to MSMEs, building the capacity of firms and helping them to organise, in order to facilitate better access to finance.

“Through this initiative, many MSME clusters would be created to expand the current MSME net, which is currently put at 37 million.”

Following this launch, MSMEs throughout Nigeria, but operating under the GEM sectors, will be invited to register on the BIG platform through its dedicated website. They will apply and be screened, and if they meet the required criteria, will be given access to high quality training and capacity building.

If they pass through the training phase successfully, they could become eligible to apply for grants, the World Bank country director said.

Also, grants will be offered through various grant windows designed around the differing needs of individual businesses, consortia of businesses and investors.

 

Harrison Edeh