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Nigeria Approves $268 Million to Back Entrepreneurs, Innovators

Nigeria approved disbursing $268 million in funding to support agricultural entrepreneurs and young technology innovators, Vice President Yemi Osinbajo said.

Nigeria approved disbursing $268 million in funding to support agricultural entrepreneurs and young technology innovators, Vice President Yemi Osinbajo said.

One tranche of the funding, worth 90 billion naira ($248 million), will be dispensed by the central bank as “soft loans” for people building small-scale agricultural businesses, while another $20 million will provide funding support to young innovators in technology, according an emailed statement by the presidency.

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Nigeria, Africa’s biggest crude producer, is seeking to diversify its economy away from oil dependence by boosting productivity in non-oil industries.

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