$6.5b funding window unveiled for Nigerian entrepreneurs

IF information from the Institute of Empowerment and Strategy (IES) is anything to go by, the federal and state governments as well as entrepreneurs now have a new $6.5 billion funding window.

It was learnt that seven states have so far indicated interest in the funds, with Ebonyi already accessing an education grant of $50million.

The Director General of IES, Dr. Boniface Afifia-Oru, who made the disclosure at a pre-summit on ‘Unveiling the Opportunity of Attracting Foreign Direct Investment in Nigeria’ held in Abuja, stressed that the facility is available at low interest rate.
He noted: “Two months ago, I was in the United States when $6.5 billion was monetized specifically for socio-economic and infrastructural development in Nigeria. We have invited you today to make a bold announcement to the captains of industries, Manufacturers Association of Nigeria, Nigerian Chamber of Commerce, Industry, Mines and Agriculture and state governments that there is a window of opportunity with huge pool of funds waiting to be accessed by any organization desirous to be funded. The funds include educational grant and loan with single digit interest.”

On the state of the Nigerian economy, he noted that “Nigeria is beset with so many challenges arising from many years of bad governance, infrastructural decay and falling crude oil prices, which have precipitated various economic measures. Insecurity in the North East remains as serious challenge with recent sporadic bomb blast in some parts of Abuja.

“Although the nation has just celebrated her 55 years anniversary, significant progress has been made in some specific sectors. This is not considering the country’s aspiration of becoming one of the top 20 most developed economies in the world by 2020.”