Posted on: 11:33 Wed, 10 Feb 2016



The World Bank has inaugurated a $160m
(N31.5bn) growth and employment initiative in
Nigeria on Tuesday. The initiative aimed at
stimulating economic activities in some sectors
of the Nigerian economy.

Some of the identified sectors are
entertainment, Information and Communication
Technology, construction, manufacturing, agro-
processing, hospitality and tourism.

The initiative, to be driven by an online
platform, will also offer Nigerian companies in
the targeted sectors access to finance and
technical assistance.

The World Bank Country Director, Mr. Rachid
Benmessaoud, said the project would support
the efforts of the Federal Government in
industrialising the country.

“The government of Nigeria has identified
security, job creation and governance as three
key priorities. For job creation, its focus is on
the need to create three million new jobs each
year, and it aims to do this through
industrialisation, public works and agricultural
expansion, diversifying the economy away from
reliance on oil revenues.

“The Growth and Employment Project is a
major initiative aimed at stimulating job
creation through the growth of specific, high
potential non-oil sectors. It will make resources
available to help address some of the key
constraints identified by business, with
emphasis on Micro, Small and Medium
Enterprises, which are widely regarded as a
vital engine for growth and job creation.”

Explaining the modalities for accessing the
funds, the World Bank country director
explained that entrepreneurs would apply and
be screened, noting that those that met the
required criteria would be have access to high
quality training and capacity building before
they could be eligible for the grants.