FG launches online platform to channel $160 million employment fund

According to media reports, the Nigerian Government has launched an online platform (Business Innovation and Growth a.k.a BIG) to execute a $160 million World bank assisted growth and employment programme.

The platform and fund was inaugurated by the Minister of Trade, Industry and Investment, Dr. Okechukwu Enelamah on Tuesday, along with Mr. Rachid Benmessaoud, the World Bank Country Director for Nigeria.

The online platform, BIG, will be the main channel through which the Growth and Employment (GEM) assistance is expected to be made available to micro small and medium enterprises (MSMEs) so as to boost economic activities in critical non-oil sector areas.

According to the Minister, the initiative, within its three-year implementation time frame, will help to open up the nation’s economic space to more players, particularly small business operators.

READ: Global financial body says taxes, corruption hampering growth of SMEs

“One of the challenges we have, which is well documented, is our ranking in the ease of doing business; it is depressing to know that Nigeria is ranked 169th of 189. And we have told the World Bank what exactly are the issues. So I am very confident that as unsatisfactory as it is, it is not going to be business as usual. So we are going to see a new Nigeria, you are going to see us working together in the mirror to see our country rise,” Enelamah said.

Affirming the ministers statement, Benmessaoud said, “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 a particular emphasis on MSMEs, which are widely regarded as a vital engine for growth and job creation.”

The World Bank Country Director further added that MSMEs operating under the GEM sectors from all over the country would be invited to register on the BIG platform via its dedicated website as part of the process for gaining access to the funds.