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Last updated on July 15th, 2020 at 11:45 am

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The federal government of Nigeria has released N97.3 billion to fund young innovators who are pssionate on developing great technologies for the digital economic growth of the country. 

Moreso, the Central Bank of Nigeria (CBN) has released N90billion soft loan facility to support  small scale agricultural enterprises grow in the country.

See Also: Federal Government of Nigeria Looking to Digitize the Economy to Encourage IT Skills Acquisition

These were the results of the meeting presided by the Vice President Yemi Osinbajo at the Presidential Villa, Abuja, on Tuesday. The meeting was held to review the progress made so far under the Buhari-led administration in it’s effort to support micro small scale businesses in the country.

The technology funds donated by the Federal Government will be used to help finance and sponsor blockchain startups and other technology based startups building within the country.

In attendance were all the Federal Government agencies playing part in the MSMEs sector. 

According to a statement issued by the spokesperson to the Vice President, Laolu Akande, the moves were in furtherance of the Buhari administration’s drive to support Micro, Small and Medium Enterprises (MSMEs).

Moreover, the federal government is looking to grow the economy digitally due to the possible future declined in the oil sector. This will help bring together young innovators who will build everyday problem solving applications for the people.

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The digital economy minister, Pantami notes that Information Technology Innovation would be used to nurtue ideas that will be applied to help the economy grow and achieve financial inclusion.

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