Small and Medium Enterprises (SMEs) funding in Nigeria is set to be further boosted as the Bank of Industry says it is soon establish a Venture Capital Fund that will make funds available to SMEs in the IT sub sector.
BoI Chief Executive Officer, Rasheed Olaoluwa, who disclosed this on Friday in Abuja during a courtesy call at the headquarters of the Nigerian Information Technology Development Agency (NITDA) added that already talks have reached an advanced stage with an interested stakeholder that works with local SMEs to insert them in the value chain of multi national companies so they can become suppliers to the companies.
Though he did not state the amount to be used as seed capital, Olaoluwa said that the board of the bank was yet to agree on the amount it would set aside for the VCF.
The BOI CEO while explaining that the VCF will provide support to small growing business added that it would be working closely with NITDA to ensure that the Venture Capital Fund takes off.
For his part, the Director General, NITDA, Peter Jack disclosed that plans were in advanced stage to set up information software development centers in all the regions across the country.
He said that a ‘Digital Coast’ is also been established nationwide that will enable states engage in sectors of comparative advantage using ICT.
The NITDA boss added that the Agency has come up with a ‘Multi Stake holders Partnership Strategy’ that will enable it set up Community Digital Centres that will serve as a hub for ICT development across communities nationwide.
Peter said that NITDA is working aggressively to implement its mandate which is “to position ICT as a growth catalyst in the various sectors of the economy.