AU, Ecobank pegs $2m fund for Nigerian MSMEs, 7 others

The African Union Development Agency NEPAD (AUDA-NEPAD) and the Ecobank Group, its strategic partner on the development of the 100,000 Micro, Small and Medium Enterprises (MSMEs) Initiative for Nigeria and seven other African countries, are set to launch a 42 million financing component next week.

A statement APO Media Group yesterday said the AUDA-NEPAD launched the ‘100,000 MSMEs’ programme to accelerate African economic transformation, due to the effects of the COVID-19 pandemic.

It said the initiative seeks to build the capacity of one million enterprises in Africa through entrepreneurial and business training in Chad, Cote d’Ivoire, Ghana, Kenya, Niger, Nigeria, Rwanda, and Togo.

A total sum of $2 million to be launched on May 27, 2021, will be extended in the form of working capital to beneficiaries who meet the set criteria across the eight countries in this first phase.

“AUDA-NEPAD is deeply convinced that Africa’s structural transformation will be driven by youth and women-led businesses and innovations.” said Amine Idriss Adoum AUDA-NEPAD, Director of Programme Delivery & Coordination Directorate.

The process for the initiative began in May 2020 with the MSME Academy component launched in August 2020 in the eight countries.

“We look forward to celebrating the businesses who will successfully go through this training programme and who will meet the criteria for financial support,” said Josephine Anan-Ankomah, Ecobank Group Executive Commercial Banking.