FG to inject N2.5bn for YouWiN! Connect Series 1 SMEs
The Federal Government, Thursday said it has concluded plans to mobilize a whopping sum of N2.5 billion for YouWiN! Connect annually as equity investment in start-ups and early stage SMEs through qualified fund managers under a co-investment model.
The Federal Government of Nigeria (FGN) believes that Small and Medium Enterprises (SMEs), are engines of growth to stimulate and sustain economic recovery, thereby making the strengthening of small-scale businesses & the promotion of industrialisation, priorities for economic recovery.
Minister of Finance, Mrs Kemi Deosun said that the Federal Government has a renewed focus on key economic sectors in line with the Economic Recovery and Growth Plan, with an emphasis on SME led growth in agriculture, energy, technology, manufacturing, industry and key services.
Adeosun explained that the revival of these sectors, coupled with increased investment in other sectors, less reliance on foreign exchange for intermediate goods, raw materials and greater export orientation.
She noted that it would improve macroeconomic conditions, restore growth in the short term, help to create jobs and bring about structural change.
Adeosun said that the funding of YouWiN demonstrates government’s commitment to empower start-ups and early stage SMEs, providing innovative solutions to local challenges in Nigeria.
“This is a key component of the recently relaunched YouWiN! Connect programme.
Fund managers would be expected to demonstrate a strong track record in investing in and advising early stage SMEs, with a knowledge of diverse sectors and a clearly defined investment strategy.
