YouWiN! to mobilise N2.5Bn for SMEs
The YouWiN! Connect plans to mobilise up to N2.5bn 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.
According to the Honourable Minister, “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.
She further 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, will improve macroeconomic conditions, restore growth in the short term, help to create jobs and bring about structural change”.
This 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.
This is to ensure that fund managers can actively and positively, contribute to improving business performance by bringing on-board their experiences and having skin in the game, by providing some of the required capital.
YouWiN! Connect is an initiative of the Federal Ministry of Finance (FMF) which aims to support young entrepreneurs as they PLAN, START and GROW their businesses. YouWiN! Connect seeks to promote entrepreneurship as a viable career option for young Nigerians which in turn, will create jobs and wealth.
The Federal Government of Nigeria intends that additional impact of this scheme will include social inclusion, job creation, youth empowerment and improved human capital.
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Report By: PRNigeria.com