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YouWiN! Connect Series 1 to mobilise N2.5bn under co-investment model for SMEs

By News Express on 23/06/2017

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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, Minister of Finance, Mrs. Kemi Adeosun, said on Thursday. 

She said in a statement that the Federal Government 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 Mrs Adeosun in a statement signed by the Ministry’s Director (Information) Salisu Na’inna Dambatta, “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.

“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, the Minister said, demonstrates government’s commitment to empower start-ups and early stage SMEs, providing innovative solutions to local challenges in Nigeria.

“This,” she said, “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. 

Source News Express

Posted 23/06/2017 3:18:15 PM

 

 

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