Dr Okechukwu Enelamah, the Minister of Industry, Trade and Investment said this in Abuja on Tuesday during the grant award ceremony. Enelamah said the grant was made possible through the Growth and Employment Project (GEM) financed by the World Bank IDA Credit.
The GEM project is an initiative of the Federal Government, World Bank and DFID to increase firms and businesses growth and employment creation in Nigeria.
The Federal Ministry of Industry, Trade and Investment has approved the sum of N756.3 million for disbursement to 81 Nigerian innovators as part of Federal Government’s economic empowerment initiatives.
Enelamah said the innovators were selected following a technological innovation competition organised by the Presidency, called Aso Villa Demo Day (AVDD). According to him, the project targets young Nigerian entrepreneurs with innovative business models who will contribute to the growth of the economy.
He said the project would operate in five high growth sectors of Information and Communication Technology (ICT), Hospitality, Entertainment, Light Manufacturing, and Construction.