FG Partnering AfDB For $500m Innovation Fund - Osinbajo
File: AfDB house

Vice President Yemi Osinbajo has said the country is partnering with the African Development Bank (AfDB) for a $500m Innovation Fund.

Osinbajo noted this on Tuesday at the 22nd African Securities Exchanges Association (ASEA) Annual General Meeting and Conference in Lagos.

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According to him, they are “working with the African Development Bank to establish a $500million Innovation Fund that will support activities in this sector.

“Given the size of our economy and the potential of the technology and creative sectors, I am hopeful that capital market operators will work towards innovative financing solutions to lend further support to these two sectors.”

He said the present administration is creating an enabling environment for businesses in the country.

According to him, “what is required is the rigorous and unglamorous business of keeping to the vision of our Economic Recovery and Growth Plan, ERGP.

“We also realize, of course, that a conducive and supportive environment is essential for businesses to thrive and have accordingly, invested heavily in infrastructure while working strenuously to make it easier to do business.”

Also, he said, “our social investment programmes in school feeding, job creation and economic empowerment through interest-free micro-loans, will certainly promote social inclusion and help ensure the peace and security so vital for long-term investment and economic sustainability.”