News Column

World Bank, DFID Fund to Create 460,000 Jobs With N44 Billion Grant

August 14, 2014

Kayode Ogunwale

The Growth and Employment (GEM) Project in Nigeria has secured N43.524 billion loan and grant to support employment generation in Nigeria.

GEM is employment project by the Ministry of Industry, Trade and Investment supported by the World Bank and the UK Department for International Development (DFID) which will run from June 2013 until September 2018.

Speaking at the GEM workshop in Lagos yesterday, Project Coordinator of GEM, Alhaji Yunusa Labaran said the project has secured the United Kingdom Department for International Development (DFID) 90 million Pounds (N18.687 billion) grant and the World Bank a concessionary loan of 160 million US Dollars (N24.837 billion).

The objective of the Growth and Employment in States for Nigeria according to Labaran is to increase growth and employment in participating states.

He said the programme targets at least eight economic sectors and will support Small Scale Enterprises.

"The Project has identified eight sectors based on their growth and employment potential. These are: ICT, Wholesale & Retail, Hospitality and Tourism; Meat & Leather, Construction & Real Estate, Entertainment industry, Agro processing, Light Manufacturing and Entrepreneurial development. The project is flexible, and will adapt to market changes and new opportunities for growth potential."

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: AllAfrica

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters