The government of Nigeria has committed to give a $268 million monetary support to local agricultural entrepreneurs and innovators, even as the country seeks to diversify its economy, and stop wholly depending on oil.
According to the country’s vice president, Yemi Osinbajo, the support will be birthed in two phases and sectors. The Central Bank of Nigeria will disburse the first $248 million as loans to small-sale businesses in the agricultural sector. Thereafter, they will use the remaining $20 million to fund young innovators.
Apart from being Africa’s biggest crude oil producer, Nigeria’s economy is a middle-income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors. It is ranked as the 27th-largest economy in the world in terms of nominal GDP, and the 22nd-largest in terms of purchasing power parity.