Nigerian Minister Aganga: “We want to build a new sector called venture capital”

By IVCPOST Staff Reporter

Jul 19, 2013 10:43 AM EDT

"We want to build a new sector called Venture Capital and private equity sector to support small and growing businesses in Nigeria," said Olusegun Aganga. Aganga was Nigeria's Minister of Industry, Trade and Investment. "Very soon, you will see some changes in our laws and regulations that will promote the development of venture capital organisations that will provide equity, debt capital and business support services to those sectors," added Aganga.

The statement was given during National Enterprise Development Programme's (NEDEP) launch and Abeokuta's Ogun State Council on micro, small, and medium enterprises' (MSMEs) inauguration. NEDEP was in line with the Nigerian Industrial Revolution Plan's provisions. The program was organized by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), with the Ogun State government as partner.

According to Aganga, the Federal Government (FG) was "currently changing the structure of MSMEs development in the country." The FG's new initiatives included the development of NEDEP. NEDEP was spearheaded by the Federal Ministry of Industry, Trade and Investment along with the ministry's three parastatals. These parastatals included the Industrial Training Fund, SMEDAN, and the Bank of Industry.

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