FG Gets $600,000 to Resuscitate 6 IDCs into Industrial Clusters

  • FG Gets $600,000 to Resuscitate 6 IDCs into Industrial Clusters

The Federal Government has said that it secured a grant of over $600,000 from the African Development Bank AfDB, for predevelopment study towards the conversion of six out of the 23 Industrial Development Centres, IDC, to Industrial Clusters in the country.

Minister of Industry, Trade and Investment, Mr. Okechukwu Enelamah, who stated this, yesterday, in Abuja, said the grant will resuscitate the IDCs and reposition SMEs to be a catalyst for economic development.

Elnelamah said: “The findings of the study are expected to provide bankable centres to be converted into full blown economic clusters where private participation and investment will be sought.”

He said it will “increase participation of SMEs in government contracts as we increase the agility of the procurement process to cater for varying maturity of businesses, while increased private sector engagement and partnership – to increase our understanding of how private sector experience the reforms; to identify additional steps for government to take; and to partner us to drive delivery of results.”

He stated that his ministry in partnership with DFID GEMS-3 had initiated a Women in Investment and Enterprise, WinIE, Project, aimed at empowering thousands of women, especially in rural communities across the country.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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