The Ministry of Industry, Trade and Investment has secured over $600,000 as grant from the African Development Bank (AfDB) for the expansion of Micro, Small and Medium Enterprises (MSMEs) in the country.

According to the Minister of State for Industry, Trade and Investment, Aisha Abubakar, the fund will be used to conduct a pre-development study for the conversion of six out of the 23 Industrial Development Centers (IDC) to industry clusters.

“The AfDB grant will resuscitate the IDCs and position them to be a catalyst for economic development. 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,” she told the Government and Business Journal.

Anita Fatunji