The federal government yesterday said as part of its efforts to create jobs in the country, the sum of N220 billion would be expanded to empower youths that have undergo training in business development.
The sum, according to government is part of an intervention fund to empower youth to become owners of small and medium size enterprise.
President Goodluck Jonathan said the growth of MSMEs is one that is very important in any nation that aspires toward self sufficiency.
He spoke at the opening ceremony of the Federal Institute of Industrial Research, Oshodi (FIIRO) Investment and Technology week which began in Lagos yesterday.
President Jonathan, who was represented by Vice President Namadi Sambo commended the institute in stimulating the growth of the country’s economy through MSMEs, youth empowerment and innovative capacity building and poverty eradication.
He enjoin other tiers of government to work with FIIRO and adapt and adopt the developed technologies to available raw materials at the local level.
He said “it is my desire that by the year 2020 goods and services emanating from the shore of this great country shall compete favourably in the international market”.
Jonathan said the federal government revamped the comatose laboratories at the institute to stimulate research and development using locally source material.
Director General of FIIRO, Dr. Gloria Elemo said the institute has designed and patented a plant for the mechanized production of Garri.
She also disclosed that it has developed 25 cassava based product through it research and development.