Both public and private sector organisations will be funded although greater emphasis will be placed on funding private sector initiatives.
Only businesses with appropriate company registration will be eligible to access funds. Individuals will not be funded.
Criteria for accessing the funds will be published when the applications process opens.
A Project Implementation Unit (PIU) has been set up and is fully functional at the Ministry of Industry Trade and Investment at the Old Federal Secretariat Secretariat in Abuja. The PIU will work with sector specialists, private contractors and sector stakeholders to deliver the interventions.
The GEM project will be implemented through the Cluster Development approach. A business cluster is a geographic concentration of related businesses, suppliers, and associated institutions in a particular field. The cluster approach is used to promote economic development by improving the competitiveness of one or several specific business sectors within the cluster. The approach is delivered by comprehensively assessing a cluster’s markets, products, linkages, externalities, and synergies in order to identify regulatory and business constraints with a view to designing and implementing initiatives that address the challenges, tap new and wider market opportunities, and develop sound business strategies to tackle the clusters’ main competitors.
The Growth and Employment Project GEM, is a project set up through 160 million US Dollars financing received from the World Bank by the Federal Government of Nigeria to:
Companies will access funds through an application process that will require applicants to provide details of their company and the proposal they want funded.
The project will not unilaterally determine what to fund. As part of the exercise, an Industry Cluster Group comprising stakeholders in each sector will be formed to provide input into project areas of focus.
The GEM project aims to:
The GEM project will support the selected sectors through two broad classes of inputs as follows:
This phase of the project is working in the Construction, Information / Communication Technology (ICT), Entertainment, Hospitality/Tourism and Light Manufacturing sectors. An earlier strand of the project (financed by the UK Department for International Development DFID) focused on meat and leather, wholesale and retail, business environment and the construction and real estate sectors.
The project became effective on 29 July 2013 with an extended closing date of September 2018.
Applications for funding will likely open in Q4 2015