MICROCAPITAL BRIEF: Canada to Support Nigerian Private Sector in Effort to Increase Job, Entrepreneurial Opportunities for Youth in Cross River State

A Senator representing Ontario, Canada, recently announced on behalf of Christian Paradis, the country’s Minister of International Development and La Francophonie, that the government of Canada will be providing unspecified financial support to “a new project that will increase job opportunities and promote entrepreneurship among young people in Nigeria.” The support is intended to assist with growing private-sector activity such as agriculture, fisheries and forestry by equipping young people with skills and knowledge for employment and entrepreneurship. The project will be focused on the country’s Cross River State.

In a statement, Minister Paradis argued that “the need for meaningful, sustainable employment, especially for youth, is a critical issue, and Canada is proud to help increase employment, support small entrepreneurs and secure livelihoods for youth.” In 2014, Canada and Nigeria entered into the Canada-Nigeria Foreign Investment Promotion and Protection Agreement, which is intended to protect Canadian investors that invest in Nigeria with a set of legally binding rights and obligations.

By Sarah Luo, Research Associate

Sources and Additional Resources

Foreign Affairs, Trade and Development Canada: Canada announces support to create jobs and opportunities in Nigeria

MicroCapital, July 22, 2014: Canadian Department of Foreign Affairs, Trade, Development (DFATD) Commits $20m to Ukrainian Agriculture

MicroCapital, November 15, 2012: Agricultural Sector To Benefit from Central Bank of Nigeria’s $3.9b Loan

MicroCapital, March 22, 2011: Association of Micro Entrepreneurs of Nigeria (AMEN), Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), Central Bank of Nigeria (CBN) Promote Small Business Ventures, Financial Inclusion to Combat Youth Unemployment

MicroCapital, February 15, 2011: Nigeria’s Niger Delta Ministry Announces Microfinance Scheme for Youth

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