Digital Economy: FG has acquired $500 million in financing to launch a local innovation funding programme.

Bosun Tijjani Minister of Communications and Digital Economy, announced that the government has acquired access to around $500 million in financing to launch a local innovation funding programme.
He stated that the goal of this programme was to foster innovation and entrepreneurship in the country's digital industry.

On Friday, the minister mentioned this during a luncheon hosted by the World Bank in Abuja.

“So we’ve got access to about half a billion dollars to start local funding. This funding is aimed at propelling innovation and entrepreneurship within Nigeria’s thriving digital sector,” he stated.

The Minister, reiterated the government's resolve to retaining the funds within Nigeria's borders and directing their advantages to legitimate Nigerian firms.

To do this, Tijjani emphasised plans to collaborate with the Bank of Industry (BoI), saying, "We want to ensure that those businesses that will benefit are true, real Nigerian businesses."

Tijani assured the public that the first half-billion-dollar investment was only the start, saying, "The government is not just going to put half a billion and that's it; it can actually bring more investors on board."

“This strategy aims to augment the resources available to support Nigerian innovators. The overarching goal is to harness these funds to attract further investments and broaden the support system for local entrepreneurs,” he added.

End.

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