Nigeria Secures $500 Million Funding to Boost Digital Innovation and Entrepreneurship

Nigeria secures $500 million to boost local digital innovation and entrepreneurship, collaborating with the World Bank and Bank of Industry.

The Nigerian federal government has successfully secured around $500 million in funding to launch a local funding initiative aimed at promoting innovation and entrepreneurship within the country’s digital sector. The Minister of Communications and Digital Economy, Bosun Tijani, announced this development during an event in Abuja, where he was honored in partnership with the World Bank.

Tijani disclosed that the government intends to house the funding within Nigeria to ensure its direct benefit to local businesses. Collaborating with the Bank of Industry, the government aims to work with firms that can guarantee that the funds support genuine Nigerian enterprises. The minister expressed his ambition to attract more investors to amplify the funding available for local digital sector businesses.

As part of its collaborative efforts with the World Bank, the Nigerian government will also be joining forces with the National Identity Management Commission (NIMC) to introduce digital national IDs for approximately 148 million Nigerian citizens by June 2024.

Tijani emphasized the importance of nurturing true Nigerian businesses with this funding, stating, “So, we’ve got access to about half a billion dollars to start local funding.” The initiative aims to bolster the digital economy, foster innovation, and drive economic growth in Nigeria.

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