Nigeria has devised a plan to help companies raise $5 billion in annual investment rounds by 2027.
The minister of communications, innovation, and digital economy, Dr. Bosun Tijani, stated this on Monday in a report titled: “Accelerating our Collective Prosperity through Technical Efficiency: A Strategic Plan for the Federal Ministry of Communications, Innovation & Digital Economy.”
In the current global technology landscape, the minister underlined the importance of innovation, entrepreneurship, and access to financing for a thriving digital economy. According to him, the ministry’s major goal in this regard would be to foster the development and sustainability of startups, with a focus on those who come up with game-changing ideas for critical economic sectors.
“Recognizing the critical role of patient capital in the growth of startups, we are committed to increasing the local availability of patient capital. We intend to create an environment for startups to raise the funding they require to thrive locally and promote the domiciliation of startups within our nation,”the minister disclosed.
He continued by describing the ministry’s method for determining if its strategy was efficient,“Increase capital raised by Nigerian tech startups 50 percent year-on-year from ~$1bn/yr in 2022 to $5bn/yr in 2027.”
Dr. Bosun Tijani stated that the ministry will develop an active sandbox environment to inspire and allow entrepreneurs and innovators to provide unique solutions for industries that are deemed to be underserved by technological advancement.
The minister went on to say that Nigeria intends to expand the domiciliation of local technology businesses from 1% to 25% by 2027, hence increasing their economic advantages to the country.
“Digital transformation and innovation are fast becoming a catalyst for economic progress,” and the “intersection of a strong digital economy and our innovative and youthful population presents us with a unique opportunity to chart a course towards prosperity, inclusion, and global relevance,” the minister relayed.
