Science & Technology

FG Allocates N387 Billion for Local Entrepreneurship and Innovation in Nigeria’s Digital Sector

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"FG Allocates N387 Billion for Local Entrepreneurship and Innovation in Nigeria's Digital Sector"

The Federal Government (FG) of Nigeria has taken a significant step towards fostering innovation and entrepreneurship within the country’s digital landscape by securing access to approximately $500 million in funding. Revealed by the Minister of Communications and Digital Economy, Bosun Tijani, at a collaborative event with the World Bank in Abuja, this initiative aims to bolster the local digital sector while ensuring its benefits are channeled towards authentic Nigerian enterprises.

The minister highlighted the government’s strategic plan to establish the funding within Nigeria’s borders and collaborate with the Bank of Industry (BOI) to achieve this goal. Tijani emphasized that the primary objective is to support true Nigerian businesses and amplify their potential for growth. “So, we’ve got access to about half a billion dollars to start local funding,” he stated.

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The collaboration between the FG and BOI aims to nurture a thriving ecosystem of local entrepreneurship. By focusing on domestic funding, the government aims to not only infuse capital into the sector but also encourage more investors to participate. This injection of funds is expected to initiate a positive cycle, whereby as resources increase, more local innovators can gain access to the necessary financial support to realize their ideas.

The commitment of the FG to this funding program signals a broader commitment to empower local businesses and drive innovation from within. As the digital landscape continues to evolve, this substantial funding initiative is set to play a pivotal role in shaping Nigeria’s position on the global stage of digital entrepreneurship.

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