The Nigerian government has set up a $672 million fund to help young investors in the tech and creative sectors.
As part of the government’s Digital and Creative Enterprises Plan (DCEP), a $672 million fund has been established to encourage new business innovation and entrepreneurship within the digital technology and creative industries with an eye toward increasing employment opportunities in these fields.
The fund aims to help those between the ages of 15 and 35 who are currently having trouble raising money in Nigeria.
The Islamic Development Bank will give $70 million, the African Development Bank $170 million, and the French Agency for Development $116 million.
The private sector has committed $271 million while the Nigerian government, through the Bank of Industry, will contribute $45 million.
Vice President Yemi Osinbajo said the DCEP was a significant effort that would boost innovation and entrepreneurship in Nigeria’s tech and creative industries while speaking at the fund’s debut.
He stated that the fund will be crucial in helping the government fulfill its commitment to fostering an environment that is supportive of start-ups.
It is anticipated that the fund will provide a major boost to Nigeria’s start-up ecosystem, which hosts the highest concentration of start-ups in Africa, primarily in the fields of technology and financial technology.
Launching the $672 million fund is a huge deal for Nigeria’s start-up scene since it would provide a lifeline to budding entrepreneurs in the country’s booming tech and arts industries.
Many in Nigeria’s startup ecosystem are enthusiastic that the introduction of this $672 million fund will be of great help to young investors in the country’s booming tech and creative fields.