Nigeria has unveiled an ambitious plan to facilitate startups in raising a total of $5 billion in annual funding rounds by 2027.
According to The PUNCH, the Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, revealed this in a document titled ‘Accelerating our Collective Prosperity through Technical Efficiency: A Strategic Plan for the Federal Ministry of Communications, Innovation & Digital Economy.’
Dr. Tijani emphasized the importance of innovation, entrepreneurship, and access to capital in the contemporary global technology landscape.
According to him, the primary objective of the ministry will be to foster the growth and sustainability of startups, with a particular focus on those developing innovative solutions for crucial sectors of the economy.
Tijani said, “Recognising 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.”
Describing how the ministry would measure if its plan were working, he added, “Increase capital raised by Nigerian tech startups 50 per cent year-on-year from ~$1bn/yr in 2022 to $5bn/yr in 2027.”
Additionally, he announced that the ministry intends to create a dynamic sandbox ecosystem with the aim of fostering and enabling innovators and entrepreneurs to devise distinctive solutions for sectors that are perceived to have limited exposure to technology advancements.
