JUST IN: FG unveils strategies to increase funding for Nigerian tech startups to $5 billion annually

The federal government has unveiled strategies to increase funding for Nigerian tech startups to $5 billion annually by 2027.

The Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, disclosed this in his ministry’s draft strategic blueprint released Monday.

According to him, from around $1.2 billion in funding recorded in 2022, the government would ensure a 50% increase in funding yearly to achieve the $5 billion target by 2027.

While most Nigerian startups are sourcing funding from foreign investors, Tijani said the government would increase local funding.

He said the intent is to create an environment for startups to raise the funding they require to thrive locally and promote the domiciliation of startups within the country.

The minister said: “We will establish an active sandbox environment that encourages and empowers innovators and entrepreneurs to develop unique solutions for sectors historically considered to have limited exposure to technological innovation.

“We aim to inspire innovative, problem-solving approaches to existing challenges by removing regulatory barriers and providing the required support.

“To support the diversification of the Nigerian economy, we will collaborate with other ministries and parastatals, including private sector stakeholders, to drive opportunities for startups to facilitate the application of technology for enhanced productivity in critical sectors across the country.

“We will back programmes focused on AgriTech, HealthTech, EdTech, MediaTech, CleanTech, and CreTech, among others.”

The minister said the ministry would also identify opportunities for the digital economy in various sectors such as Agriculture, Financial Services, Healthcare, Education, Energy, Transportation and Logistics, Manufacturing, Retail and E-commerce, Textiles and Fashion, Media and Entertainment, esports/gaming, and Real Estate.

Based on these opportunities, he said the government would launch at least one ministry-led Public-Private Partnership (PPP) pilot program per sector by 2027.

The five key pillars are

Innovation, entrepreneurship capital and

According to him, each pillar is integral to the ministry’s mission and interconnected with others, forming the foundation of the strategy.

“As we embark on this transformative journey, we do so with an unwavering sense of purpose. We understand that the road ahead may be challenging, but it is through these challenges that we find the impetus to evolve and adapt.

Together, we will harness the power of technology to elevate Nigeria’s standing on the global stage, create sustainable employment opportunities, and improve the quality of life for all Nigerians,” the minister said.

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