The Nigerian government has unveiled an ambitious plan to boost funding for the country’s startup sector. The goal is to help Nigerian startups raise a total of $5 billion annually by 2027, a five-fold increase from the estimated $1 billion raised in 2022.
This target was announced by Nigeria’s Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, as part of the ministry’s new strategic plan. Tijani emphasized the importance of innovation, entrepreneurship, and access to capital in developing a strong digital economy.
“Recognizing the critical role of patient capital in the growth of startups, we are committed to increasing the local availability of patient capital,” Tijani said. “We intend to create an environment for startups to raise the funding they require to thrive locally and promote the development of startups within our nation.”
The strategic plan aims to stimulate sustainable growth for Nigerian startups, particularly those developing solutions for key sectors of the economy. This aligns with the ministry’s goal of transforming Nigeria into a leading digital economy in Africa.
Tijani pointed out that the rise of digital technologies and innovation presents major opportunities for economic progress and global competitiveness. He added that Nigeria’s youthful population gives it an advantage in harnessing these opportunities.
The plan also focuses on boosting Nigeria’s capabilities in artificial intelligence (AI). Tijani stated that AI will drive technological and economic change over the next 20 years. The strategy seeks to position Nigeria as a top 10 global location for AI talent and research. Additionally, it aims to establish Nigeria as a leader in promoting inclusivity in AI.
By implementing these measures, the Nigerian government hopes to create over 50,000 new jobs in the AI industry within the next few years. Ultimately, the goal is to transition Nigeria into an innovation-driven digital economy. With strategic support for startups and emerging technologies, the country can tap into the vast potential of its youth population.