HomeBusinessNigeria Aims to Boost Startup Ecosystem with $5 Billion Target

Nigeria Aims to Boost Startup Ecosystem with $5 Billion Target

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Nigeria, Africa’s largest economy, has set an ambitious goal to help its startups raise their total annual funding rounds to $5 billion by 2027. This is part of the country’s efforts to transform its economy by leveraging digital technologies and innovation.

The Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, revealed this plan in a document titled, ‘Accelerating our Collective Prosperity through Technical Efficiency: A Strategic Plan for the Federal Ministry of Communications, Innovation & Digital Economy.’

According to the minister, Nigeria recognizes the critical role of innovation, entrepreneurship, and access to capital in building a strong digital economy. He said the ministry’s primary objective is to stimulate the growth and sustainability of startups, especially those developing innovative solutions for critical sectors of the economy.

“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,” he said.

The minister also highlighted some of the achievements and initiatives of the ministry in supporting the development and deployment of digital technologies in Nigeria. These include:

  • Upgrading and expanding broadband infrastructure to increase broadband penetration from six percent in 2015 to 47.01 percent as of July 2023.
  • Preparing to adopt 5G technology is expected to enhance national productivity and human welfare. The ministry has generated over $847.8 million for the federal government from 5G C-Band Spectrum sales.
  • Granting a license to SpaceX, owned by Elon Musk, to provide Starlinks internet services, a satellite-based wireless broadband option with nationwide coverage.
  • Collaborating with stakeholders to establish AI research and development centers, incubation hubs, and startup ecosystems to nurture homegrown AI talent. The ministry aims to create over 50,000 jobs in the AI industry in the next couple of years.
  • Formulating a national strategy to harness the potential of AI inclusively and responsibly. The ministry hopes to position Nigeria as a top 10 location for AI model training and talents globally and a global leader in accelerating inclusivity in AI datasets.

The minister expressed his optimism that Nigeria’s digital transformation and innovation will be a catalyst for economic progress and global relevance. He said Nigeria has a unique opportunity to leverage its youthful and innovative population to chart a course towards prosperity and inclusion.

Source: Punch

 

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