Nigeria Clinches $500 Million to Boost Indigenous Funding for Digital Economy

The federal government of Nigeria has secured access to approximately $500m in funding to initiate a local funding programme to boost innovation and entrepreneurship within the country’s digital sector.

Bosun Tijani, Minister of Communications and Digital Economy, made this announcement at a dinner organised in his honour in partnership with the World Bank in Abuja on Friday. The World Bank will also collaborate with the NIMC to roll out digital national IDs for 148m Nigerians by June 2024, ThisDay reports

At the dinner, the minister revealed the government’s plan to domicile local funding in Nigeria and ensure that it benefits true Nigerian businesses, adding that it will be collaborating with the Bank of Industry.

The minister expressed his desire to work with firms that will ensure that Nigerian businesses would benefit from the funds and that more investors are brought to the table to increase the money available to local businesses that operate in the digital sector.

So, we’ve got access to about half a billion dollars to start local funding,” Bosun Tijani said.

“Part of my responsibilities is working with BOI to ensure that we domicile that funding locally in Nigeria, work with firms who manage and invest in businesses to ensure that those businesses that will benefit are true, real Nigerian businesses.

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