Tijani unveils plan to boost funding rounds for Nigerian startups || Business Post Nigeria

by MMC
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By Adedapo Adesanya

The Minister of Communications, Innovation and Digital Economy, Mr. Bosun Tijani, has announced a plan to help Nigerian technology startups raise a total of $5 billion annually in funding rounds. by 2027.

He disclosed the plan in the ministry’s 31-page strategy document titled Accelerate our collective prosperity through technical efficiency, released and seen by Business position Monday.

Mr. Tijani said the main objective of the ministry is to stimulate the growth and sustainability of startups, with a particular focus on developing innovative solutions for critical sectors of the economy.

“Recognizing the essential role of patient capital in the growth of startups, we are committed to increasing the local availability of patient capital. Our intention is to create an environment for startups to raise the financing they need to thrive locally and to promote the domiciliation of startups within our country.

“We will establish an active sandbox environment that will encourage and enable innovators and entrepreneurs to develop unique solutions for sectors historically considered to have limited exposure to technological innovation.

“By removing regulatory barriers and providing the necessary support, we aim to inspire innovative approaches that solve existing problems,” said Tijani.

He said in a bid to support the diversification of the Nigerian economy, the ministry will collaborate with other ministries and parastatals, including private sector players, to create opportunities for startups to facilitate the application technology for increased productivity in critical sectors across the country.

“We will support programs focused on AgriTech, HealthTech, EdTech, MediaTech, CleanTech and CreTech, among others.

“Increase capital raised by Nigerian tech startups by 50% year-on-year, from $1 billion/year in 2022 to $5 billion/year in 2027.

“Increase the domiciliation of local technology startups from less than (<) 1 percent to 25 percent by 2027.

“Identify opportunities for the digital economy in various sectors such as agriculture, financial services, healthcare, education, energy, transport and logistics, manufacturing, retail and e-commerce , textiles and fashion, media and entertainment, e-sports/gaming and real estate. ,” he said.

He explained that the ministry would launch at least one public-private partnership (PPP) pilot program per sector by 2027.

Mr Tijani said this strategic plan is a detailed and progressive framework that encompasses five key pillars: knowledge, policy, infrastructure, innovation, entrepreneurship and capital (IEC) and trade.

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

“Knowledge is the cornerstone on which innovation thrives and is based on sound policies. Infrastructure forms the essential backbone of a thriving digital economy, while innovation and entrepreneurship drive economic diversification.

“Trade, the fifth pillar, represents our commitment to global collaboration and partnerships, recognizing that innovation knows no borders. As we embark on this transformative journey, we do so with unwavering purpose.

“We understand that the road ahead may be difficult, 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 position on the global stage, create sustainable employment opportunities and improve the quality of life for all Nigerians,” he said.

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