Nigeria Secures $500m For Local Digital Innovation Funding

The Minister of Communications and Digital Economy, Bosun Tijani, has disclosed that the country has secured access to approximately half a billion dollars in funding to initiate a local innovation funding program.

This initiative, he said, aimed to boost innovation and entrepreneurship within the country’s digital sector.

The minister stated this at a dinner in partnership with the World Bank in Abuja on Friday.

He said, “so we’ve got access to about half a billion dollars to start local funding. This funding is aimed at propelling innovation and entrepreneurship within Nigeria’s thriving digital sector,” he stated.

Tijani outlined the government’s commitment to keeping the funds within Nigeria’s borders, ensuring their benefits were channelled towards authentic Nigerian businesses.

To achieve this, he underscored plans to partner with the Bank of Industry (BoI), saying, “We want to ensure that those businesses that will benefit are true, real Nigerian businesses.”

The move to localise the funding was envisioned to nurture homegrown enterprises, thereby bolstering the nation’s economic advancement.

Assuring the public that the initial half-billion-dollar investment was just the beginning, Tijani stated, “The government is not just going to put half a billion and that’s it; it can actually bring more investors on board.

“This strategy aims to augment the resources available to support Nigerian innovators. The overarching goal is to harness these funds to attract further investments and broaden the support system for local entrepreneurs,” he added.

In tandem with this development, the World Bank Country Director for Nigeria, Shubham Chaudhuri, reaffirmed the organization’s unwavering dedication to poverty alleviation, improved living standards, and the creation of job opportunities, especially for Nigeria’s youth.

Chaudhuri underlined the potential of digital technologies in driving transformation and identified two crucial areas of collaboration with Nigeria.

Chaudhuri stressed the foundational role of a digital national ID in facilitating this transformation, stating, “Our main mission here in Nigeria is to eliminate poverty, make lives better, create jobs for all Nigerian youth.

“One of the areas that we think has the greatest potential is the area of using digital technologies to transform.”

He also revealed the World Bank’s collaboration with the National Identity Management Commission to ensure the successful rollout and registration of digital national IDs for all Nigerians.

The ambitious target is to provide at least 148 million people of working age with a digital national ID by the middle of next year, marking a significant step towards inclusion and accessibility.

“The second is helping Nigeria lead the broadband infrastructure for broadband connectivity,” Chaudhuri added.

He pointed out that without broadband connectivity, the potential of digital technologies may lead to a digital divide.

The World Bank’s support includes advocating for favourable policies and regulations to attract private investment in this sector, as well as addressing practical issues such as reducing right-of-way fees for fiber optic cable operators.

Chaudhuri highlighted the crucial role of skills development once the infrastructure is in place, enabling the creation of innovative apps and services that benefit the populace.