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FG Secures $500 Million Loan for Local Funding of Digital Innovation

The New Minister for Communications and Digital Economy, Dr. Bosun Tijani, has revealed that the Federal Government has secured a $500 million loan for local funding programme.

The minister said that the initiative is aimed at boosting innovation and entrepreneurship within Nigeria’s digital sector.

This was made known by Tijani at a dinner organized in his honour by the Ministry of Communications in partnership with the World Bank.

The minister said, “So we’ve got access to about half a billion dollars to start local funding.”

Fund to be domiciled in Nigeria

Tijani outlined the Federal 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 (BoI).

He, however, highlighted the importance of supporting and promoting Nigerian businesses, saying: “We want to ensure that those businesses that will benefit are true, real Nigerian businesses.”

Also Read: African Tech Startup Ecosystem Funding Up by 8% to $6.5 Billion in 2022

According to him, by domiciling the funding locally, the government aims to foster the growth and development of homegrown enterprises, ultimately contributing to the country’s economic progress.

The minister assured the public that the initial $500 million announced for local funding is just the beginning.

He stressed that more investors will be brought on board, to increase the funds available to support Nigerian innovators.

Tijani emphasized that the government’s goal is to leverage the fund to attract additional investment and expand resources for local entrepreneurs.

He added, “We want to ensure that those businesses that will benefit are true, real Nigerian businesses.

“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.

“And what we are going to see is that the funding is available locally and in the coming months, it is going to become larger and as these funds become larger we want to leverage that money as well.

“So the government is not just going to put half a billion and that’s it, it can actually bring more investors to heart as we have more money of our innovators can have access to resources” he said

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