Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • 2023 Elections
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • 2023 Elections
No Result
View All Result
Nairametrics
No Result
View All Result
Home Industries

FG launches $672 million fund to support Nigerian tech startups

Samson AkintarobySamson Akintaro
2 weeks ago
in Industries, Tech News
FG launches $672 million fund to support Nigerian tech startup
Share on FacebookShare on TwitterShare on Linkedin

The Federal Government of Nigeria has launched a $672 million fund to support tech and creative sectors for young entrepreneurs in the country. 

Vice President Yemi Osinbajo launched the $672 million fund under the Investment in Digital and Creative Enterprises (i-DICE) programme in the federal capital Abuja on Tuesday.  

African Development Bank will put in $170 million, $116 million will come from Agence Francaise de Developpement and another $70 million from Islamic Development Bank, the presidency said. 

The government through the Bank of Industry Nigeria will release $45 million while the private sector pledged $271 million. 

Supporting innovation: Delivering a keynote address at the event, the Vice President said: 

  • “I think it is now imperative to commence a coordinated approach towards innovation on the continent, bringing together all stakeholders to coordinate efforts at scaling up investments and building programmes that provide the right enabling environment and produce talent pipelines that support the growth of innovation on the continent”. 

Under i-DICE, constraints such as access to capital, and capacity limitation of Start-ups would be effectively addressed. But according to Osinbajo, more needs to be done to scale up such programmes. 

  • “The government must provide more support for startups and small businesses, and investors must provide more funding. This is why the Investment in Digital and Creative Enterprises Programme is important,” he said. 

Speaking on behalf of the Nigerian government, the Vice President thanked the development partners for their collaboration. 

Also commending the efforts of the development partners, Osinbajo noted that the programme’s design supports innovation across very critical pillars including policy, infrastructure, access to finance and talent. These pillars have been identified as very critical to the growth and sustenance of innovation on the continent. 

Government’s efforts: Speaking about the present administration’s efforts in supporting the growth in the tech and innovation sectors, the Vice President noted: 

  • “As a government, we have consistently provided support to the innovation ecosystem over the last 8 years. In 2018, we established the Technology and Creativity Advisory Group. The Advisory Group brings together stakeholders in the technology and creative industries, to contribute directly to policy formulation, articulation and the design of the technology and creative sectors of our economy.” 

Related

Tags: African Development BankInvestment in Digital and Creative Enterprises (i-DICE)Yemi Osinbajo

Comments 3

  1. OKWUCHUKWU GODWIN ORJI says:
    March 15, 2023 at 5:40 pm

    How do I apply for this

    Reply
  2. Victor says:
    March 16, 2023 at 9:22 am

    FG launches $672 million fund to support Nigerian tech weren’t accessible for all Nigerian tech.
    FG should look into the fund and make sure all Nigeria tech can access the funds. Thanks

    Reply
  3. Oloruntoba Adegboye says:
    March 17, 2023 at 11:26 am

    What’s the procedure for application for this fund?

    Reply

Leave a Reply Cancel reply

Press one
hfm
Mega Millions
fidelity banner
SME
HFM
Patricia





NM newsletters

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • Why we want to regulate submarine cable operations in Nigeria —NIMASA
  • How FG can drive investment in airplane Maintenance, Repair and Overhaul – Capt SamuelCaulcrick
  • Court orders four commercial banks to appear over N3.4bn Oyo state government debt

Follow us on social media:

Recent News

Why we want to regulate submarine cable operations in Nigeria—NIMASA

Why we want to regulate submarine cable operations in Nigeria —NIMASA

March 27, 2023
How Nigerian Government can drive investment in airplane Maintenance, Repair and Overhaul – Capt SamuelCaulcrick

How FG can drive investment in airplane Maintenance, Repair and Overhaul – Capt SamuelCaulcrick

March 27, 2023
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Lifestyle
  • Opinions
  • 2023 Elections

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • 2023 Elections

© 2023 Nairametrics

error: Alert: Content selection is disabled!!