The Federal Government has successfully secured a substantial fund of $500 million to launch a groundbreaking local funding programme.
The Minister of Communications and Digital Economy, Bosun Tijani, unveiled this pivotal initiative, designed to catalyze innovation and entrepreneurship within the country’s dynamic digital sector.
Speaking at an exclusive dinner event held in partnership with the World Bank in Abuja, Minister Tijani expressed his excitement about the prospects of this initiative.
“We have gained access to an impressive $500 million to kickstart local funding,” he revealed.
This substantial investment is set to invigorate the digital landscape and fuel the growth of authentic Nigerian enterprises.
Minister Tijani underscored the government’s unwavering commitment to supporting indigenous businesses, emphasizing, “Our focus is on ensuring that genuine Nigerian enterprises reap the benefits.”
He also emphasized the strategic collaboration between the Ministry of Communications and Digital Economy and the Bank of Industry (BOI) to realize this ambitious vision.
The core goal of this funding drive is to bolster the domestic ecosystem of innovation and enterprise, thus contributing significantly to the country’s economic advancement.
Minister Tijani emphasized that this initial $500 million is just the beginning, with plans to attract additional investors to further augment the fund and empower Nigerian innovators.
“Our aim is not solely to inject $500 million and stop there. We aspire to draw in more investors. As the funds grow, so will the opportunities for our homegrown innovators,” Minister Tijani asserted.
Meanwhile, Shubham Chaudhuri, the World Bank Country Director for Nigeria, reiterated the organization’s commitment to eradicating poverty, enhancing livelihoods, and generating employment avenues for the nation’s youth.
Chaudhuri accentuated the transformative potential of digital technologies and outlined two pivotal areas of collaboration with Nigeria.
Underpinning this partnership is the pivotal role of a digital national ID, which serves as the cornerstone of digital transformation.
Chaudhuri highlighted the World Bank’s collaboration with the National Identity Management Commission (NIMC) to ensure the seamless rollout and registration of digital national IDs for all Nigerians.
Chaudhuri’s vision is ambitious: “We are dedicated to eliminating poverty, enhancing lives, and creating jobs for every Nigerian youth.
The avenue we see with the greatest potential is the use of digital technologies for transformation. And at the heart of that transformation lies the digital national ID.”
With an objective of providing at least 148 million working-age Nigerians with a digital national ID by the middle of the upcoming year, this partnership signals a significant leap towards inclusivity and accessibility.
As Nigeria embarks on this journey of innovation, collaboration, and empowerment, the stage is set for a transformative era of digital growth and prosperity.
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