Over the next four years, the Federal Government plans to train three million Nigerians in technology. It established a plan to assist entrepreneurs in raising their annual investment rounds to $5 billion by 2027, as well as improving access in rural areas by at least 40%.
The Minister of Communications, Innovation, and Digital Economy, Dr. ‘Bosun Tijani, on Monday, disclosed this while outlining his plan for the ministry, in a document tilted, ‘Accelerating our collective prosperity through technical efficiency: A strategic plan for the Federal Ministry of Communications, Innovation & Digital Economy’.
In today’s global technology landscape, creativity, entrepreneurship, and access to financing, according to the minister, are important components of a thriving digital economy.
He noted that the ministry’s key goal in this regard would be to support the growth and sustainability of startups, with a particular emphasis on those offering new solutions for critical sectors of the economy.
“We are committed to increasing the local availability of patient capital,” Tijani stated, recognizing the vital role of patient capital in the success of businesses. Our goal is to foster a climate in which startups can obtain the capital they need to develop locally, as well as to support the domiciliation of startups within our country.”
“Increase capital raised by Nigerian tech startups by 50% year on year from $1 billion in 2022 to $5 billion in 2027,” he said, explaining how the ministry would know if its plan was successful. According to Africa The Big Deal (an African funding data analytics firm), Nigerian companies raised $1.2 billion in 2022, despite a funding shortage.
According to Briter Bridges, African companies raised $5.4 billion in 2022. According to the minister, it is critical to provide individuals with knowledge that may impact the production of ideas and technologies that drive economic growth, as well as to expand the talent pool to drive competitiveness, boost productivity, and guide evidence-based policies.
Our commitment to talent development is unwavering,” he stated. We have established an ambitious objective of training three million early to mid-career technical talent over the next four years.
These classes will cover tech-enabled and tech-adjacent abilities, essential tech competences, and advanced skills. This comprehensive approach is intended to prepare our workers to flourish in a continuously changing technology context.”
Tijani stated that the government’s goal was to maintain at least 1.5 million trained talents inside its local talent pool while also providing possibilities for the remaining 1.5 million to flourish in the global talent marketplace, preferably through remote options.