In an exciting move for Nigeria’s tech startup scene, the federal government has just unveiled an ambitious strategy to ramp up funding. Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, recently shared the ministry’s draft Strategic Blueprint, which outlines their vision for the future.
The goal is to increase funding for Nigerian tech startups to a staggering $5 billion annually by the year 2027, a substantial leap from the $1.2 billion recorded in 2022. The government plans to achieve this target by ensuring a 50% increase in funding each year.
One of the primary focuses of this initiative is to shift the reliance of Nigerian startups from foreign investors towards local funding sources. The ultimate aim is to create a nurturing environment where startups can secure the funds they need to flourish right at home, fostering the growth of local businesses.
To attract more funding into the Nigerian startup ecosystem, the Ministry plans to establish an active sandbox environment. This environment will empower innovators and entrepreneurs to tackle challenges in sectors that have historically seen limited technological innovation. Regulatory barriers will be dismantled, and essential support will be provided to encourage unique solutions in areas like AgriTech, HealthTech, EdTech, MediaTech, CleanTech, CreTech, and more.
Additionally, the Ministry intends to identify opportunities for the digital economy across various sectors, including Agriculture, Financial Services, Healthcare, Education, Energy, Transportation, Manufacturing, Retail, Textiles, Fashion, Media, Entertainment, eSports/Gaming, and Real Estate. For each sector, they plan to launch at least one ministry-led Public-Private Partnership (PPP) pilot program by 2027.
Dr. Tijani outlined the five key pillars of the Ministry’s strategic Blueprint: Knowledge, Policy, Infrastructure, Innovation, Entrepreneurship, and Capital (IEC), and Trade. These pillars are interconnected and form the foundation of the strategy. Knowledge is seen as the cornerstone of innovation, supported by sound policies, while Infrastructure provides the essential backbone for a thriving digital economy. Innovation and entrepreneurship are set to drive economic diversification, and Trade reflects the commitment to global collaboration and partnerships.