FG engaging the AfDB for a $500 million innovation fund.
The African Start-up Ecosystem Opportunity event organised by Google on Thursday was noteworthy as Vice President Prof. Osinbajo Yemi disclosed the decisions of the Federal Government to support ICT startups in Nigeria.
More so, the FG is currently contracting with the African Development Bank (AfDB) to establish a $500 million innovation fund through the Technology and Creativity Advisory Council, the VP said during the event.
African Start-up Ecosystem Opportunity
The Director-General of the National Information Technology Development Agency, Mr Kashifu Inuwa, represented the VP at the event organised for Startups and Developers.
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According to the rep. the FG is reconvening the council for guidance on policies that will support Nigerian ICT startups.
The FG is also reaching out to stakeholders that matter and who share similar interests for the growth of startups.
The $500 million innovation fund from the AfDB will serve across four areas of the startup ecosystem. These include infrastructure support, finance, skills development and technical assistance.
There are high opportunities for investment and tech disruption in Africa and Lagos is important in the startup ecosystem. More so, fintech startups are most outstanding in Lagos the according to the VP while citing a Startup Genome report.
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Having slacked on developments during the third industrial revolution, the VP said that he is hopeful that the fourth industrial revolution will offer Africa another opportunity for the development of its ICT startups ecosystem.
The VP further recounts the creation of the National Digital Economy Policy and Strategy (NDEPS) for a Digital Nigeria as the government’s digital economy agenda.