Africa Business News

Nigeria has set a plan to help startups raise their total yearly funding rounds to $5bn by 2027. The Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani highlighted that in today’s global technology landscape, innovation, entrepreneurship, and access to capital are critical components of a strong digital economy. He stated that the primary objective of the ministry as regards this will be to stimulate the growth and sustainability of startups, with a specific focus on those developing innovative solutions for critical sectors of the economy. He added that increase capital raised by Nigerian tech startups 50 per cent year-on-year from ~$1bn/yr in 2022 to $5bn/yr in 2027.”