February 26, 2024

FG secures $500m for local business funding —Communication minister

The minister of communication and digital economy, Mr. Bosun Tijani has announced that the Federal Government has secured access to approximately $500m in funding to initiate a local funding programme to boost innovation and entrepreneurship within the country’s digital sector.

Bosun Tijani, disclosed this at a dinner in partnership with the World Bank in Abuja on Friday.

He noted the government’s plan to support true Nigerian businessmen with adequate funding, “adding that it will be collaborating with the Bank of Industry.”

“So, we’ve got access to about half a billion dollars to start local funding,” he mentioned.

He added, “Part of my responsibilities is working with BOI to ensure that we domicile that funding locally in Nigeria, work with firms who manage and invest in businesses to ensure that those businesses that will benefit are true, real Nigerian businesses.

“And what we are going to see is that the funding is available locally and in the coming months it is going to become larger and as these funds become larger we want to leverage that money as well.

“So, the government is not just going to put half a billion and that’s it, it can actually bring more investors to heart as we have more money more of our innovators can have access to resources.”

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