The Federal Government of Nigeria has unveiled an ambitious plan to increase startup funding in the country to $5 billion annually by 2027.
This initiative, led by the Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, aims to stimulate the growth and sustainability of Nigerian startups.
According to Dr. Tijani, access to capital is a significant challenge for many startups in Nigeria, and this initiative seeks to address that gap. The government plans to create an environment that enables startups to raise the funding they need to thrive locally and compete globally.
The Technology Export and Digital Trade Desk, launched by the Ministry, is a key component of this initiative. The Desk aims to increase the technology sector’s contribution to Nigeria’s GDP from 14% to 21% within the next three years.
It also seeks to amplify annual funding for Nigerian startups from $1 billion to $5 billion over the same period.
Nigeria’s startup ecosystem has shown significant promise, with the country ranking second in Africa’s startup funding rankings in 2024. Nigerian startups raised $410 million in funding in 2024, accounting for 18.6% of the total $2.2 billion raised on the continent.
The government’s initiative is expected to further boost the growth of Nigeria’s startup ecosystem, creating opportunities for innovation, entrepreneurship, and job creation.
With the Technology Export and Digital Trade Desk in place, Nigeria is poised to become a leading hub for startups in Africa.
