With investments totalling $618 million, will attract direct investments in more than 200 technology and creative start-ups and provide non-financial services to about 450 digital technology, small and medium enterprises.
Government must provide more support for start-ups and small businesses, and investors must provide more funding.
The French government, through the Agence Française de Développement, will contribute €100 million ($116 million), and the Islamic Development Bank pending approval from its board is expected to provide $70 million. The Nigerian government, through its executing agency, the Bank of Industry, will provide $45 million in counterpart funding. Other institutional and private sector investors are also expected to provide additional funding for the implementation of the strategic initiative.
The digital technology and creative industries had enormous potential to create jobs and spur economic growth in Nigeria.
The fund will also provide technical resources to de-risk digital and creative companies at scale and sustainable manner.