The Ministry of Communications, Innovation and Digital Economy said it wants to use its regulatory mandate to increase investments and attract up to $5bn fund-raising for Nigerian tech startups by 2027.
The ministry hopes that by providing an enabling environment that encourages and empowers innovators and entrepreneurs to develop unique solutions for sectors, Nigerian tech startups would see an increase in capital raised by 50 per cent year-on-year.
The Minister of Communication, Bosun Tijani made the disclosure in a document he unveiled on Monday titled, ‘Accelerating our Collective Prosperity through Technical Efficiency: A Strategic Plan for the Federal Ministry of Communications, Innovation & Digital Economy.’
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The document unveiled five priority areas: Knowledge; Policy; Infrastructure; Innovation, Entrepreneurship and Capital and Trade which the ministry hopes to explore to achieve its mandate.
The document reveals, “For this 4th pillar, our primary objective is to stimulate the growth and sustainability of startups, with specific focus on those developing innovative solutions for critical
sectors in our economy. Increase capital raised by Nigerian tech startups 50% year-on-year from $1bn/yr in 2022 to $5bn/year in 2027.”
Another target the Ministry has for tech startups is to increase domiciliation of local technology startups from less than 1 per cent to 25 per cent by 2027.
The document said, “We will establish an active sandbox environment that encourages and empowers innovators and entrepreneurs to develop unique solutions for sectors historically considered to have limited exposure to technological innovation.
“By removing regulatory barriers and providing the required support, we aim to inspire innovative, problem-solving approaches to existing challenges.
“With the goal of supporting the diversification of the Nigerian economy, we will collaborate with other ministries and parastatals including private sector stakeholders to drive opportunities for startups to facilitate the application of technology for enhanced productivity in critical sectors across the country. We will back programmes focused on AgriTech, HealthTech, EdTech, MediaTech, CleanTech, CreTech, among others.
“Identify opportunities for the digital economy in various sectors such as Agriculture, Financial Services, Healthcare, Education, Energy, Transportation and Logistics, Manufacturing, Retail and E-commerce, Textiles and Fashion, Media and Entertainment, eSports/Gaming, and Real Estate.”
By 2027, the Ministry will also launch at least one FMoCIDE-led PPP pilot program per sector, the document reveals.