Nigeria is set to establish a $40 million fund for early-stage technology startups, with half from the Japan International Cooperation Agency and the rest from the Nigeria Sovereign Investment Authority. This fund is designed to support the country’s entrepreneurial ecosystem, aligning with the goals of the 2022 Nigeria Startup Act.
The Nigerian government is poised to launch a $40 million fund dedicated to the investment in early-stage technology startups. This initiative aims to enhance support for entrepreneurs who currently depend primarily on private investors. Half of the fund will be financed by the Japan International Cooperation Agency, while the remaining portion will be funded by the Nigeria Sovereign Investment Authority (NSIA), according to Kashifu Inuwa Abdullahi, the director of the National Information Technology Development Agency (NITDA).
In summary, Nigeria is establishing a $40 million startup seed fund to advance its entrepreneurial ecosystem significantly. With financial backing from both the Japan International Cooperation Agency and the Nigeria Sovereign Investment Authority, this initiative follows the 2022 Nigeria Startup Act, facilitating further growth and support for local startups. Increased awareness and registration of businesses as startups will also be a focus as the government seeks to optimize the benefits of this law.
Original Source: www.semafor.com
