Nigeria Aims for $5 Billion Tech Investment by 2027

Nigeria is set to attract $5 billion in annual tech startup investments by 2027 as part of its plan to accelerate its digital economy. Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, announced the ambitious goal as part of the country’s broader plan to foster innovation and entrepreneurship. The ministry aims to boost the availability of local capital and create an environment conducive to startups raising funds to thrive within Nigeria. The target is to increase capital raised by Nigerian tech startups by 50% year-on-year, from around $1 billion per year in 2022 to $5 billion per year in 2027.

The ministry plans to establish an active sandbox environment to inspire and empower entrepreneurs and innovators to devise specialized solutions for industries with limited exposure to technological advancements. Nigeria also aims to substantially boost the dominance of local tech startups, with a target of increasing it from less than 1% to 25% by 2027.

Dr. Tijani stressed the growing significance of digital transformation and innovation as drivers of economic progress, envisioning a path toward prosperity, inclusivity, and global relevance. Nigeria’s strategic plan reflects its commitment to positioning itself as a prominent player in the global tech landscape, fostering an ecosystem conducive to innovation, investment, and sustainable growth.

SOURCE: CITI NEWS ROOM