Osinbajo Launches $600m funding for tech, creative sectors

Vice President Yemi Osinbajo, SAN, on Tuesday unveiled a $600m programme for young Nigerians in the technology and creative sectors.

The programme targets young Nigerians from ages 15-35 who are entrepreneurs and involved in the early stages of creative, innovative and technology-enabled ventures.

Osinbajo claims that Nigeria’s technological sector, which includes no fewer than 180 startups, accounts for close to 30% of all funded initiatives in Africa.

Additionally, he exhorted African leaders in government and the organized private sector to do more to foster the spread of innovation across the continent.

The Punch reports that the Vice President spoke during the presidential unveiling of the Investing in Digital and Creative Businesses Initiative, which took place at the State House Banquet Hall in Abuja, according to a statement signed by his Senior Special Assistant on Media and Publicity, Laolu Akande.

“$600m for young Nigerians in technology, creative sectors ready as Osinbajo launches initiative,” reads the statement.

Osinbajo said, “It is now imperative to commence a coordinated approach towards innovation on the continent, bringing together all stakeholders to coordinate efforts at scaling up investments and building programmes that provide the right enabling environment and produce talent pipelines that support the growth of innovation on the continent.”

“The government must provide more support for startups and small businesses, and investors must provide more funding.

“This is why the Investment in Digital and Creative Enterprises Programme is important,” he said.

He revealed that “the total fund is $618m, out of which the AFDB provides $170million, the Agence Francaise de development $116m and the Islamic Development Bank will provide $70 million in co-financing.”

Another $271m is expected from private sector and institutional investors, he noted.

With loans provided by the Bank of Industry to eligible start-ups, the Federal Government of Nigeria will also contribute a matching amount of $45 million.

The AfDB President, Dr. Akinwunmi Adesina, received praise from Osinbajo for his involvement in putting the plan into action. He also commended the development partners for their cooperation.