FG, AfDB unveil $500 Million fund for tech and creative sectors
The Federal Government and the AFDB have unveiled a $500 million fund named the Nigeria Innovation Programme (NIP) to support the tech and creative industry in Nigeria.
The Nigeria Innovation Programme, proposed by the federal government, seeks to boost innovation, job creation, and foster growth in the technology and creativity entrepreneurship ecosystem.
Laolu Akande, a Senior Special Assistant on Media and Publicity in the Presidency, said it is public knowledge that the vice president has spoken publicly about the $500m facility. He further disclosed that nine states comprising Lagos, Osun, Edo, Cross River, Anambra, Kaduna, Adamawa and Plateau were initially selected as focus states, while Borno, Gombe and Kwara States were recommended by the Presidency for the programme.
Multinational professional services firm, PwC, which is consulting on the project considered potential innovation community and State cluster/innovation blocks in selecting more states during its feasibility study,which resulted in the inclusion of Akwa-Ibom, Ogun, Delta, Edo, Enugu, and Oyo States.
Mr Akande explained that the plan to get the funding is an outcome of the Technology and Creativity Working Group set up few years ago with members drawn from the private and public sectors chaired by the vice president. The working group was carved out of the Nigerian Industrial Policy and Competitiveness Advisory Council earlier set up by President Muhammadu Buhari also chaired by the vice president.
The Nigeria Innovation Programme will focus on four development pillars namely: human capital, financing, infrastructure and enabling environment. The NIP is also expected to create about 285,000 jobs in both technology and creative industries in the next five years.
The AfDB is expected to give its approval in October.
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