The minister stated this at a dinner in partnership with the World Bank in Abuja on Friday.
He said, “so we’ve got access to about half a billion dollars to start local funding. This funding is aimed at propelling innovation and entrepreneurship within Nigeria’s thriving digital sector.”
Tijani outlined the government’s commitment to keeping the funds within Nigeria’s borders, and ensuring that they were channelled towards authentic Nigerian businesses.
To achieve this, he said that the ministry would partner the Bank of Industry (BoI) “to ensure that those businesses that will benefit are true, real Nigerian businesses.”
He added that localising the funding was to nurture homegrown enterprises, and bolster the nation’s economy.
“The government is not just going to put half a billion and that’s it; it can actually bring more investors on board.
“This strategy aims to augment the resources available to support Nigerian innovators.
“The overarching goal is to harness these funds to attract further investments and broaden the support system for local entrepreneurs,” he added.
The World Bank Country Director, Shubham Chaudhuri spoke on the potentials of digital technologies in driving transformation.
“Our main mission here in Nigeria is to eliminate poverty, make lives better, create jobs for all Nigerian youth.
“One of the areas that we think has the greatest potential is the area of using digital technologies to transform.”
He also revealed World Bank’s collaboration with the National Identity Management Commission on registration and digital national IDs.
The collaboration is to provide at least 148 million people of working age with a digital national ID by the middle of 2024.
“The second is helping Nigeria lead the broadband infrastructure for broadband connectivity,” Chaudhuri added.
He pointed out that without broadband connectivity, the potential of digital technologies may lead to a digital divide.
The World Bank is also supporting favourable policies and regulations to attract private investments, and addressing practical issues such as reducing right-of-way fees for fiber optic cable operators.
Chaudhuri said once the infrastructure is in place, it will enable the development of innovative apps and services that will benefit the populace.
