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FG launches Digital Commerce Desk to push Nigerian startups funding to $5 billion 

The Federal Authorities has launched the Know-how Export and Digital Commerce Desk aimed toward attracting extra investments into the Nigerian tech sector and pushing annual funding for the nation’s startups as much as $5 billion.

The Minister of Communications, Innovation, and Digital Financial system, Dr. Bosun Tijani, who introduced this on Monday, mentioned the initiative was launched in collaboration with the Federal Ministry of Business, Commerce and Funding.

In keeping with the Minister, this marked a big milestone within the Ministry’s efforts to strengthen the contribution of ICT to Nigeria’s Financial system.

Selling Nigerian expertise export 

Tijani famous that commerce, which is the fifth Pillar of the Ministry’s strategic blueprint, represents a possibility to advertise Nigerian expertise export and the launch of the Commerce Desk supplies a powerful basis to supply bespoke assist to native expertise corporations, enabling them to entry and compete in markets throughout Africa and world wide.

With a daring imaginative and prescient, the initiative seeks to extend the expertise sector’s contribution to Nigeria’s GDP from the present 14–18% to 21% inside the subsequent three years.

“Moreover, the Desk goals to amplify annual funding for Nigerian startups, scaling up from $1 billion to $5 billion over the identical interval, thereby fostering innovation, entrepreneurship, and world competitiveness,” he mentioned.

Nigeria’s place in ECI 

The Minister added that the institution of the Commerce Desk which would offer a complete suite of applications, partnerships, and policy-driven interventions, additionally aligns with Nigeria’s ambition to enhance its place within the Financial Complexity Index (ECI), showcasing the nation’s dedication to diversifying its commerce and advancing its place within the world digital economic system.

  • The ECI is a rating system that assesses a rustic’s productive data and the complexity and variety of its exports.
  • International locations with a excessive ECI have a variety of specialised capabilities and may produce all kinds of complicated merchandise.
  • Nigeria’s ECI in 2022 was -1.67, inserting it in 127th rank out of 133 nations.

Tijani mentioned the efforts additionally kind a crucial element of President Bola Tinubu’s overarching purpose of attaining a $1 trillion Nigerian economic system, underpinned by innovation, funding, and worldwide commerce.

What you must know 

Nigeria, as soon as the main vacation spot for startups funding, slipped to the second place in 2023 as Kenya overtook the nation as the highest vacation spot for startups funding.

  • In 2024, obtainable data present that the nation’s startups managed to boost barely over $400 million, however nonetheless far behind Kenya, which attracted $638 million.
  • Nigeria’s startup funding determine for 2024 was boosted by two corporations that had been capable of safe mega offers.
  • The offers had been Moove’s $110 million Sequence B spherical led by Uber and Moniepoint’s $110 million Sequence C spherical.

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