The Federal Government of Nigeria is engaging the African Development Bank to set up a $500m innovation fund for start-ups.
Nigerian Vice President, Yemi Osibanjo, said, on Thursday, at the Start-up and Developer event organised by Google, themed, ‘The African Start-up Ecosystem Opportunity’.
According to him, the fund will provide support for the start-ups ecosystem across four pillars, including infrastructure support, finance, skills development and technical assistance.
He said the Federal Government was to reconvene the Technology and Creativity Advisory Council on policies that would support the ecosystem for information and communications technology start-ups in the country.
Osinbajo, who was represented by the Director-General of the National Information Technology Development Agency, Mr Kashifu Inuwa, further said the Federal Government was working with relevant stakeholders to ensure start-ups received support required to take ideas from inception to impact.
“As part of our Ease of Doing Business Reforms, we instituted the Visa on Arrival Policy, which allows any person outside the Economic Community of West African States to get a visa on arrival in Nigeria.
“This policy means that all African start-ups and entrepreneurs seeking to expand their business into Nigeria will have a more straightforward process. We are also re-convening the Technology and Creativity Advisory Council, made up of public and private sector stakeholders, to advise the government on policies and programmes to support the ecosystem,’’ he said.
The vice president, however, decried that Africa was missing out on the 4th industrial revolution.
“The 4th industrial revolution is shaping and creating economic activities. It is proving to be the catalyst for future economic activities that will bridge the divide between the rich and developing countries.
“It will remove physical borders and barriers, while maximising the utilisation of digital technologies as a source of inspiration across economic sectors,” he added.
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