Nigeria launches $672m tech fund for young investors | – #Nigeria #launches #672m #tech #fund #young #investors
LAGOS, March 14 (Reuters) – Nigeria launched a $672 million fund on Tuesday to support technology and creative sectors for young investors struggling to raise capital in Africa’s biggest economy.
A fund targeting young people aged 15-35, supporting startups in Nigeria USAIt comes at a time of domestic concern over the failure of SVB Financial Group, a startup-focused lender.
1 million so far only in cross-border payments startup Chipper Cash SVB dollars he said it was. Some of the biggest startups, including e-commerce firm Jumia and Africa-based fintech firm Flutterwave, told Reuters they had no ties to the bank.
Vice President Yemi Osinbajo has launched a $672 million fund under the Digital and Creative Enterprises Program (DCEP) in Abuja, the federal capital, a presidential statement said.
The presidency said that the African Development Bank 170 million dollars will invest 116 million dollars Francaise de Developpement Agence and another $70 million will come from the Islamic Development Bank.
The government through the Industrial Bank of Nigeria $45 million and the private sector $271 million funds will leave.
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“DCEP is a government initiative aimed at promoting innovation and entrepreneurship in the digital technology and creative industries and especially job creation,” Osinbajo said at the launch of the fund.
Nigeria has the largest number of startups in Africa – mainly technology and fintech – that have attracted funding from foreign banks and venture capital firms.
But most startups still struggle to raise funds because banks require them to provide collateral, which they don’t have.
Reporting by MacDonald Dzirutwe; Edited by Josie Kao
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2023-03-15 08:50:17
Source – reuters
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