The Nigerian government has launched a $672 million fund for tech for young people in its tech and creative sectors six months after passing the Nigerian Startup Act,
Vice president Yemi Osinbajo says the African Development Bank (AfDB) will lead the fund with $170 million, while $116 million will come from Agence Francaise de Developpement.
AfDB, says the fund will “marks the rollout of a flagship initiative that will drive vital funding for Nigeria’s digital and creative industries.
AfDB noted that the fund will see investments across 200 tech and creative startups, and 450 tech-powered SMEs. Over 175,000 young Nigerians will also receive direct access to capacity-building services.