FG secures $500 million Loan to boost its Digital Economy

In a bid to further catalyze digital transformation and bolster economic expansion, the Federal Government of Nigeria has secured access to a substantial financial loan of approximately $500m in funding to initiate a local funding programme to boost innovation and entrepreneurship within the country’s digital economy sector.

The Minister of Communications and Digital Economy, Bosun Tijani, made this announcement during a gathering hosted in Abuja recently in partnership with the World Bank. According to Tijani, the initiative is strategically aimed at propelling innovation and entrepreneurship within Nigeria’s burgeoning digital sector.

He added that the ministry would be collaborating with the Bank of Industry (BOI) to ensure the successful implementation of this local funding initiative and would ensure that those businesses that will benefit are true, real Nigerian businesses, reinforcing the government’s dedication to supporting local enterprises.

The initial half a billion dollars marks only the beginning of this local funding initiative. The minister noted that there are efforts underway to attract more investors and increase funding to support local innovators.

The overarching goal of the government is to utilize these financial resources as a means to attract more investments and enhance opportunities for local entrepreneurs.

With these financial resources and a relentless focus on embracing digital advancements by courting investors to make substantial financial commitments to support its homegrown talent, Nigeria is poised to emerge as a significant player in the $3 trillion worldwide digital arena, driving its economic growth, innovation, and prosperity.

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