FG announces plan to help startups raise $5 billion, create over 50,000 AI jobs
The Federal Government has announced a new plan to help startups raise a total of $5 billion in funding rounds by 2027 and create over 50,000 jobs in the Artificial Intelligence (AI) industry in the next couple of years.
The Minister of Communications, Innovation and Digital Economy, Bosun Tijani, disclosed the plan in a document on Monday.
Tijani said the primary objective of the ministry is to stimulate the growth and sustainability of startups, with a specific focus on those developing innovative solutions for critical sectors of the economy.
“Recognising the critical role of patient capital in the growth of startups, we are committed to increasing the local availability of patient capital. We intend to create an environment for startups to raise the funding they require to thrive locally and promote the domiciliation of startups within our nation,” Tijani said.
Tijani stated that the ministry will also establish an active sandbox environment to encourage and empower innovators and entrepreneurs to develop unique solutions for sectors considered to have limited exposure to technological innovation.
The minister also noted that the country is hoping to increase the domiciliation of local technology startups from < 1 percent to 25 percent by 2027, increasing their benefits to the economy. Tijani added that innovation, entrepreneurship, and access to capital are critical components of a strong digital economy and that the “intersection of a strong digital economy and our innovative and youthful population presents us with a unique opportunity to chart a course towards prosperity, inclusion, and global relevance.” Commenting on AI, the minister stated that this technology will usher in a new era of technological and economic transformation over the next two decades. He said Nigeria needs to formulate a far-reaching national strategy to harness the potential of AI inclusively and responsibly, adding that the implementation of the strategy is expected to elevate Nigeria as a top 10 location for AI model training and talent globally. Tijani also said that Nigeria will be positioned as a global leader in accelerating inclusivity in AI datasets. He added that the country plans to create over 50,000 jobs in the AI industry in the next couple of years. [ad]
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