Nigeria, AfDB To Set Up $500m Fund For Technology, Creative Sectors

Nigeria’s President Muhammadu Buhari-administration has commenced the process that will pump the sectors with over n200 billion. as part of moves to spur the creative and technology sectors in the country.

A $500 million fund to be sourced from the AFDB, has the prospect of harnessing potential in Nigeria’s creative and technology industries.

Senior special assistant on media and publicity in the presidency, Laolu Akande, said it was public knowledge that the vice president, Prof Yemi Osinbajo, spoke publicly about the $500 million facility.

He added that details of how the facility would work were discussed at a meeting presided over by the VP, which had in attendance cabinet ministers, representatives of the African development bank (AFDB), among other stakeholders.

It was also gathered that the $500 million fund was in support of what has been named the Nigeria Innovation Programme (NIP) and being activated, especially with a report of the first draft project proposal presented by the AfDB and other stakeholders to the Vice President a few days ago.

Confirming the meeting, Senior Special Assistant on Media and Publicity in the Presidency, Laolu Akande, said it was public knowledge that the Vice President, Prof Yemi Osinbajo, spoke publicly about the $500 million facility.

He added that details of how the facility would work were discussed on Thursday at a meeting presided over by the VP, which had in attendance cabinet ministers, representatives of the African Development Bank (AfDB), among other stakeholders.