Nigeria to Launch IT Innovation Fund for African Start-ups
14th Oct 2014 And now good news for tech entrepreneurs everywhere, with the news that Nigeria is almost set to launch its government seeded IT Innovation Fund with plans to invest in not just Nigerian, but African startups.
Techcabal which brings us the story, shares that the Nigerian Government has committed $9m as seed capital to this fund to be managed by EchoVC.
The seed fund has been a long way coming, with the idea raised as far back as 2012. The story takes from Nigerian ICT Minister’s Speech at Demo Africa 2014. In that speech, the Minister Mrs Omobola Johnson, referenced a report predicting that the Internet could contribute up to 300 billion United States dollars to Africa’s GDP by 2025; up this is from an estimated 18 billion in 2013.
Sounds like a great idea, we all know that the future of technology is literally here as far as Africa is concerned, and it’s in everyone’s best interests to get a foot in now.