• About
  • Advertise
  • Contact
Friday, May 9, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Business

Digital Sector : FG Secures $500mln For Local Funding – Minister

Vital News by Vital News
August 26, 2023
in Business, Economy
0
Digital Sector : FG Secures $500mln For Local Funding – Minister
Share on FacebookShare on Twitter

 

By Muideen Olaniyi

The Federal Government has secured access to approximately $500 million in funding to initiate a local funding programme to boost innovation and entrepreneurship within the country’s digital sector.

Minister of Communications and Digital Economy, Bosun Tijani, disclosed this at a dinner in partnership with the World Bank in Abuja on Friday.

He revealed the government’s plan to domicile local funding in Nigeria and ensure that it benefits true Nigerian businesses, adding that it will be collaborating with the Bank of Industry.

RelatedStories

NASCON Records100% Growth In Dividend Payout, Attributes Higher Profitability To Massive Expansion Drive

Your 3% Economic Growth Forecast Falls Short Of Nigeria’s Potential, IMPI Tells IMF

Inner Galaxy Group To Establish $400mln Steel Factory In Ogun

You Goofed On Nigeria’s GDP At Independence, IMPI Tells AfDB President, Adesina

“So, we’ve got access to about half a billion dollars to start local funding,” he said.

Tijani stressed the significance of supporting and promoting Nigerian businesses.

“We want to ensure that those businesses that will benefit are true, real Nigerian businesses,” he said.

He added that by domiciling the funding locally, the government aims to foster the growth and development of homegrown enterprises, ultimately contributing to the country’s economic progress.

The minister assured the public that the initial half a billion dollars announced for local funding is just the beginning.

He said more investors will be brought on board, increasing the funds available to support Nigerian innovators.

Tijani also emphasized that the government’s goal is to leverage this money to attract additional investment and expand resources for local entrepreneurs.

He added,” Part of my responsibilities is working with BOI to ensure that we domicile that funding locally in Nigeria, work with firms who manage and invest in businesses to ensure that those businesses that will benefit are true, real Nigerian businesses.

“And what we are going to see is that the funding is available locally and in the coming months it is going to become larger and as these funds become larger we want to leverage that money as well.

“So, the government is not just going to put half a billion and that’s it, it can actually bring more investors to heart as we have more money more of our innovators can have access to resources.”

Meanwhile, the World Bank Country Director for Nigeria, Shubham Chaudhuri, has renewed the organization’s commitment to eradicating poverty, improving lives, and creating job opportunities for the country’s youth.

He stressed the potential of leveraging digital technologies to drive transformation and outlined two key areas of partnership with Nigeria to achieve these goals.

Speaking to journalists, Chaudhuri identified a digital national ID as the foundation for digital transformation.

He added that the World Bank is collaborating with the National Identity Management Commission to ensure the successful rollout and registration of digital national IDs for all Nigerians.

The ambitious target is to provide at least 148 million people of working age with a digital national ID by the middle of next year, marking a significant step towards inclusion and accessibility.

Chaudhuri said,” Our main mission here in Nigeria is to eliminate poverty, make lives better create jobs, for all Nigerian youth.

“One of the areas that we think have the greatest potential is the area of using digital technologies to transform. Now to do that it begins with having this digital national ID.

“So, one of the main partnerships we have is working with NIMC to ensure the rollout of the registration so that all 213/220million Nigerians have a digital national ID, beginning of course with all people of working age and I think the target for that is at least 148 million people by the middle of next year.

“The second is helping Nigeria lead the broadband infrastructure for broadband connectivity because Without broadband connectivity digital technologies will lead to a digital divide.

“So there support has been for good kinds of policies and regulations that will help invite private investment into this space and then fibre optic cables.

“One thing, for example, working with states to persuade states to reduce the right of way fees and fiber.

“Cable operators have to pay more when they’re getting the land to ray the cable, All that is like the foundations and real potential comes from once you have the national ID all the technologies that apps that can be built on the weather to bring services to people, to people where they get people access to finance that all of that needs skills.”
(Daily Trust / vitalnewsngr.com

 

Tags: bankdigitalsecureworld
Previous Post

Niger : War Not Ideal But Defending Democracy Is Important – Tinubu

Next Post

Remi Tinubu Awards Scholarships To Students From 36 States, FCT

Vital News

Vital News

RelatedStories

NASCON Records100% Growth In Dividend Payout, Attributes Higher Profitability To Massive Expansion Drive
Business

NASCON Records100% Growth In Dividend Payout, Attributes Higher Profitability To Massive Expansion Drive

May 8, 2025
Your 3% Economic Growth Forecast Falls Short Of Nigeria’s Potential, IMPI Tells IMF
Economy

Your 3% Economic Growth Forecast Falls Short Of Nigeria’s Potential, IMPI Tells IMF

May 7, 2025
Inner Galaxy Group To Establish $400mln Steel Factory In Ogun
Economy

Inner Galaxy Group To Establish $400mln Steel Factory In Ogun

May 6, 2025
You Goofed On Nigeria’s GDP At Independence, IMPI Tells AfDB President, Adesina
Economy

You Goofed On Nigeria’s GDP At Independence, IMPI Tells AfDB President, Adesina

May 6, 2025
President Tinubu To Perform Groundbreaking Of World’s Biggest Cotton Factory In Ogun – Abiodun
Economy

President Tinubu To Perform Groundbreaking Of World’s Biggest Cotton Factory In Ogun – Abiodun

May 1, 2025
Next Post
Remi Tinubu Awards Scholarships To Students From 36 States, FCT

Remi Tinubu Awards Scholarships To Students From 36 States, FCT

Our Ambassador Not Expelled From Niger Republic -FG

Our Ambassador Not Expelled From Niger Republic -FG

YOUTH CORPS MEMBERS ARE NOT COMPETENT TO BE MINISTERS IN NIGERIA by Femi Falana, SAN

YOUTH CORPS MEMBERS ARE NOT COMPETENT TO BE MINISTERS IN NIGERIA by Femi Falana, SAN

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

Dangote Posts N441.5billion Revenue In 2023, Targets 1.5mt Annually From Locally Grown Sugarcane

Dangote Posts N441.5billion Revenue In 2023, Targets 1.5mt Annually From Locally Grown Sugarcane

1 year ago

Terrorists free Ango Abdullahi’s son, Six other abducted Abuja-Kaduna train passengers

3 years ago
Go After Terrorists, Restructure Nigeria Now – Afenifere Urges Tinubu

HIGHLIGHTS OF THE FEDERAL EXECUTIVE COUNCIL MEETINGS HELD ON 13TH AND 14TH MAY, 2024

12 months ago

Woman cries out over surgery error, appeals for assistance to offset N2. 3 million medical bill

3 years ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN Court Dangote death drugs Economy EFCC Election elections FG Fraud gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power rescue road Security Senate students Tinubu US
No Result
View All Result

Highlights

Kogi Police Command Organises Conference On Operational Capacity, Mental Health, Financial wellness For Officers

Kogi Judicial Service Commission Sends Judge On Compulsory Retirement For Corruption, Suspend Magistrate For Two Years

TMV Hails NELFUND’s Disbursement Of N53bln, Says Nigerian Students Have Cause To Celebrate

President Tinubu Appoints MDs, Chairmen For Regional Development Commissions

Hajj 2025 : NAHCON Commences Airlifting Of 40,671 Pilgrims To Mecca

NASCON Records100% Growth In Dividend Payout, Attributes Higher Profitability To Massive Expansion Drive

Trending

Hajj 2025 : CBN Approves Cash-based BTA For Pilgrims To Ease Travel Demands
News

Hajj 2025 : Disagreement Between NAHCON, Saudi Arabia Stalls Flight Of 40,671 Pilgrims To Mecca

by Vital News
May 9, 2025
0

The movement of 40,671 intending pilgrims from Nigeria to Mecca for this year's hajj exercise earlier scheduled...

CESVO Confers Ethics And Integrity Ambassador Award On Ododo’s Spokesman, Ismaila Isah

CESVO Confers Ethics And Integrity Ambassador Award On Ododo’s Spokesman, Ismaila Isah

May 9, 2025
Gov. Radda, APC Chairman Present As Three PDP House Of Reps Members Defect To APC

Adamu Ailero, Two Other Kebbi PDP Senators Defect To APC

May 9, 2025
Kogi Police Command Organises Conference On Operational Capacity, Mental Health, Financial wellness For Officers

Kogi Police Command Organises Conference On Operational Capacity, Mental Health, Financial wellness For Officers

May 9, 2025
Police Arraign Ekiti Woman For Reneging On Marriage Promise After Collecting N607,500 From Suitor

Kogi Judicial Service Commission Sends Judge On Compulsory Retirement For Corruption, Suspend Magistrate For Two Years

May 9, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • Hajj 2025 : Disagreement Between NAHCON, Saudi Arabia Stalls Flight Of 40,671 Pilgrims To Mecca May 9, 2025
  • CESVO Confers Ethics And Integrity Ambassador Award On Ododo’s Spokesman, Ismaila Isah May 9, 2025
  • Adamu Ailero, Two Other Kebbi PDP Senators Defect To APC May 9, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In