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Nigeria Launches Technology Export Desk to Boost Startup Funding to $5 Billion

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The Nigerian government has taken a significant step towards enhancing the country’s digital economy by launching the Tech Export and Digital Trade Desk. This initiative, spearheaded by the Ministry of Communications, Innovation, and Digital Economy in collaboration with the Ministry of Industry, Trade and Investment, aims to attract substantial foreign investment and propel annual funding for Nigerian startups to $5 billion.

The launch of the Trade Desk underscores the government’s commitment to diversifying the Nigerian economy and increasing the contribution of the technology sector. Currently, ICT contributes between 14% and 18% to Nigeria’s GDP, and the government aims to increase this figure to 21% within the next three years.

“With a bold vision, the initiative seeks to increase the technology sector’s contribution to Nigeria’s GDP from the current 14–18% to 21% within the next three years,” stated Bosun Tijani, Minister of Communications, Innovation, and Digital Economy. “Additionally, the Desk aims to amplify annual funding for Nigerian startups, scaling up from $1 billion to $5 billion over the same period, thereby fostering innovation, entrepreneurship, and global competitiveness.”

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Improving Nigeria’s Economic Complexity

The establishment of the Trade Desk aligns with Nigeria’s ambition to improve its position on the Economic Complexity Index (ECI). The ECI, a ranking system that measures a country’s productive knowledge and the diversity of its exports, provides a valuable indicator of economic development.

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“The establishment of the Trade Desk which would provide a comprehensive suite of programs, partnerships, and policy-driven interventions, also aligns with Nigeria’s ambition to improve its position in the Economic Complexity Index (ECI),” Tijani added. “Showcasing the country’s commitment to diversifying its trade and advancing its position in the global digital economy.”

Currently, Nigeria ranks 127th out of 133 countries on the ECI, with a score of -1.67. Improving this ranking requires a focus on developing specialized capabilities and producing a wider range of complex products and services.

Tech Export to Boost Economic Growth and Development

The government’s efforts to boost the tech sector are closely linked to President Bola Tinubu’s overarching goal of achieving a $1 trillion Nigerian economy. By fostering innovation, attracting investment, and promoting international trade, the government aims to drive sustainable economic growth and create a more prosperous future for all Nigerians.

Read Also: Nigeria Approves Telecom Tariff Increase

The Tech Export and Digital Trade Desk plays a crucial role in achieving this vision by providing the necessary support and infrastructure for Nigerian tech companies to thrive in the global market. By connecting startups with potential investors, facilitating access to international markets, and addressing the challenges faced by the tech ecosystem, the Desk aims to unlock the full potential of Nigeria’s digital economy.

If You As Me

The success of the Tech Export and Digital Trade Desk will depend on effective implementation, strong collaboration between government agencies, and a supportive ecosystem for innovation and entrepreneurship. By fostering a vibrant and competitive tech sector, Nigeria can position itself as a leading player in the global digital economy.

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CONTINENTAL ECONOMY MAGAZINE is your news, report and analysis website with focus on the economy, business, market and industries. We provide you with the latest news, reports and incisive analysis about the economy and business developments from Nigeria, Africa and the Globe.

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