Bosun Tijani, the Minister of Communications and Digital Economy, made this announcement during a dinner event held in partnership with the World Bank in Abuja on Friday.
Tijani revealed that the government's intention is to establish the funding program within Nigeria's borders, ensuring that it benefits genuinely Nigerian businesses.
He emphasized the collaboration with the Bank of Industry and the government's plan to channel this funding to support local enterprises, stating, "So, we've got access to about half a billion dollars to start local funding."
The Minister stressed the importance of promoting and supporting Nigerian businesses, reiterating the government's commitment to ensuring that the beneficiaries are authentic Nigerian enterprises.
Tijani further emphasized the significance of keeping the funding within the country to nurture the growth and advancement of indigenous businesses, which in turn will contribute to the overall economic advancement of Nigeria.
Tijani reassured the public that the initial funding of half a billion dollars is merely the inception of the initiative. He indicated that more investors will be engaged to participate, thereby increasing the available funds to provide support to Nigerian innovators across the nation.
The Minister underlined that the government's objective is to leverage this financial injection to attract additional investments, thereby expanding the resources available to local entrepreneurs.
He stated, "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."
Tijani's commitment extended to the notion that this initial financial injection is just the beginning.
He emphasized that the government is poised to introduce more investors into the initiative, thus amplifying the resources available to propel Nigerian innovation and entrepreneurship to new heights.
Meanwhile, Shubham Chaudhuri, the World Bank Country Director for Nigeria, affirmed the organization's dedication to alleviating poverty, enhancing lives, and generating employment opportunities for the Nigerian youth.
Chaudhuri highlighted the potential of harnessing digital technologies to drive transformation and outlined two critical areas of collaboration with Nigeria to achieve these objectives.
Chaudhuri articulated that the foundation of digital transformation lies in establishing a digital national ID.
The World Bank is closely partnering with the National Identity Management Commission (NIMC) to ensure the successful rollout and registration of digital national IDs for every Nigerian.
The ambitious target is to provide at least 148 million working-age individuals with a digital national ID by the middle of the following year, which represents a substantial leap toward inclusivity and accessibility.
Chaudhuri remarked, "Our main mission here in Nigeria is to eliminate poverty, make lives better, and 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."
He elaborated further, "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's been support for good kinds of policies and regulations that will help invite private investment into this space and then fiber optic cables."
Chaudhuri highlighted the collaborative efforts between the World Bank and various states to reduce fees for the right of way and laying fiber optic cables.
He underscored the foundational importance of these initiatives to unleash the true potential of digital technologies and their transformative impact on various sectors, including finance, education, and services accessibility for the population.