FG launches Digital Trade Desk to push Nigerian startups funding to $5 billion 

The Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, who announced this on Monday, said the initiative was launched in collaboration with the Federal Ministry of Industry, Trade and Investment.

According to the Minister, this marked a significant milestone in the Ministry’s efforts to strengthen the contribution of ICT to Nigeria’s Economy.

Tijani noted that trade, which is the 5th Pillar of the Ministry’s strategic blueprint, represents an opportunity to promote Nigerian technology export and the launch of the Trade Desk provides a strong foundation to offer bespoke support to local technology companies, enabling them to access and compete in markets across Africa and around the world.

“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.

“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,” he said.

The Minister added that 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), showcasing the country’s commitment to diversifying its trade and advancing its position in the global digital economy.

Tijani said the efforts also form a critical component of President Bola Tinubu’s overarching goal of achieving a $1 trillion Nigerian economy, underpinned by innovation, investment, and international trade.

Nigeria, once the leading destination for startups funding, slipped to the second position in 2023 as Kenya overtook the country as the top destination for startups funding.