FG targets $5bn in annual FDI for Nigeria’s tech startup ecosystem by 2027

The Federal Government aims to substantially increase foreign direct investment (FDI) in the Country’s technology sector, aiming to secure $5 billion annually by 2027.

Bosun Tijani, Minister of Communications, Innovation, and Digital Economy, made this known during an interview on Arise PRIMETIME.

Signaling the Government’s determined effort to establishing Nigeria as a key player in the global digital economy, the Minister emphasised that the Government’s strategy is built around five key economic pillars, including enhancing the Country’s digital infrastructure, developing a skilled workforce, and fostering an enabling environment for investments.

According to him, central to these efforts, is the Government’s ongoing investment in the national broadband network, which aims at extending Nigeria’s fiber optic infrastructure by 90,000 kilometers, a plan that will vastly improve connectivity across the country.

The Minister also highlighted the importance of human capital, particularly through the 3MTT program, which is designed to train three million technical talents to meet the growing demands of the digital.

Tijani stated that the Government is making headway in creating a conducive environment for tech startups, with a particular focus on securing more funding from international investors.

Furthermore, in an effort to attract more startup investment, he noted that the Government is setting up a “Startup House” in the San Francisco Bay Area to facilitate direct connections between Nigerian tech founders and global investors.

This initiative , he said is part of Nigeria’s broader effort to increase funding for local technology companies, which currently receive over $1 billion annually from international investors. By 2027, the government aims to boost this figure to $5 billion a year.

ya”We’re linking the house to Nigerians in diaspora who work already in the San Francisco Bay Area, so that we can design a strong program that can connect Nigerian founders to investors.

“So our hope is that by 2027, while Nigerian founders are bringing in just about a billion dollars to the technology startup ecosystem today, we’re projecting that we should be able to raise that to five billion dollars a year by 2027.”