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Nigeria Launches $618M Subvention To Fund Startups

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The Nigerian government has launched a $618 million subvention fund in partnership with regional and international partners to invest in the nation’s creative and digital sectors.

Vice President Yemi Osinbajo disclosed this at an event marked for the launching.

According to reports, the $672 million fund was established as part of the Digital and Creative Enterprises Programme (DCEP), a government program meant to encourage entrepreneurship and innovation in the creative and digital tech sectors, focusing on job creation.

The Vice president of Nigeria said: “It is now imperative to commence a coordinated approach towards innovation on the continent, bringing together all stakeholders to coordinate efforts at scaling up investments and building programs that provide the right enabling environment and produce talent pipelines that support the growth of innovation on the continent.”

The African Development Bank will contribute $170 million, Agence Francaise de Developpement will provide $116 million, and the Islamic Development Bank will contribute $70 million.

The Nigerian government will provide $45 million through the Bank of Industry, while the private sector has pledged $271 million.



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