Nigerian Government to Launch New Investment Funds for Startups

The Nigerian Federal Government is set to introduce two new investment funds for local startups in the technology and creative industries by 2026. The initiative, part of the Industrial Development Investment Program, targets Nigerian startups nationwide.

Vice President Kashim Shettima announced the formal launch, with the first round securing $64 million in commitments from investors like IFC, Standard Bank South Africa, and BII. The funds will be managed by a technology-focused firm appointed by the Industrial Development Investment Committee.

The move aims to boost high-growth technology-enabled enterprises and create job opportunities, aligning with the government's economic transformation agenda.