Nigeria To Set Up US$3.5M Information Technology Development Fund

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Nigeria’s  Communication Technology minister Omobola Johnson Sunday in Abuja announced that the Federal Government is soon setting up a US$3.5 million Information Technology Development Fund to “empower young and talented Nigerians to tap into the potentialities of the sector for the development of the nation.”

Speaking to journalists, the minister said ICT had been neglected by earlier administration but by establishing the ministry, ICT is being awakened as a significant tool for national development.

This is not the first time the government is promising funding.

In August this year, still in Abuja, Mrs. Johnson announced that it will set up a US$15 million ICT venture capital fund to fund their original and viable business ideas and projects in ICT.

She had announced:“The fund will be managed by independent fund managers who would, working with the ICT incubation team will identify projects or initiative that we believe are great ideas that will be commercially successful.”

She said the Nigeria Information Technology Development Agency (NITDA) would be the first investor to the fund nearly $3.6 million then the balance of $11.4 million will be sourced from local and international investors.

TechMoran believes this is the initial NITDA investment to the US$ 15m announced in August.