The Federal Government is set to re-convene the Technology and Creativity Advisory Council to guide policy and drive development in Nigeria’s digital and innovation sectors.
This was disclosed by Vice President Yemi Osinbajo, represented by Kashifu Inuwa, Director-General of the National Information Technology Development Agency (NITDA), during Google’s event titled “The African Start-up Ecosystem Opportunity” held on Thursday.
FG Reaffirms Commitment to Tech Ecosystem Growth
Speaking at the event, the Vice President highlighted the government’s ongoing efforts to foster innovation and make Nigeria more accessible to foreign entrepreneurs.
“As part of our Ease of Doing Business reforms, we instituted the Visa on Arrival Policy which allows any person outside ECOWAS to get a visa on arrival in Nigeria,” he said.
“This policy means that all African startups and entrepreneurs seeking to expand their business into Nigeria will have a more straightforward process.”
He further announced the revival of the Technology and Creativity Advisory Council, comprising both public and private stakeholders, to provide strategic direction for tech growth and policy formulation.
$500 Million Innovation Fund in the Works
In addition to the policy reforms, Osinbajo revealed plans for a $500 million Innovation Fund, to be financed by the African Development Bank (AfDB). The fund will provide:
-
Infrastructure support
-
Access to finance
-
Skills development
-
Technical assistance to technology entrepreneurs and startups
“The Fourth Industrial Revolution is shaping and creating economic activities. It is proving to be the catalyst for future growth that will bridge the divide between developed and developing countries,” he said.
Sector Performance: Nigeria’s ICT Sector on the Rise
Recent statistics reveal Nigeria’s Information and Communication Technology (ICT) sector continues to be a leading contributor to the economy. In 2020:
-
The sector grew by 13.8%, up from 11.08% in 2019
-
It contributed 15.06% to Nigeria’s aggregate real GDP in Q4 2020, higher than the 13.12% recorded in Q4 2019
