Nigeria Launches USD 672 Mn Fund To Promote Startups

Nigeria launched a USD 672 Mn under the Digital and Creative Enterprises Programme (DCEP). The fund is focused on helping young investors who face challenges in raising capital in Nigeria.

Multiple institutions have will pool funds for the DCEP with participation from African Development Bank USD 170 Mn, Agence Francaise de Developpement, USD 116 M and Islamic Development Bank, USD 70 MN.

The government of Nigeria will contribute USD 45 Mn through the Bank of Industry Nigeria, and the private sector pledged USD 271 Mn.

The Nigerian government acknowledges the fundraising challenges faced by young startups, who are mostly dependent on foreign investments. Through the fund launch, the government wants to encourage entrepreneurship resulting in increased employment in the state.