The Federal Government have Established a $268 Million Fund for Nigerian Tech Entrepreneurs
The Federal Government of Nigeria have approved a $268 million fund that is going to be disbursed to try and support young tech innovators.During a meeting, an executive announced a $20 million tech fund for young innovators. This was approved by the Bank of Industry. He also announced a $248 million soft loan facility for smaller enterprises. This is going to be disbursed through the CBN. These funds are going to be in furtherance for the government’s drive to try and support MSMEs.
The Finance Act was brought into law. One of the provisions exempted early start-ups who had an annual revenue that was less than N25 million. This meant that they did not have to pay taxes. This is not the first time that a government has created funds for the tech industry or even SMES. In 2018, soon after visiting tech start-ups and hubs, Silicon Valley disclosed that they were in talks with the AfDB, or the African Development Bank. They wanted to try and establish $500 million to try and fund the creative sector.
The final turnout of this is yet to be known but some say that it really boosting the industry as a whole. According to
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