Nigeria to invest $15-million in telecommunications sector

Nigeria’s Federal Government (FG) announced plans to pour $15-million into the country’s telecommunications sector in order to assist Nigerians in securing capital to promote growth and create jobs.

Nigeria’s Minister of Communications Technology Omobola Johnson (image: file)

Nigeria’s Minister of Communications Technology, Omobola Johnson made the announcement while briefing State House correspondents after presenting the Ministry’s performance under the 2012 budget to President Goodluck Jonathan.

“The $15 million will be managed by independent fund managers who would work with the ICT incubation team to identify projects or initiatives that we believe are great ideas and will be commercial successes. We will use those capital venture funds to fund them because there is no collateral. We are taking a risk,” she said.

She added that the Nigerian government will raise the $15 million from the private sector, as well as locally and internationally, with an additional $11.4-million in investment being tabled.

According to Nigeria’s Vanguard publication, “She noted that the venture capital fund being set up for the ICT industry would be anchored by the Nigeria Information Technology Development Agency, NITDA, which will put in $3.6 million or about N500 million.”

Charlie Fripp – Consumer Tech editor