(Ecofin Agency) - Conscious of the economic opportunities in the ICT sector in terms of employment but also for innovative products and services that create wealth, Nigeria has decided to make the sector an economic driver.

Yemi Osinbajo (photo), the deputy prime minister revealed that Nigeria sought $500 million from the African Development Bank (AfDB) for its Tech Innovation Fund.  

Talking about the project on the sidelines of the Africa investment forum organised from November 7 to 9, 2018, by the AfDB in South Africa, Yemi Osinbajo declared that this fund would help constitute the $10 billion capital of the innovation fund that the federal government asked Bank of Industry (BOI) to set up to support tech entrepreneurs and startups.

The vice-president explained that this demand was addressed to the AfDB because it has already supported ICT innovations in Rwanda, Côte d'Ivoire, and many African countries.

In the July 2018 edition of its report Invest in Nigeria, the audit firm Deloitte revealed that the innovative potential of this country is recognized at the international level by large firms like Facebook. The country is now the most attractive African destination for foreign investments in startups. However, there is room for progress. It is now up to the government to remove the obstacles that still hinder it from showing its innovative potential.