As Silicon Valley Bank crumbles after being one of the major startup-focused lenders supporting startups in Nigeria, the Nigerian government swiftly launched a $672 million tech fund to help provide youth in tech with capital on Tuesday.
It is no news that youth in creative sectors and tech struggle to raise capital in Africa’s largest economy.
Launched under Digital and Creative Enterprises Programme (DCEP), the fund targets 15 to 35-year-olds in tech and creative sectors.
According to the government on Tuesday, the fund will see investments across 200 tech and creative startups, and about 450 tech-powered SMEs respectively.
In a statement by Vice President Yemi Osinbajo, “DCEP is a government initiative to promote innovation and entrepreneurship in the digital tech and creative industries and especially targeted at job creation.”
However, for creatives and young startups to get funding it may not be swift due to collateral policy.
The DCEP fund is coming collectively from African Development Bank ($170 million), Agence Francaise de Developpement ($116 million), Islamic Development Bank ($70 million), Bank of Industry Nigeria ($45 million), private sector pledged $271 million, and so on amounting to the $672 million fund.
By Elijah Christopher
