Zinox Technologies has reportedly secured a $25 million counterpart funding as a Technology Research and Innovation loan from the European tech fund. This is part of its efforts to create employment to Nigerian youths and as well increase the share of contribution from the information and Communications Technology (ICT) sector to Nigeria’s GDP.
The company believes that the funding will enable it to roll out digital hubs in Nigeria and amongst other things, create employment for thousands of digitally-minded Nigerian youths in search of the right platforms to develop their skills. Construction works for the digital hubs are already underway in Port Harcourt and Abuja and is expected to be completed in early 2017.
According to Stan Ekeh, the Chairman of Zinox Group, “the Nigerian economy is in dire need of an alternative to crude oil, which the ICT sector can effortlessly play in boosting the nation’s economy” adding that “Nigeria has millions of young digitally-minded population who have the potentials to become billionaires in dollars.”
This is in agreement with the Federal Government’s plan, to establish innovation hubs across the country — 2 ‘super’ hubs in Lagos and Abuja with six regional technology hubs in the six geo-political zones.
The proposed plan will be implemented in partnership with several major technology companies.
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NEW REPORT: Nigerian startups raised $28.35m in Q2 2020; only about 4.5% of that came from local investors. Find out more in the full report.