The World Bank has approved $3 million to support the Nigerian government’s bid to diversify the country’s economy. This is coming after an earlier tranche of $3 million had been provided to support a batch of innovations.
The news was disclosed by the Vice President Yemi Osinbajo at the opening ceremony of the 2018 Technology and Innovation Expo in Abuja.
In 2015, the Vice President himself revealed plans to launch and develop existing hubs.
The Federal government seems ready to revisit the ICT roadmap as the Vice President stated the intention to strengthen innovation hubs and establish new ones by partnering with private sector players.
He also said that the selection process has been concluded for private entities that will implement and manage the hubs.
This is a developing story.
Nigerian startups raised $17.6m in Q1 2019, 8.5% higher than they did in Q1 2018. Find out more in the latest quarterly edition of the Nigerian Startup Funding Report here.