$15million Venture Capital fund, underway to boost ICT entrepreneurship in Nigeria

The Minister of Communications, Omobola Johnson, at this year’s retreat for the Capital Market Committee, has said the federal government will launch a $15million venture capital fund to boost entrepreneurship in the Nigerian ICT sector. She made this known at the retreat themed, The Pivotal Role of Capital Market in the Transformation Agenda for the Nigerian Economy. This is the second year for the retreat, and she also used the avenue to state that her ministry will partner with the Security and Exchange Commission, for listing of telecommunication firms on the Nigerian Stock Exchange. She said about the venture fund, that, “The venture capital fund is really a fund that will target ICT entrepreneurs. It is important because most of them don’t have the fund to develop their ideas or don’t have the access to borrow money to develop their ideas.” Johnson has been involved in supporting and moving the ICT industry forward since assuming the cabinet position last year. She announced that new privately owned, government supported ICT-incubators are underway, and that all Ministries, Departments and Agencies in Nigeria should buy computers made by Nigerian manufacturers.