The Federal Government has launched the Technology Export and Digital Trade Desk to attract greater investments in Nigeria’s technology sector and boost annual startup funding to $5 billion.
Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, announced the initiative on Monday, emphasizing its collaboration with the Ministry of Industry, Trade, and Investment. He described the project as a significant move to enhance the ICT sector’s contribution to Nigeria’s economy, which currently stands at 14–18%, with a target to increase it to 21% within three years.
As the fifth pillar of the Ministry’s strategic blueprint, trade is central to this initiative. The Trade Desk aims to provide targeted support for Nigerian tech companies, empowering them to compete in both African and global markets. It also seeks to increase annual startup funding from $1 billion to $5 billion over the next three years to foster innovation and enhance competitiveness.
The Minister highlighted that the Trade Desk aligns with Nigeria’s broader goals to improve its Economic Complexity Index (ECI). In 2022, Nigeria ranked 127th out of 133 countries, with an ECI score of -1.67, highlighting the urgent need to diversify exports and strengthen the nation’s position in the global digital economy.
These efforts are part of President Bola Tinubu’s vision to drive Nigeria toward a $1 trillion economy through innovation, investment, and trade.
Despite being Africa’s leading destination for startup funding in the past, Nigeria fell to second place in 2023, surpassed by Kenya. In 2024, Nigerian startups raised just over $400 million, trailing Kenya’s $638 million, with notable contributions from Moove’s $110 million Series B round and Moniepoint’s $110 million Series C round.
