Nigeria’s communications minister announces ICT Development Bank

Nigeria’s communications minister, Adebayo Shittu, strongly believes that the creation of an ICT Development Bank would ensure that Nigerian ICT innovators are financially supported.

He disclosed this in Bayelsa while speaking at the Bayelsa Ecosystem and Ignition Week.

Speaking glowingly of the idea, the minister said it would make commercial banks to less interesting to tech entrepreneurs since the former are still reluctant to support startups with financing.

This culture with commercial banks, the minister said, is responsible for the delay or abandonment of great innovative ICT projects in Nigeria.

“The ICT Development Bank reflects the federal government’s awareness of the inescapable nature of innovation in the growth of the ICT industry, on which part of the country’s growth will depend in the course of time. coming years. Only by supporting tech entrepreneurs will the country become a hub for ICT innovation, attract more investors, create more jobs and wealth,” the minister said.

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If the idea goes through, the ICT Development Bank will be the third major sector-related project in which the Nigerian government plans to transform the nation. The first, improving the broadband penetration rate by 30% by 2019, is underway. The second, the creation of technology hubs in six universities across the country, is expected to enter its practical phase.

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