FG unveils strategy to assist entrepreneurs raise $5 billion, create over 50,000 AI jobs

The Federal Government recently unveiled a new strategy to assist companies in securing $5 billion in investment rounds by 2027 and to generate over 50,000 employment in the Artificial Intelligence (AI) sector over the following few years.

The idea was revealed in a document on Monday by Bosun Tijani, the minister of communications, innovation, and the digital economy.

According to Tijani, the ministry’s main goal is to promote the development and sustainability of startups, with a focus on those that are coming up with ground-breaking ideas for important economic sectors.

“We are committed to expanding the local availability of patient capital because we recognize the crucial role it plays in the development of businesses. We want to encourage startup domiciliation in our country and provide an atmosphere where they can raise the capital they need to prosper there, according to Tijani.

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According to Tijani, the ministry would also create an active sandbox environment to inspire and empower entrepreneurs and innovators to create one-of-a-kind solutions for industries thought to have little exposure to technological innovation.

The minister added that the nation aims to boost the economic benefits of domestic technology startups by expanding their percentage of domiciliation from 1 percent to 25 percent by 2027.

Tijani continued, “A strong digital economy and our innovative and youthful population present us with a unique opportunity to chart a course towards prosperity, inclusion, and global relevance.” Innovation, entrepreneurship, and access to capital are crucial elements of a strong digital economy.

In his remarks on AI, the minister said that over the next 20 years, this technology will usher in a new era of technical and economic transformation. According to him, Nigeria needs to develop a comprehensive national plan to utilize AI’s potential in an ethical and inclusive manner.

He added that once the strategy is put into action, Nigeria should rank among the top 10 countries in the world for AI model talent and training. Tijani added that Nigeria would take the lead globally in promoting inclusion in AI datasets. He continued by saying that in the upcoming few years, the nation intends to add over 50,000 employment to the AI sector.