{"id":19039,"date":"2023-03-16T07:48:30","date_gmt":"2023-03-16T07:48:30","guid":{"rendered":"https:\/\/www.knowledgeinnovations.com\/?p=19039"},"modified":"2023-03-16T07:48:30","modified_gmt":"2023-03-16T07:48:30","slug":"nigeria-launches-672-million-tech-fund-for-young-investors","status":"publish","type":"post","link":"https:\/\/www.knowledgeinnovations.com\/2023\/03\/16\/nigeria-launches-672-million-tech-fund-for-young-investors\/","title":{"rendered":"Nigeria launches $672 million tech fund for young investors"},"content":{"rendered":"<p class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI\" data-testid=\"paragraph-0\">Nigeria launched a $672 million fund on Tuesday to support tech and creative sectors for young investors who struggle to raise capital in Africa&#8217;s largest economy according to <a href=\"https:\/\/www.reuters.com\/technology\/nigeria-launches-672-million-tech-fund-young-investors-2023-03-14\/\">Reuters<\/a>. The fund &#8211; targeting 15 to 35-year-olds &#8211; comes at a time when there are concerns locally about the failure of U.S. startup-focused lender <a class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__large__nEccO link__underline_default__2prE_\" href=\"https:\/\/www.reuters.com\/business\/finance\/silicon-valley-bank-collapse-what-you-need-know-2023-03-13\/\" data-testid=\"Link\">SVB Financial Group<\/a>, which has supported startups in Nigeria.<\/p>\n<p class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI\" data-testid=\"paragraph-2\">So far only Chipper Cash, a cross border payments startup, has said it had $1 million in SVB. Some of the biggest startups, including e-commerce firm Jumia and Africa-focused fintech firm Flutterwave, told Reuters they had no exposure to the bank.<\/p>\n<p class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI\" data-testid=\"paragraph-3\">Vice President Yemi Osinbajo launched the $672 million fund under the Digital and Creative Enterprises Programme (DCEP) in the federal capital Abuja, the presidency said in a statement.<\/p>\n<p class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI\" data-testid=\"paragraph-4\">African Development Bank will put in $170 million, $116 million will come from Agence Francaise de Developpement and another $70 million from Islamic Development Bank, the presidency said.<\/p>\n<p class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI\" data-testid=\"paragraph-5\">The government through Bank of Industry Nigeria will release $45 million while the private sector pledged $271 million.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nigeria launched a $672 million fund on Tuesday to support tech and creative sectors for young investors who struggle to raise capital in Africa&#8217;s largest economy according to Reuters. The fund &#8211; targeting 15 to 35-year-olds &#8211; comes at a time when there are concerns locally about the failure of U.S. startup-focused lender SVB Financial&#8230;<\/p>\n","protected":false},"author":2,"featured_media":18754,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[128],"tags":[411,93,1038],"acf":false,"author_meta":{"ID":"2","user_nicename":"kwami","user_email":"kwami@knowledgeinnovations.com","user_registered":"2021-04-12 07:20:49","display_name":"Kwami Ahiabenu","first_name":"Kwami","last_name":"Ahiabenu"},"_links":{"self":[{"href":"https:\/\/www.knowledgeinnovations.com\/wp-json\/wp\/v2\/posts\/19039"}],"collection":[{"href":"https:\/\/www.knowledgeinnovations.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.knowledgeinnovations.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.knowledgeinnovations.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.knowledgeinnovations.com\/wp-json\/wp\/v2\/comments?post=19039"}],"version-history":[{"count":1,"href":"https:\/\/www.knowledgeinnovations.com\/wp-json\/wp\/v2\/posts\/19039\/revisions"}],"predecessor-version":[{"id":19040,"href":"https:\/\/www.knowledgeinnovations.com\/wp-json\/wp\/v2\/posts\/19039\/revisions\/19040"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.knowledgeinnovations.com\/wp-json\/wp\/v2\/media\/18754"}],"wp:attachment":[{"href":"https:\/\/www.knowledgeinnovations.com\/wp-json\/wp\/v2\/media?parent=19039"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.knowledgeinnovations.com\/wp-json\/wp\/v2\/categories?post=19039"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.knowledgeinnovations.com\/wp-json\/wp\/v2\/tags?post=19039"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}