FG unveiled a strategy to assist entrepreneurs in raising $5 billion and add over 50,000 AI employment.

The Federal Government has recently unveiled a strategic initiative aimed at facilitating the acquisition of $5 billion in capital by startups through various financing rounds by the year 2027. This endeavor is expected to provide substantial employment opportunities, with over 50,000 positions anticipated to be generated within the Artificial Intelligence (AI) sector in the forthcoming years.

The initiative was unveiled by Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, in a document on Monday.

According to Tijani, the main goal of the ministry is to foster the expansion and long-term viability of startups, particularly those that are creating inventive solutions for crucial areas of the economy.

Acknowledging the pivotal significance of patient capital in fostering the expansion of startup enterprises, our dedication lies in augmenting the accessibility of patient capital within the local context. According to Tijani, our objective is to provide a conducive ecosystem that facilitates the acquisition of necessary funds for startups, enabling them to flourish within our local context and encouraging the establishment of companies within our country.

According to Tijani, the ministry plans to create a dynamic sandbox environment to foster and empower innovators and entrepreneurs in developing distinctive solutions for sectors that are perceived to have little exposure to technological innovation.

The minister additionally highlighted the country's aspiration to augment the localization of domestic technology companies from less than 1 percent to 25 percent by 2027, thereby enhancing their contributions to the economy. 

Tijani emphasized that the presence of innovation, entrepreneurship, and access to capital are fundamental elements that contribute significantly to the development of a robust digital economy. 

Furthermore, Tijani highlighted that the convergence of a flourishing digital economy and a population characterized by its innovative and youthful nature offers a distinct opportunity to navigate a path towards prosperity, inclusivity, and global significance. 

The minister expressed that artificial intelligence (AI) will initiate a paradigm shift in technological and economic realms inside the forthcoming two decades. According to his statement, it is imperative for Nigeria to develop an extensive national strategy that effectively utilizes the capabilities of artificial intelligence (AI) in an inclusive and responsible manner. 

He further emphasized that the successful execution of this strategy has the potential to position Nigeria among the top 10 global destinations for AI model training and talent. Tijani further asserted that Nigeria is poised to assume a prominent role as a global frontrunner in expediting inclusion inside AI datasets. 

According to his statement, the nation intends to generate more than 50,000 employment opportunities within the artificial intelligence sector in the forthcoming years.