In 2022, Nigeria ranked 127th out of 133 countries on the ECI, with a score of -1.67. According to the Minister, the new Digital Trade Desk will include programs, partnerships, and policy interventions aimed at diversifying Nigeria’s trade and advancing its role in the global digital economy.
Abuja, Nigeria – The Federal Government has unveiled the Technology Export and Digital Trade Desk, an initiative aimed at increasing annual funding for Nigerian startups to $5 billion and attracting more investment into the country’s tech sector.
The announcement was made on Monday by the Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani. He stated that the initiative, launched in partnership with the Federal Ministry of Industry, Trade, and Investment, represents a significant milestone in leveraging ICT to bolster Nigeria’s economy.
Strategic Focus on Technology and Trade
Highlighting the importance of trade as the fifth pillar in the Ministry’s strategic blueprint, Tijani said the initiative aims to promote Nigerian technology exports and offer tailored support to local tech companies. This support is expected to enhance their access to African and global markets.
“The initiative aims to boost the tech sector’s contribution to Nigeria’s GDP from 14-18% to 21% within three years,” Tijani said.
He added that the Desk is designed to scale up funding for Nigerian startups from $1 billion annually to $5 billion over the same period, fostering innovation, entrepreneurship, and global competitiveness in the sector.
Improving Nigeria’s Economic Complexity Index
The initiative also aligns with Nigeria’s broader ambition to improve its position on the Economic Complexity Index (ECI), which ranks countries based on their productive knowledge and export diversity.
In 2022, Nigeria ranked 127th out of 133 countries on the ECI, with a score of -1.67. According to the Minister, the new Digital Trade Desk will include programs, partnerships, and policy interventions aimed at diversifying Nigeria’s trade and advancing its role in the global digital economy.
These efforts are part of President Bola Tinubu’s broader vision of building a $1 trillion Nigerian economy, driven by innovation, investment, and international trade.
Funding Trends in Nigeria’s Startup Ecosystem
Once Africa’s top destination for startup funding, Nigeria slipped to second place in 2023, with Kenya taking the lead.
In 2024, Nigerian startups raised slightly over $400 million, a figure boosted by two major deals: Moove’s $110 million Series B round led by Uber, and Moniepoint’s $110 million Series C round. By contrast, Kenyan startups secured $638 million in the same period.
The government’s latest initiative is expected to restore Nigeria’s position as a leading destination for tech investment, driving growth in the startup ecosystem and reinforcing the country’s global competitiveness.
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