To encourage domestic innovation and entrepreneurship in Nigeria’s digital industry, the Federal Government has gained access to roughly $500 million in financing to launch a local funding project.
On Friday in Abuja, Minister of Communications and Digital Economy Bosun Tijani made the announcement during a banquet held in his honour in collaboration with the World Bank.
By June 2024, the NIMC and the World Bank plan to issue digital national IDs to 148 million Nigerians.
At the event, the minister announced the government’s aim to house local money in Nigeria and protect genuine Nigerian enterprises from foreign competition.
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How the FG will use the first $500 million for local projects
In order to enhance the funding available to local businesses operating in the digital industry, the minister has stated his willingness to collaborate with firms that will ensure that Nigerian businesses would benefit from the cash.
Local funding can get going with roughly $500 million, according to Bosun Tijani.
“As part of my job, I collaborate with BOI to make sure that the funds are actually domiciled in Nigeria and that the entities that manage and invest in enterprises are actually Nigerian.
Furthermore, we expect to see that local finance is available and will grow substantially over the next several months; we plan to use this growing pool of capital as it becomes available.
According to the journalists, “the government is not just going to put half a billion and that’s it; it can actually bring more investors to heart as we have more money and more of our innovators can access resources.”
In order to implement Nigeria’s national ID system, The World Bank will work with the National Identity Management Commission (NIMC).
World Bank Country Director for Nigeria Shubham Chaudhuri spoke at the event on Friday, reiterating the institution’s dedication to ending poverty in the country and providing citizens of all ages with access to education and stable employment.
According to Chaudhuri, digital technology must be used as a catalyst for change. He also outlined two key areas of partnership with Nigeria to accomplish these objectives, with the first being the rollout and registration of digital national IDs for all Nigerians, the World Bank collaborating with the National Identity Management Commission (NIMC) to make this happen.
According to a World Bank official, the goal is to provide digital national IDs to at least 148 million individuals of working age by the middle of next year.
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To put an end to poverty, improve living conditions, and provide employment opportunities for all young people in Nigeria is our top priority. In our opinion, one of the most promising areas is the application of digital technologies to existing problems. Obtaining this electronic national ID is the first step towards achieving that goal.
With the help of NIMC, we’re able to roll out the registration process for all 213 or 220 million Nigerians to obtain a digital national ID, starting with those of working age first (at least 148 million by the middle of next year, according to our estimates).
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Because digital technologies might produce a digital divide if people don’t have access to them, the second goal is “helping Nigeria lead the broadband infrastructure for broadband connectivity.” To encourage private investment, they have advocated for policies and regulations that pave the way for the installation of fibre optic connections.
For instance, one goal of cooperative state action is to have governments cut back on right-of-way and fibre costs. When acquiring property on which to lay cable, cable companies must pay a premium.
Once a country has a national ID system in place, the sky’s the limit in terms of the services it can provide and the kinds of financial opportunities it can provide its citizens. However, doing so requires the development of new technology and the creation of new applications.