By Martin Ekpeke
The Federal Government has launched the Technology Export and Digital Trade Desk with the ambitious goal of attracting $5 billion in annual funding for Nigerian startups, a post by the Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani on LinkedIn has shown.
The initiative, which is a joint effort between the Ministry of Communications, Innovation, and Digital Economy and the Ministry of Industry, Trade and Investment aimed to significantly boost the contribution of the ICT sector to Nigeria’s economy, currently estimated at 14-18%, to 21% within the next three years.
The Trade Desk will play a crucial role in promoting Nigerian technology exports by providing bespoke support to local companies, enabling them to access and compete in global markets. Minister Tijani emphasized that this initiative aligns with the 5th Pillar of the Ministry’s strategic blueprint, focusing on trade as a key driver of economic growth.
A key objective of the Trade Desk is to significantly increase annual funding for Nigerian startups, scaling it from the current $1 billion to $5 billion over the next three years. This ambitious target is expected to foster innovation, entrepreneurship, and enhance Nigeria’s global competitiveness.
The establishment of the Trade Desk also aligns with Nigeria’s ambition to improve its position in the Economic Complexity Index (ECI). The ECI, a ranking system that assesses a country’s productive knowledge and the diversity of its exports, measures a nation’s economic sophistication. Countries with high ECI scores possess a wide range of specialized capabilities and can produce a diverse range of complex products.
Nigeria’s 2022 ECI score of -1.67 placed it at 127th out of 133 countries. By diversifying its trade and advancing its position in the global digital economy, Nigeria aims to climb this ranking and enhance its economic standing.