FG Unveils Digital Trade Desk, Targets $5bn Startup Funding

The federal government has unveiled the Technology Export and Digital Trade Desk to attract more investments in Nigeria’s tech sector and increase annual funding for startups to $5 billion.
Minister of communications, innovation, and digital economy, Bosun Tijani, announced the initiative while highlighting its collaboration with the Ministry of Industry, Trade, and Investment.
He described the project as a major step toward enhancing ICT’s contribution to Nigeria’s economy, currently at 14–18 per cent, with a goal of reaching 21 per cent in three years.
Trade, identified as the 5th pillar of the ministry’s strategic blueprint, underpins this initiative. The Trade Desk will provide tailored support to Nigerian tech companies, helping them compete in African and global markets.
It also seeks to expand Nigeria’s startup funding from $1 billion to $5 billion within three years to spur innovation and competitiveness.
The minister noted the desk aligns with Nigeria’s efforts to improve its Economic Complexity Index (ECI). Nigeria ranked 127th out of 133 countries in 2022 with an ECI score of -1.67, reflecting the need to diversify exports and advance in the global digital economy.
These efforts complement President Bola Tinubu’s vision of achieving a $1 trillion economy through innovation, investment, and trade.
Despite once being Africa’s top destination for startup funding, Nigeria slipped to second place in 2023, overtaken by Kenya. In 2024, Nigerian startups raised just over $400 million, trailing Kenya’s $638 million, with significant contributions from Moove’s $110 million Series B and Moniepoint’s $110 million Series C rounds.