FG Targets $15 Million For Telecom Sector

FG Targets $15 Million For Telecom Sector

FG Targets $15 Million For Telecom Sector

Federal Government is to inject $15 million into the telecom sector to assist Nigerians secure capital to promote growth and create jobs.

Minister of Communications Technology, Mrs Omobolaji Johnson, disclosed this while briefing State House correspondents after presenting the Ministry’s performance under the 2012 budget to President Goodluck Jonathan at the President Villa.

She noted that the venture capital fund being set up for the ICT industry would be anchored by the Nigeria Information Technology Development Agency, NITDA, which will put in $3.6 million or about N500 million.

According to her, government aims to raise $15 million and additional $11.4 million from the private sector, locally and internationally.

Mrs Johnson said: “The $15 million will be managed by independent fund managers who would work with the ICT incubation team to identify projects or initiatives that we believe are great ideas and will be commercial successes. “We will use those capital venture funds to fund them because there is no collateral. We are taking a risk.”

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