World Bank Endows Nigerian Tech Hubs With US$3 million

As part of ways to help the Nigerian Government implement its plan of employing technology to develop the economy, the World Bank has endowed six technology and innovation hubs with US$3 million.

The funding by the World Bank was made known by the country’s Vice President,Yemi Osinbajo, while opening the TechnoExpo last week in Abuja.

The World Bank had taken great interest in a number of tech innovators  with funding hitting US$3million, since they were showcased  in 2016 at the first Aso Villa Demo Day, hosted by the Nigerian president Muhammadu Buhari.

The Vice President disclosed that the first portion of investment had already been disbursed, but that the World Bank was going further with its support for the country’s tech scene.

Osinbajo while commenting said, “I am pleased to note that the World Bank is committing an additional US$3 million in funding for six existing technology and innovation hubs across Nigeria.

“In addition, the Federal Government’s plan to strengthen the technology and innovation ecosystem by supporting the development of new innovation hubs, in partnership with the private sector, is well on course. We have recently concluded a competitive selection process for the private sector entities that will implement and manage the hubs. Each of these hubs will focus on solving the market challenges peculiar to the region of the country in which it is located.”

The vice president said, with the right environment and policy support, there was no limit to how far Nigerian innovation could go.

“Nigeria is a land hungry for innovation. Every challenge that we face – in terms of security, infrastructure deficit, financial inclusion, and so on – is a natural laboratory for the manifestation of ground-breaking homegrown innovation,” he said.

According to Osinbajo,  the Nigerian government is working with a host of partners, including the Bank of Industry and CivicHub, to run a presidential technology innovation challenge in all Nigerian universities.