27 November 2012

Nigeria: ICT - FG to Float U.S.$15 Million Venture Capital

In a bid to create sustainable synergy that would deepen both the capital market and the ICT sector of the economy the federal government has concluded arrangement to float about $15 million Venture Capital from the nation's capital market.

The Minister of Communications Technology, Mrs. Omobola Johnson who stated this yesterday in Warri, Delta State at the 2nd Annual Capital Market Committee Retreat entitled, "The Pivotal Role of Capital Market in the Transformation Agenda for the Nigerian Economy," said the venture fund will support the growth and development of ICT sector in the country.

She noted that the fund will be seeded to help young Nigerians who have creative and innovative ideas in both soft and hardware development.

Johnson said her ministry was working with local and international ICT experts to help achieve the goal of forming a strong synergy with the capital market for the overall growth and development of the economy.

The minister while suggesting how to democratise the market, called for the use of mobile telephonin,g but was quick to add that before such is achieved, there is need to improve on quality of network of the GSM providers in the country.

She listed ICT, Agriculture, Oil and Gas, Transportation and Power as critical sectors for economic transformation.

The Director General of Securities and Exchange Commission, Ms. ArunmaOteh, said one of the things that the Ministry communications Technology, the Ministry of Youths Development and supervising Ministry of Finance are doing jointly is to see how they can harness the great assets in young people.

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