The Vice President, Professor Yemi Osinbajo on Monday, disclosed that the Federal Government is in talks with the African Development Bank (AfDB) to create $500 million innovation fund for technology and creative sector.
Speaking at the 22nd African Securities Exchanges Association, ASEA Annual Conference in Lagos, with the theme: Champions on the Rise: Africa’s Ascension to a More Sustainable Future , Osinbajo said :”The Central Bank of Nigeria, CBN will soon issue license for Payments Service Bank, PSBs to further deepen financial inclusion in Nigeria and achieve the 2020 target.
He further charged ASEA to assist technology startups to find resources they need to promote and roll out their businesses as funding has been their great challenge.
Commenting, Osinbajo said: “We are accordingly working with the AfDB to establish a $500 million innovation fund for technology and creative sector as this will support activity in these sectors. Given the size of our economy and the potential of technology and creative segment I am hopeful that capital market operators will work towards innovative financing solutions to lend further support to these two sectors.”