In a bid to unravel the potentials and innovation of Northern Nigerian youths in the tech space, the former governor of Kaduna state, Mr Nasiru El-Rufia has revealed his plan to invest $100 million venture fund.
Mr El-Rufia revealed this in a tweet on Monday, noting that Afri-Venture Capital, a venture firm he launched recently that will officially begin operations in Abuja next month will oversee the fund.
Mr El-Rufia says he intends to reach the set target of $100 million by employing other investors into investing in this pursuit.
Speaking on the aim of this funding, the former Governor said that the venture firm would help connect young to investors and bring their ideas to life.
“What young people need is essentially monitoring and financing to get things going. They develop the idea and see whether it is viable. And we will open doors for them because they don’t have contact” he said.
He said the funds aim to invest in businesses and in turn gain equity positions in those businesses.
Kaduna state became the first state in Nigeria to begin plans for implementing the Startup Act, under Mr El-Rufia’s administration with his successor now officially enacting it.
The former Governor has been intentional in building the innovative sector of the country. Last year, he enabled the launch of major tech startups in the region.
This venture fund investment goes far to show Mr El-Rufai’s passion and involvement in the innovative sector of Northern Nigeria and the country at large.