Nigeria is looking to support its technology and creative industries with a new fund for young investors who struggle to raise capital in Africa's largest economy.
The country's vice-president Yemi Osinbajo launched the fund under the Digital and Creative Enterprises Programme (DCEP) in the federal capital Abuja, the presidency said in a statement.
"DCEP is a government initiative to promote innovation and entrepreneurship in the digital tech and creative industries and especially targeted at job creation," Osinbajo was quoted as saying at the launch of the fund.
The initiative will target 15 to 35-year-olds. It will be supported by the government, which will provide $45m (£37m) while the private sector has pledged $271m (£225m).
Of the latter, African Development Bank will put in $170m (£141m), $116m (£96m) will come from Agence Francaise de Developpement and another $70m (£58m) from Islamic Development Bank.
The announcement follows...