The Federal Government has set a plan to help startups raise their total yearly funding rounds to $5 billion by 2027.

This was disclosed by the Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, on Monday in a document titled, ‘Accelerating our Collective Prosperity through Technical Efficiency: A Strategic Plan for the Federal Ministry of Communications, Innovation & Digital Economy.’

In the document, the said that access to capital is a critical component of a strong digital economy, which is a primary objective of the ministry.

Tijani said, “Recognizing the critical role of patient capital in the growth of startups, we are committed to increasing the local availability of patient capital. We intend to create an environment for startups to raise the funding they require to thrive locally and promote the domiciliation of startups within our nation.”