Under its EU-Nigeria Digital economy package, the European Union will invest €820 million in Nigeria’s digital economy (2021-2024). The EU helps the creation of the regulatory framework with the highest standards of privacy, safety, and cyber security, along with promoting an open internet and digital market.
The funding supports Nigeria’s tech start-ups’ creation & scaling up and boost innovative solutions. The EU’s priority is to enable women & youths to succeed in the digital economy by enhancing their skills. It also aids in Nigeria’s digitalization administration to have better and more accessible public service to citizens.
The European Investment Bank will invest 250 million euros in reinforcing Nigeria’s digital infrastructure using the best data protection standards. In addition, the European Investment Bank will invest 100 million euros to increase secure 4G connectivity and triple the capacity of the national data.
Through its 9.5 million euros grants to the Nigeria Innovation Programme, the EU would promote innovation-friendly ecosystems and new digital solutions. It assists the building of fiber optic cables and data centers in enhancing Nigerian’s access to high-speed connectivity.