Nasir El-Rufai, former Governor of Kaduna State, has announced a $100 million venture capital fund. This fund, operated from Abuja, marks El-Rufai's impactful return to the private sector after eight years as governor.
El-Rufai, known for his strategic vision and commitment to development, will personally contribute $2 million to the fund, which is expected to launch in January 2024. He will serve as part-time chairman of the board, while Jimi Lawal, Hafiz Bayero, Eyo Ekpo, and Kabir Yabo will join as directors.
The sector-agnostic fund will target founders with innovative ideas that demonstrably "add value to the world." Leveraging his extensive political experience, El-Rufai aims to empower young entrepreneurs by providing them with essential resources and access to regulatory bodies.
"What young people need is essentially mentoring and financing to get things going," he stated. "They develop the idea, and we assess its viability. We will open doors for them because they lack the necessary contacts and access to ministers, presidents, or regulatory agencies. We do. We understand the challenges they face."
This announcement coincides with a broader effort to drive development in northern Nigeria. Last month, Surrayah Ahmad and Sanusi Ismaila established a $20 million fund focused on supporting regional founders. This initiative, investing up to $200,000 per startup, prioritizes northern Nigeria while remaining open to promising ventures across Africa.
Driven by the region's vast population and burgeoning broadband connectivity, this fund aims to bridge the investment gap and provide portfolio companies with mentorship and fundraising assistance. Ahmad's conviction stems from her own entrepreneurial success, building and selling YDS Africa and witnessing the rise of startups like Sudo Africa, which secured $3.7 million in funding in 2022.
Kaduna State, under El-Rufai's leadership, became the first Nigerian state to adopt the Nigerian Startup Act, solidifying the government's commitment to fostering tech-driven businesses.
These newly launched funds, particularly targeting a region often overshadowed by insurgency, offer promising news for the development of northern Nigeria, the entire nation, and Africa as a whole. As access to funding becomes increasingly challenging for African startups, initiatives like these demonstrate a powerful commitment to unleashing entrepreneurial potential and driving sustainable growth across the continent.
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