Nasir El-Rufai, former Kaduna State governor, is poised to make a significant impact on Nigeria's startup landscape with the launch of a groundbreaking $100 million venture capital fund. This initiative is geared towards fostering innovation, particularly within the burgeoning Kaduna tech ecosystem.
Undeterred by recent political turns, El-Rufai is committing $2 million of his own funds to kickstart the venture, demonstrating his unwavering belief in its potential. The visionary leader aims to attract additional funding from investors who share his passion for supporting innovative ideas. In his words, these investors are those "who believe in us but don’t have the capacity or the time to do the analysis and evaluation. But they trust our judgment and they will come with us."
El-Rufai shared his vision at the Africa Investment Forum in Marrakech last November, where he showcased a renewed energy and focus. In contrast to his social media presence as a subject of controversy, the former governor appeared spirited and fully engaged throughout the forum, emphasizing his commitment to channeling capital towards critical sectors aligned with Sustainable Development Goals and other strategic agendas.
This venture capital fund is not limited by industry boundaries. El-Rufai's ambition extends across diverse sectors, including agriculture, ICT, and the creative industry. His primary goal is to identify and invest in young Nigerians with innovative ideas that have the potential to add substantial value to the world.
Reflecting on his tenure as Kaduna governor, El-Rufai expressed concern about the lack of mentorship and financial support for talented students with groundbreaking ideas. He stated, "What young people need is essentially mentoring and financing to get things going. They develop the idea, and we will open doors for them because they don’t have contact. We can provide them with the startup funding, and in return, we take an equity position."
Emphasizing a collaborative approach, El-Rufai clarified, "We don’t want to take your business; we want to develop it. But if we take the risk on you, we will take a percentage of the business." This venture signals a new era for Nigerian startups, driven by El-Rufai's commitment to nurturing innovation through mentorship and strategic financial backing.