Nasir El-Rufai, despite stepping down as the Governor of Kaduna State and missing out on a controversial ministerial appointment, remains undeterred in his pursuit of significant endeavours. His latest venture is poised to make a resounding impact in the private sector arena.

El-Rufai is set to unveil a robust $100 million venture capital fund targeted at nurturing startups across Nigeria, particularly focusing on those within the burgeoning Kaduna tech ecosystem. His commitment to this initiative is unwavering, as he intends to personally invest $2 million into the fund. El-Rufai aims to attract additional funding from investors who trust his judgment and vision but may lack the resources or time for comprehensive analysis and evaluation.

Addressing the media during the Africa Investment Forum held in Marrakech last November, El-Rufai articulated his ambitious plans to support young Nigerian entrepreneurs with innovative concepts across diverse sectors, whether in agriculture, ICT, or the creative industry. His focus is on ideas that have the potential to create substantial value and impact globally.

Former Governor of Kaduna, Nasir El-Rufai

During his tenure as Kaduna's governor, El-Rufai encountered numerous talented students brimming with exceptional ideas and innovations. However, many lacked the necessary guidance and financial support crucial for nurturing these ideas to fruition.

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El-Rufai emphasized the significance of mentoring and financial backing for budding entrepreneurs. He envisions providing the essential resources and connections—access to key stakeholders, regulatory agencies, and mentorship opportunities—to facilitate the growth of these ideas. His goal isn't to seize ownership of these businesses but to cultivate and develop them. In return for assuming the risk, his venture capital fund seeks an equity position in these enterprises.

"We're not here to take over your business; we're here to cultivate it. Our aim is to provide startup funding, offer guidance, and, in turn, take a share of the business. We understand the challenges and intricacies they face and aim to provide the necessary support and funding,"

stated El-Rufai.

El-Rufai's commitment to nurturing young talent and fostering innovation underscores his determination to contribute significantly to Nigeria's entrepreneurial landscape by providing the essential resources, mentorship, and financial backing necessary for transforming innovative ideas into successful businesses.