Nigeria Now Top Destination For Tech Startups – Minister  

The Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, has said that Nigeria is now a top destination for tech startups.  He disclosed this at the opening ceremony of the 2023 Digital Nigeria International Conference in Abuja said, that Nigeria has become Africa’s top destination for technology startups.  He lauded the efforts put underground by trailblazers such as NITDA, Galaxy Backbone and other innovative companies in the country that have set the baseline for technology development.  According to him, of the $5 million invested in tech startups in Africa, 20 per cent is domiciled in Nigeria.  “Today, Nigeria is the top destination for technology startup capital in Africa, with about 5 million dollars invested in tech startups in the continent last year; we took 20 per cent of that total investment just to Nigeria. So, we recognize the amazing work that has been done,” he said.  On his part, the Director General of the National Information Technology Development Agency, NITDA, Kashifu Abdullahi, said this conference is key to President Bola Ahmed Tinubu’s renewed Hope Agenda of inclusive economic growth, productivity and prosperity for all. “Today’s symbolizes our collective aspiration to position Nigeria at the forefront of digital innovation.  “Firstly, we live in an exciting time of technological advancement.  “Secondly, at the core of the renewed hope agenda are inclusive economic growth, productivity and prosperity for all. And to achieve digital is the best tool for us.  “The vision is to use digital technologies to foster job creation”, he stated.  He added that the conference will facilitate networking and activation of conversation that can lead to innovation, policy direction, regulatory framework for a more robust ecosystem, bringing about global visibility.

Communication Ministry Targets $5bn Funding For Tech Startups By 2027

The Minister of Communications, Innovation and Digital Economy, Bosun Tijani has said that regulatory tools will be used, not only to increase investments but also attract up to $5 billion in funding for Nigerian tech startups by 2027. Tijani noted that by providing an enabling environment, innovators and entrepreneurs would be encouraged to develop unique solutions that would drive economic growth. The Minister revealed this at the unveiling of a document titled, ‘Accelerating our Collective Prosperity through Technical Efficiency: A Strategic Plan for the Federal Ministry of Communications, Innovation & Digital Economy’ Monday in Abuja. The document has five priority areas which includes, Knowledge; Policy; Infrastructure; Innovation, Entrepreneurship and Capital and Trade.   The document reveals, “For this 4th pillar, our primary objective is to stimulate the growth and sustainability of startups, with specific focus on those developing innovative solutions for criticalsectors in our economy. Increase capital raised by Nigerian tech startups 50% year-on-year from $1bn/yr in 2022 to $5bn/year in 2027.” Another target the Ministry has for tech startups is to increase domiciliation of local technology startups from less than 1 per cent to 25 per cent by 2027. The document said, “We will establish an active sandbox environment that encourages and empowers innovators and entrepreneurs to develop unique solutions for sectors historically considered to have limited exposure to technological innovation. “By removing regulatory barriers and providing the required support, we aim to inspire innovative, problem-solving approaches to existing challenges. “With the goal of supporting the diversification of the Nigerian economy, we will collaborate with other ministries and parastatals including private sector stakeholders to drive opportunities for startups to facilitate the application of technology for enhanced productivity in critical sectors across the country. We will back programmes focused on AgriTech, HealthTech, EdTech, MediaTech, CleanTech, CreTech, among others. “Identify opportunities for the digital economy in various sectors such as Agriculture, Financial Services, Healthcare, Education, Energy, Transportation and Logistics, Manufacturing, Retail and E-commerce, Textiles and Fashion, Media and Entertainment, eSports/Gaming, and Real Estate.”