Nigeria To Benefit From $50m Start-Up Investment

BY GLORIA USMAN, ABUJA – The Federal Government has confirmed that about 50 million dollars foreign investments has been attracted into the economy for the support of various Start-ups in the country through its digital economy and innovations policy.

The Minister of Communications and Digital Economy, Dr Isa Ibrahim Pantami, who announced this while speaking with news men in Dubai, United Arab Emirates shortly after unveiling the Nigeria Pavilion at the 40th Gulf Information Technology Exhibition, (GITEX 2020), said the journey of start-ups is a tough one.

Pantami therefore urged them to be consistent and steadfast as the breakthroughs might come after several years.

He said that Nigeria is not lacking in terms of innovative ideas, adding that it is the plan of the government to identify the challenges confronting the start-ups and see how it can assist them.

The Minister noted that start-ups in Lagos and Abuja have really made Nigeria proud as they keep attracting foreign investments into the country.

Pantami further said; “The start-ups need to be mentored. Any start-ups without mentorship cannot be successful on the platter of gold. You need to be patient and consistent.

“You have to be steadfast and partake in critical thinking as well as be analytic. The main challenge is not about funding but mentoring. That is why our focus now is on mentoring our young start-ups.

“We are also providing the enabling environment for them to strive, so you discover that in the proposed finance bill 2020, there is reduction in small and medium enterprises taxes.

“If we are able to implement this plan in the next five years, our start-ups are going to be celebrated not only in Nigeria, but globally,” he said.

Pantami said Amazon became a global brand with huge profit after several years of trials and failures and therefore expressed confidence that Nigeria start-ups which attracted the 50 million dollars investments give hope that the future would be bright for the country.

In his address, the Director General of the National Information Technology Development Agency, Kashifu Abdullahi said about 10 Nigerian start-ups would be showcasing their innovations in Dubai this year.

He reiterated the commitment of NITDA to continue to encourage all Nigerians to invest and participate in efforts that would boost innovation and digital economy in the country.