Nigeria attracts $50m foreign investments for Startups

As Nigeria continue to forge ahead to boost her digital economy, the federal government declared that  some $50 million foreign investments have already been attracted into the economy for the support of various start ups in the country through its digital economy and innovations policy.

Minister of Communications and Digital Economy, Dr. Isa Ibrahim Pantami, disclosed this while speaking with news men in Dubai, United Arab Emirates, shortly after unveiling the Nigeria Pavillion at the 40th Gulf Information Technology Exhibition (GITEX 2020).

Pantami revealed that the journey of startups is a tough one, but encouraged them to be consistent and steadfast as the breakthroughs might come after several years.

The minister enthused that Nigeria was not lacking in terms of innovative ideas, stressing that it is the plan of the government to identify the challenges confronting the start-ups and see how government can assist them.

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

The minister said “The startups 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 asserted that Amazon became a global brand with huge profit today after several years of trials and failures, while expressing 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, Director General of the National Information Technology Development Agency (NITDA), Mallam Kashifu Abdullahi, said about 10 Nigerian start ups would be showcasing their innovations in Dubai this year.

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