The Federal Government of Nigeria has reiterated that about 50 million dollars foreign investments is already attracted to the country for startup support which will foster the country’s digital economy policy.
Dr. Isa Ibrahim Pantami the Minister of Communications and Digital Economy, made this declaration while speaking with newsmen in Dubai, the United Arab Emirates after unveiling the Nigeria Pavillion at the 40th Gulf Information Technology Exhibition-GITEX 2020.
The Minister said that the journey of startups is quite a tough one which needs discipline and consistency. He also urged them to remain steadfast while they make these sacrificial investments as the breakthroughs will come after a while.
According to him, we suffer no drought of innovative ideas in Nigeria like in some other climes. He stated that it is in the plan of the government to identify challenges confronting start-ups and see how government can be of assistance.
The Minister pointed out that start-ups in Lagos and Abuja have really made Nigeria proud by regularly attracting foreign investments into the country.
“The startups need to be mentored, any startups without mentorship cannot be successful on the platter of gold, you need to be patient, and consistent.
“You have to be steadfast, engage in critical thinking as well as having an analytic mind. The main challenge is not about funding but mentoring. That is why our focus now is on mentoring our young startups.
“We are also providing the enabling environment for them to strive, so you discover that in the proposed finance bill 2020, there is a reduction in small and medium enterprises taxes.
“If we implement this plan in the next five years, our startups are going to be celebrated not only in Nigeria but globally,” he said.
Dr. Pantami said Amazon transformed into a global brand today after several years of trials and failures and expresses confidence that the fact that Nigerian startups attracted 50 million dollars investments are signals that the future of the country is bright.
The Director-General of the National Information Technology Development Agency, Kashifu Abdullahi in his own address, made it known that about 10 Nigerian startups would be showcasing their innovative inventions in Dubai this year.
He reiterated the resolve of NITDA to continue encouraging all Nigerians to invest and participate in efforts that would boost the country’s digital economy.