There has been tremendous growth in the Nigerian tech ecosystem in recent years with the record number of investments hitting an all-time high in 2021.
All across the country, entrepreneurs are building new companies and startups that use technology in the most innovative ways.
Startups play a critical role in our economy and this week, we explore their importance, not just to job growth but in certain sectors of the economy.
Daniel Chinagozi, founder of innovation growth hub joins us on the program this week and he thinks startups must be encouraged to thrive across the country.
CFA: Daniel glad to have you on the show today.
Daniel: Thank you CFA, good to see you.
CFA: Let’s start by understanding how the startup ecosystem fed in the previous year.
Daniel: A lot happened, a lot of growth. For us in the South East, a lot of migration, a lot of the people that wanted to build a startup within the SouthEast ecosystem migrated to Lagos because it is seen as startup heaven owing it’s easier to get all the three core resources for building a startup.
The need for building capacity as most of the skills we are getting ready here are moving to Lagos and then connectivity, strong connectivity that so your partner will not complain you are breaking or anything.
Capital appears to be also available for a lot of startups within the Lagos ecosystem and thankfully so by the work that was being done by the Lagos angel network and by a number of people that came together to form angels and the syndicates to invest in early-stage startups.
You have also seen that startups that are growing started also investing in smaller startups within the Lagos ecosystem and then in the East, a lot of capacity building and growth happened.
Some people stood up, now we started having launching, demo days, people’s connect, we started having the community grow.
The ecosystem has come to understand strongly that it’s not just a Lagos and Abuja ecosystem, there is a Nigerian technology ecosystem, and that growth is happening.
We had a very good milestone that happened with the Nigerian startup bill being worked on right now, last year was a lot of engagement at the regional, national and state levels.
So we’re at a phase now, before the end of this year, we’re sure that the Nigerian startup bill will be passed into law and a lot will happen for the Nigerian technology ecosystem so we’re hopeful, we’re glad and we’re preparing.
The most important thing is that we are active in building the skills required for the growth that is happening in the Nigerian technology ecosystem, we’re building them and engaging them.
CFA: I will come back to the startup bill but I’m just curious if all of what you said makes you hopeful that we can see some sort of spread of what is happening in the key cities to other parts of Nigeria, how hopeful are you?
Daniel: Very hopeful, it’s just that it is until now that people are understanding the dynamics, especially what is happening in Kaduna and what is happening within the South East South-South, people have not taken cognizance of those things that have been happening. ( watch the full video here)
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