$50m attracted into Nigeria through start-up investment– Minister

About 50 million dollars foreign investments has already been attracted into Nigeria’s economy for the support of various start ups through its digital economy and innovations policy. The Federal Government has said.

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

The Minister citing Amazon which became a global brand with huge profit today after several years of trials and failures as an example urged Start-ups to be steadfast in their quest for success, saying that the journey of Start-ups is a tough one, as the breakthroughs might come after several years.

According to him, Nigeria was not lacking in terms of innovative ideas, stating that it is the plan of the government to identify the challenges confronting the start-ups and see how government 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.

“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,” headed.

Dr Pantami expressed confidence that Nigeria start ups which attracted the 50 million dollars investments give hope that the future would be bright for the country.

The Director General of the National Information Technology Development Agency (NITDA), Kashifu Abdullahi on his part said about 10 Nigerian start ups would be showcasing their innovations in Dubai this year.

He reiterated NITDA’s commitment towards boosting innovation and digital economy in Nigeria and urged Nigerians to invest and participate in efforts that would boost innovation and digital economy in the country.