Nigeria Emerges as Leading Destination for Technology Startup Investment in Africa, Says Minister

Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, has declared that Nigeria is currently the top destination for technology startup investments in Africa. According to the Minister, Nigeria secured a substantial 20% share of the approximately $5 billion invested in technology startups across the continent in 2022.

Dr. Tijani made this announcement in Abuja during the Digital Nigeria International Conference, themed “Harnessing Digital Technologies for Job Creation, Inclusive Economic Growth, and Sustainability,” organized by the National Information Technology Development Agency (NITDA).

He emphasized the dynamic nature of technology and the significant benefits reaped by countries with forward-thinking approaches that prioritize innovation and fresh methodologies. The Minister’s administration has outlined a five-pillar strategic agenda that centers on knowledge, policy, infrastructure, innovation, entrepreneurship capital, and trade.

Dr. Tijani further underscored the Nigerian government’s openness to collaboration with the private sector, citing their extensive participation and contributions to various policy committees. He stressed the need for collective efforts, investments, and innovative approaches to drive the nation’s economy forward through digital technologies.

In his address, the Director-General of NITDA, Kashifu Inuwa Abdullahi, highlighted the agency’s commitment to leverage the potential of digital technology to stimulate job creation, promote inclusive economic growth, and establish the foundation for Nigeria’s future digital economy. Statistics reveal that digitally transformed enterprises contributed $13.5 trillion to the global GDP in 2018, with projections of surpassing $53.3 trillion in global GDP this year, accounting for over 50% of the total.

As the Digital Nigeria Conference unfolds, Abdullahi encouraged all stakeholders to rally together in building a brighter and more prosperous digital future for Nigeria. He called upon everyone to recognize the power of digital technology in fostering job creation, ensuring inclusive economic growth, and paving the way for a sustainable digital future.