Nigeria offers 4 unique incentives for tech investors __ Inuwa
Sopuruchi Onwuka
Global investors interested in establishing in the Nigerian tech ecosystem have a guarantee of basic incentives that come with existing strong market base of some 200 million people.
Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, who addressed the Ludwig von Bayern Startup Lions on “Evolution of the Nigerian Tech Ecosystem,” told the audience that Nigeria’s investment environment for the sector remains one of the bests in the world.
He added that government of Nigeria has also laid out strong policy support and solid infrastructure to support investments in tech related services.
With 15 percent of the continent’s population hosted in Nigeria, Inuwa stressed, the country has a large population and an emerging economic status that position it as the best investment destination in Africa.
And with strongest GDP in Africa, he added, Nigeria holds the potential to attract 30 percent of the total foreign direct investments with destination in Africa.
“Nigeria alone has 15% of the population and the GDP, so investing in Nigeria is like investing in Africa. Moreover, it is emerging because if you look at the tech-ecosystem, Nigeria attracts 30% of African FDI. Last year alone, the country attracted more than $2.0 billion.”
On policies and sundry support to tech investors, Inuwa listed incentives floated by the government to support investments in the sector.
“In 2019, the President expanded the mandates of our ministry to cover digital economy. Before, it was just ministry of Communications but realizing that communication is not an end, but a means to an end, while the end is how we can use technology for economic prosperity.”
These, he noted, plugs into the overall efforts of the government to create congenial environment for enterprises to flow in the country. He pointed at the Nigerian Startup Act, the Executive Order on the Ease of Doing Business, visa on arrival policy and rapid business incorporation, as parts of policy moves transforming the economy.
“Thirdly, we have youthful and talented population which you won’t find elsewhere in the world. While the developed countries are suffering from aging population, we have one of the youngest populations in the world,” he observed.
“Finally, any investment has high potential for social and economic impacts, and helps the country solve its many challenges. We have challenges that require innovative solutions; we have challenges around healthcare, financial inclusion, education, transportation, and logistics. And you all know: IT or technology can provide faster solutions for us to solve all these problems.
“So, come to Nigeria and invest. You will easily feel our comparative advantages,” concluded Inuwa.
While urging investors to look the way of Nigeria, Inuwa invited them to grace the Africa Tech Conference that comes up in July 2023.
