Kashifu Inuwa, Director-General of the National Information Technology Development Agency (NITDA), has identified factors that make Nigeria’s ICT industry appealing to investors.
These factors, according to him, include Nigeria’s large population and its emerging economic status.
Inuwa said this during a meeting with Startup Lions CEO Ludwig von Bayern, adding that the government has also put many interventions in place in terms of ‘policies, laws, and infrastructure to help businesses grow.’
While inviting German investors to invest in Nigeria’s tech ecosystem, the NITDA DG stated that there are numerous benefits to investing in the tech industry.
Comparative advantages
Highlighting the advantages the country has over other African countries, Inuwa said:
The future of Nigeria is much more promising than today due to the four comparative advantages the nation has over other countries of the world. Our large population with an emerging economic status position put us at a pole length as a suitable investment destination in Africa.
Africa is a continent with 54 countries and 1.4 billion people with 2.9 trillion Gross Domestic Product (GDP). Nigeria alone has 15% of the population and the GDP, so investing in Nigeria is like investing in Africa.
He further said that Nigeria’s economy was emerging because it attracts 30% of the continent’s Foreign Direct Investment (FDI), with more than $ 2 billion in the past year.
Government’s support for tech
According to the DG, the level of support the government now gives to the tech ecosystem is unparalleled in the history of the country, and this provides opportunities for entrepreneurs to quickly and conveniently start and grow businesses.
He said:
In 2019, President Muhammadu Buhari expanded the mandates of our ministry to cover the digital economy because he realised that communication is not the end but a means to an end. The end is how we can use technology for economic prosperity.
Inuwa recalled the passage of the Nigerian Startup Act, the Executive Order on Ease of Doing Business, and other incentives such as Visa on Arrival and Business Incorporation within 24 hours, noting that these would also aid investors in the industry in scaling.
All these were aimed at transforming the digital ecosystem of the country. Nigeria has a youthful and talented population that is unique. Nigeria has a high potential for social and economic impacts and investing in the country would help the country solve its myriad of challenges, he said.
