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Nigeria needs to commit more policy support and funding to make the local startup ecosystem sustainable, CEO of Lognetics, a tech brand agency, Light Ihesiulo, has said.
While the ecosystem remains Africa’s shining light attracting more global funding and mentorship than any other country on the continent, local startups still lack sufficient government presence in keeping their ideas or innovation afloat, said Ihesiulo.
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Lognetics, a product branding agency, focuses on creating attention-grabbing, and functional strategies that drives business growth. To up the game for its more than 300 clients, Lognetics is leveraging virtual reality system and other emerging technologies.
“Lack of commitment from the government is affecting the rate at which start-ups in the tech space grow in Nigeria,” said Ihesiulo while stressing his own company struggle to stay above the tide without government support. for
“Imagine if we had funding from government, we would have been able to achieve a lot. In the course of building this agency, finance would have limited us. But we had to put in so much personal efforts to make sure we succeed” he stated.
Ihesiulo, who was speaking at a function recently in Abuja, said difficult in accessing fund including loan at single interest rates has erased the potential of many startups for mid to long term sustainability. The sector cannot grow or be made to become more productive to national economy without finding.
“Most of the challenges of startup businesses in the tech industry is funding,” he added.
