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“Fintech tops the list [of Nigerian startups solving some challenges] because financial inclusion is critical to the economy and it is closely followed by e-Health, eduTech, Logistics and Mobility,” the Director General, National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullahi told international audience at the just ended GITEX GLOBAL organised by the Dubai World Trade Centre (DWTC) during an industry vertical conference where the agency was honoured with the high-status ‘Most Valued Partnership Award’.
The award is coming on the heels of recognition accorded the Minister of Communications and Digital Economy Prof Isa Ali Ibrahim Pantami earlier in the week with the prestigious DWTC Leadership and Commitment Award 2022.
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The minister was honoured at the end of a discussion on ‘Digital Inclusion: Aligning Regulators and Network Providers to Bridge Digital Divide’ – of the several vertical industry sessions that make up the 5-day tech show now regarded as the world’s largest startup and tech event.
According to Abdullahi, “in Nigeria, more than 36% of the startups are in fintech sub-sector which explains why fintech is thriving as they are creating hundreds and thousands of jobs.”
He listed 15 major sectors where Nigerian startups play key roles and are solving some challenges with their indigenous solutions which have global impact. But the fintech industry leads in a way that has redefined the banking sector and deepen financial inclusion.
The NITDA boss said Nigeria has five unicorns out of the seven in Africa and an additional three unicorns might be recorded anytime soon.
His words: “That means before the end of this year, we are hoping to have between eight to nine unicorns in Nigeria. Some of them have huge capital base; In fact, one of them has more than $3.5B valuation which is a fintech with valuation almost twice as the biggest bank in the country.”
Government is trying to give a level playing field to all startups by creating an enabling environment for them, he told his audience.
“As a government, we have a foundational policy to help the startup which is called: National Digital Economy Policy and Strategy (NDEPS) for a Digital Nigeria and my agency, NITDA, which is one of the agencies responsible for implementing the policy crafted our own Strategy Roadmap and Action Plan ((SRAP) which has seven strategic pillars; all of these policies are geared towards creating a workable environment for our startups,” the NITDA boss said.
The award ceremony was part of headline activities at GITEX GLOBA in recognition of NITDA’s “excellent services at the annual tech show.”
The award presentation was preceded by a panel discussion where the Abdullahi and his Ethiopian counterpart from the Ministry of Innovation and Technology, Selamyhun Adefris Haile deliberated on the topics: ‘What is the attraction of the startup ecosystem in Africa’ and ‘What is the government’s Strategies?’
The NITDA boss used the opportunity to reiterate his agency’s adoption of developmental regulation to co-create with the tech ecosystem. He said Nigeria was about to sign a Startup Bill into law as an Act of Parliament once it is assented to by President Muhammadu Buhari.
Nigeria will in Africa at the forefront of bridging the global talent gap, Abdullahi stressed;
His words: “If Africa, Nigeria in particular positions itself well, we can bridge that talent gap; the talent industry is projected to create about $8.5 Trillion revenue by 2030, so any country that positions itself to bridge that gap will be among the top economies in the world.”
Receiving the award on behalf of the agency, he expressed NITDA’s willingness to continue to work with the DWTC in promoting the local tech community in Nigeria.
