The start-up investment funds in Nigeria have been boosted with the sum of $50m for the support of various start-ups in the country through the government’s digital economy and innovations policy.
This disclosure was made by the Minister of Communications and Digital Economy, Dr Isa Pantami, as he unveiled Nigeria’s Pavilion at the 2020 40th Gulf Information Technology Exhibition (GITEX), holding at Dubai, United Arab Emirates.
Dr. Pantami noted that the journey of start-ups is a tough one indeed but implored all to be consistent and steadfast as the breakthroughs always come after several years.
He gave insight into the success story of Amazon that has grown to become a global brand with huge profit today after several years of trials and failures.
According to him, “The startups need to be mentored. Any start-up without mentorship cannot be successful on the platter of gold, you need to be patient and consistent.
“You have to be steadfast and partake in critical thinking as well as be analytic. The main challenge is not about funding, but mentoring. That is why our focus now is on mentoring our young start-ups.
“We are also providing the enabling environment for them to thrive, so you discover that in the proposed finance bill 2020, there is reduction in small and medium enterprise taxes.
“If we are able to implement this plan in the next five years, our start-ups are going to be celebrated not only in Nigeria, but globally.”
What you should know GITEX
- GITEX is the biggest annual consumer computer and electronics trade show, exhibition, and conference in the Middle East and East Africa. It takes place in Dubai, United Arab Emirates at the Dubai World Trade Centre.
- About 10 Nigerian start-ups would be showcasing their innovations in the Dubai exhibition.
- The 2020 GITEX started on December 6 and is expected to end on December 10.