The Director-General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, has listed factors that make Nigeria’s ICT industry attractive to investors.
According to him, these factors include Nigeria’s large population size and its emerging economic status.
Inuwa, who stated this while speaking at a meeting with the Chief Executive of Startup Lions, Ludwig von Bayern, said the government has also put many interventions in place in terms of ‘policies, laws, and infrastructure to help businesses to grow.’
While calling on German investors to come and invest in Nigeria’s tech ecosystem, the NITDA DG said investing in the tech industry comes with many rewards for investors.
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, including other incentives like Visa on Arrival and Business Incorporation under 24 hours, adding that these would also help investors in the industry to scale.
“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.