Nairametrics is hosting a webinar on Nigeria’s tech ecosystem, zooming in on the Startup Act and the opportunities that exist for the future of the country in technology.
Scheduled to be held on Saturday, August 26, 2023, at 10 a.m., the theme of the webinar is “Nigeria Startup Act and Tech Investment: Exploring Possibilities.”
The webinar will feature experts and industry stakeholders like Buki Osunkeye, Co-Founder Pora app and Azaria Lagos e-commerce platform, Oswald Osaretin Guobadi Senior Economic Adviser, African Economic Development Policy, Kevwe Jefia, programs delivery, Impact Hub Lagos, Bayo Adewolu who heads the team at Trium and Tunji Andrew, CEO of Awabah- a digital Pension Platform for Africa’s workforce
The event will be anchored by Nairametrics’ Head of Strategy and Public Affairs, Uade Ahimie and Research Analyst, Samuel Oyekanmi.
The Nigerian tech ecosystem, a hub for venture capital investment has positioned itself to access a plethora of opportunities that will pour in, in the wake of the new Startup Act implementation.
Reflecting on the journey, the Nigerian tech scene has been quietly cooking up a storm, marked by headlines showcasing the latest series A funding rounds and more. In 2022 alone, startups in the country secured a staggering $1.3 billion in investments.
This is a remarkable feat for a nation grappling with challenges like inconsistent power supply and inadequate infrastructure, emerging as a formidable hub for technological innovation.
For venture capitalists and private equity firms, Nigeria remains the top tech investment destination on the continent, contributing 25% of the total tech funding in Africa. This surge is evident in the growing number of startups thriving in the country and the substantial funding they’ve attracted.
This explosive growth owes itself to several key factors, chief among them being the increasing internet and smartphone penetration, coupled with a sizable, tech-savvy, youthful population that eagerly embraces the innovative products churned out by these startups.
However, amid this progress, new challenges are surfacing, ranging from regulatory hurdles, like the Central Bank of Nigeria’s cryptocurrency ban, to telecommunications issues and fragmentation within the ecosystem.
What you should know
On the 19th of October, 2022- the Nigerian tech ecosystem was in jubilatory mode as the news of the startup act signed by the former president, Muhammad Buhari had entered into law.
The Startup Act is the beacon of hope for startups seeking solutions to these pressing challenges. A quick look at what it has to offer shows:
- The Act strives to establish clear, well-planned laws and regulations that favour the tech ecosystem. This move aims to create an enabling environment for growth and to attract and safeguard investments in tech startups
- It also seeks to collaborate on shaping rules that fully unlock the potential of Nigeria’s digital economy. This initiative is a sigh of relief for the industry, providing a much-needed legal framework to govern startup operations, and offering support through investments and tax incentives.
Meanwhile, the initial fanfare is waning as startups eagerly await the Act’s practical implementation.
To join Nairametrics this Saturday, register here