2 days Ago By Abolaji Adebayo
Industry experts have called on startups in Nigeria to position themselves as key players in the continent’s burgeoning $300 billion digital economy. With advancements in technology and a growing population of tech-savvy youths, Nigeria stands at the cusp of a digital revolution that could transform its economic landscape of African continent. Speaking at a recent summit on innovation and entrepreneurship, experts highlighted the importance of leveraging technology to address Africa’s unique challenges in sectors such as fintech, e-commerce, education, healthcare, and agriculture.
They emphasised that startups have a pivotal role in driving this transformation. “Africa’s digital economy is not just an opportunity; it is a necessity for economic growth, job creation, and poverty reduction. Startups are the engine of this growth,” said a digital economy specialist, Dr.
Amara Yusuf. The African Union’s Digital Transformation Strategy aims to integrate digital infrastructure and policies across the continent, fostering a unified market for over 1.4 billion people.
This provides startups with a fertile ground to innovate and scale solutions regionally and globally. However, experts also noted key challenges, including limited access to funding, inadequate infrastructure, and regulatory barriers. According to them, addressing these issues requires collaboration between governments, private sectors, and international investors.
A venture capitalist focused on African tech, Sandra Mwangi, said: “With the right support systems, startups can unlock Africa’s full potential. This is a $300 billion market waiting to be tapped, but it requires strategic investment and policy alignment. “To accelerate growth, initiatives such as accelerator programs, angel investment networks, and government-backed grants are being championed.
Startups are also being encouraged to prioritize sustainability and inclusivity to ensure the digital economy benefits all segments of society.” As Africa continues to embrace digitalization, experts remain optimistic that the continent will emerge as a global leader in technological innovation, reshaping its economy for decades to come. Meanwhile, to enable the country to play a leading role in realising Africa’s projected $300 billion digital economy in 2025, industry leaders called on the Nigerian government to intensify support for startups.
Nigeria, often referred to as Africa’s tech hub, is uniquely positioned to drive digital transformation across the continent due to its youthful population, entrepreneurial spirit, and growing tech ecosystem. Speaking at the Lagos Digital Economy Forum recently, industry experts emphasised that startups are critical to unlocking the economic potential of the continent. They highlighted the need for favorable policies, access to funding, and improved digital infrastructure to enable entrepreneurs to thrive.
“Nigeria is at the forefront of Africa’s tech revolution, but to fully realize the $300 billion digital economy, the government must create an enabling environment for startups to scale their innovations,” a leading technology consultant, Chijioke Anyaegbu, said. speaking, Dr. Amina Lawal, a policy analyst, urged the government to adopt a multi-faceted approach to support startups, including tax incentives, public-private partnerships, and investments in digital literacy.
“The government must see startups as strategic partners in driving economic growth and addressing unemployment. A robust digital economy could be the gamechanger Nigeria needs,” she said. The stakeholders had proposed the creation of a dedicated Digital Economy Development Fund to provide financial backing for promising startups.
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