The Director-General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa has said that with the formulation of the right regulations and policies, Nigeria has been able to significantly reduce unemployment through its financial technology subsector.
Inuwa stated this at the ongoing Gulf Information Technology Exhibition (GITEX), being held in the United Arab Emirates (UAE), Dubai.
“In 2019, the president redesignated and expanded our ministry to cover digital economy, and the Honorable Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim Pantami formulated the National Digital Economy Policy and Strategy for a digital Nigeria; so, that set the stage for the tech ecosystem in Nigeria,” Inuwa noted.
“Between 2017 to 2019, we have seen in Nigeria where farmers access money from the government and also, during the COVID-19, a lot of people could not access the released funds and when you deliver it using cash, it costs much.
“The start-ups are doing fantastically well, but also the government needs to level the playing field for them to plan better,” Inuwa stated.
The DG explained that in 2021 alone, more than 25 percent of all direct investments in tech startups in Africa came to Nigeria, as a result of its “developmental regulations which protect both investors and consumers”.
On his part, the Minister of Communications and Digital Economy, Prof. Isa Pantami, said that Nigeria has made appreciable progress in the development of its digital economy.
“Each and every year, Nigeria has been attending GITEX because of its enormous benefits and these benefits are many, critical among them is attracting foreign direct investment.
“We have recorded significant milestones and great accomplishments in our bid to drive Nigeria’s economy digitally and our modest successes are verifiable,” he said.
The Gulf Information Technology Exhibition, GITEX 2022(GITEX Global 2022) is a gathering of players in the technology industry.
Participants cut across the Asian, African, and European continents.
The innovative ideas being showcased by the Nigerian startups at the event are expected to motivate investors to take part in boosting the country’s digital economy.
On the other hand, the Supernova Challenge is considered the largest pitch competition in the Middle East, Africa, and South Asia.
The competition allows startups to become the next unicorn, in addition to a cash prize of $200,000.
A statement issued on Tuesday in the regard by the Head, of Media and External Relations of the National Information Technology Development Agency, NITDA, Hadiza Umar listed the shortlisted startups to include Identity Pass, 9JaCodeKids Academy, Floews, Medtech, Paddycover, Pricepally, LiveBic, Tachyon Technologies, and Wellness Health Technologies.