The Federal Government has been urged to put in place policies and legislations that will encourage investments for the development of Nigeria’s tech system.
The Managing Partner of Duale, Ovia and Alex-Adedipe (DOA), Mr. Adeleke Alex-Adedipe and chairman, ARCA Payments Limited also emphasised the need for the government to develop the country’s tech system.
In his opening address at the TMT Business Law Breakfast series 2024 organised by his law firm in Lagos, with the theme: “The Nigerian Tech Ecosystem: Policies, Investments and Global Trade”, Alex-Adedipe said that Nigeria’s tech ecosystem is doing great in attracting global investment.
He said: “Investments, policies and trade will determine how well tech thrives in the country. Nigeria’s tech ecosystem is doing well in attracting global investment.
“Nigeria’s founded tech companies raised more than $2 billion in 2023 and for these investments to fully catalyse, the country’s tech potential must be married with the right policies.”
Alex-Adedipe said the country needs good investment and policies, adding that last year alone, global investments in startups reached $285 billion.
He contended that tech holds the greatest promise in many ways for the country, adding that it is already delivering on that potential.
The keynote speaker, Kyari Abba Bukar reiterated that Nigeria must have policies and regulations that will encourage the inflow of investments in tech.
According to him, to succeed in the task, local investors must first show and demonstrate that they have confidence in the business before foreign investors can emerge.
“We must live up to the expectation of our investors. And for investments to succeed, we need support from the government. We must have certain regulations. We need policies that will encourage the inflow of investment,” he declared.
He, therefore, commended the recent move by the Central Bank of Nigeria (CBN) to engage and collaborate with investors for the development of the tech sector.
He cited India, which he said, looked inwards to attain development in tech.
Bukar said he foresees talents leaving the country because of the challenging times, arguing that with the right policies, they would later start returning.
During a panel discussion, Lagos State Commissioner for Science, Information and Technology, Olatunbosun Alade disclosed that the state government has set up investment funds for startup businesses.
He said: “We give them initial startup money to overcome challenges. We have helped up to 60 startup businesses in Lagos so far.
The founder, Aruwa Capital Management, Adesuwa Okunbo-Rhodes who spoke on reduced capital inflow, called on the government to initiate reforms that will make investments more attractive in the country.
She suggested that a lot of education is needed to enable investors to take advantage of the $25 billion set aside by the government for startup businesses.
Founder of Moniepoint, Tosin Eniolorunda remarked that companies have a responsibility to generate returns to shareholders and improve their equity.
He maintained that they also have the responsibility to ensure that their products and services, which attract customers, do not collapse.
Co-founder, Cardinal Stone Capital Advisers, Femi Ogunjimi noted that lack of capital kills businesses a lot.
