The United Arab Emirates (UAE) has expressed willingness to partner with the Nigerian government to support and grow the development of its blooming tech startup landscape.
This was revealed by the Chief Executive of the Dubai Future Foundation, Khalfan Belhoul, on Sunday today the 13th of October, 2024, at the ongoing GITEX Global, which is the world’s largest startup and investor show, found in Dubai.
Belhoul, whose leadership of the UAE’s smart city strategy is across five strategic business units, pointed out the importance of fostering innovation and establishing collaborations that will drive growth in the digital economy.
“There are a lot of inventions in Nigeria, and more can be done. We are very much open to collaborations in terms of technology development, but it’s about having the right conversations,” he said.
He also noted that the size of Nigeria’s startup ecosystem, with some companies are already spreading forth into the United Arab Emirate region.
In his words he said: “The startup scene is developing, and there is a lot of potential.”
The chief executive officer’s remarks came at a time when Nigeria is positioning itself as a key player in Africa’s tech and digital transformation.
Over the years, the country has seen significant investments in fintech, e-commerce, and other technology-driven sectors as a result of vibrant tech startup cultures showcased.
Some key sectors include fintech, healthtech, agritech, and edtech, with Lagos emerging as a major hub, housing over 400 startups.
Reports show that, Nigerian startups have attracted 35 per cent of the $466m in total funding secured by the African tech sector between January and March 2024, including equity, debt, and grants.
This is according to the report by ‘Africa: The Big Deal’, which monitors and observes deals announced by startups on the continent.
Moove, a Transport Tech startup, has accounted for two-thirds of the funding directed to Nigeria in the first quarter of 2024.
Reports further exposes that over the past five years, from 2019 to 2023, Nigerian startups received the largest share of funds raised by African startups, making up 29 per cent of the $15bn in total investments.
While responding to the migration of African talent to Dubai, Belhoul highlighted the importance for increased investment in research and development and talent development to ensure the long-term sustainability of startups.
“There has to be investment in R&D and talent development,” he said.
He also emphasized on critical factors for sustaining growth and competitiveness in the digital economy across the continent.
United Arab Emirate’s agreement to collaborate with Nigeria aligns with its broader ambition to become a global hub for innovation and tech development, leveraging on its established infrastructure and business-friendly environment to attract more entrepreneurs and investors.
GITEX Global, is recognized as the world’s largest and most trusted tech and startup event, organised by KAOUN International, runs from October 13-18, 2024.
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