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Nigeria calls for foreign, local investment on technology startups

Xinhua, October 23, 2015 Adjust font size:

The Nigerian government on Thursday called on foreign and local investors to invest in technology solutions developed by the startups.

Peter Jack, the Director General of the National Information Technology Development Agency (NITDA) said in Lagos, the country's commercial hub, that there was potential growth in Nigerian technology startups.

He said such investment would not only boost national development, but also guarantee fast return on investment.

According to him, international investors should embrace investment opportunities in Nigeria in the area of Information Technology (IT).

Jack said IT's contribution to Nigeria's GDP had doubled in the last five years from 4.5 percent to 10 percent, with signs of contributing more to the Nigerian economy.

According to him, young technology startups from Nigeria are capable of making impact in the global technology space with technology solution developed from Nigeria.

Jack told reporters that this year, the agency brought 14 technology startups and other established companies from Nigeria to showcase their solutions to the world.

He added that this year in Nigeria, NITDA also used the platform of DemoAfrica to showcase the technology startups.

The NITDA director said out of the 30 startups that participated in the DemoAfrica from across Africa, five finalists emerged, two of whom were Nigerians. Endit