The director general of the National Information Technology Development Agency (NITDA), Mallam Kashifu Abdullahi successfully captivated global investors during this year’s London Tech Week.
The event, which commenced on Monday, June 12, 2023, at the Queen Elizabeth II International Conference Centre in Westminster, London, United Kingdom, along with various venues across London, is set to conclude today, Friday, June 16, 2023.
Represented by the director of information technology infrastructure solutions, Dr Usman Gambo Abdullahi, the DG coordinated a roundtable discussion on “Building a Strong Tech Ecosystem between the United Kingdom and Emerging Markets.” In his address, he enlightened attendees about the numerous investment opportunities available in Nigeria’s digital economy sector.
During the discussion, Abdullahi emphasised that Nigeria, with its status as Africa’s largest economy and the world’s sixth-largest population, is an exceptional investment destination.
He highlighted that Africa has recently emerged as a continent teeming with opportunities and innovation. With a rapidly growing population, an expanding middle class and increasing internet penetration rates, Africa presents a unique proposition for technological advancement and investment. Furthermore, the African Continental Free Trade Area (AfCFTA) Agreement adds to Africa’s appeal as a business destination, as it has the potential to create the largest free trade area globally.
The DG further noted that Nigeria, as part of the MINT (Mexico, Indonesia, Nigeria and Turkey) countries, is labelled an emerging market with the potential for rapid economic growth. Being the largest economy and having the largest population in Africa, Nigeria plays a significant role in the tech space. It is home to five out of Africa’s seven unicorns and has attracted approximately US$4.4 billion in foreign direct investment (FDI) over the past four years, showcasing Nigeria’s potential to create world-class tech solutions. In 2022 alone, the Nigerian startup ecosystem attracted an estimated US$1.2 billion, accounting for approximately 36 per cent of total funding for African startups.
Additionally, the DG highlighted several reforms aimed at creating a business-friendly environment to attract investors. These reforms include tax incentives, exemption from levies, duty-free importation of goods, machinery, and equipment, the opportunity for foreigners to wholly own enterprises, exemption from expatriate quota, streamlined regulations and simplified processes for starting and operating businesses. Noteworthy policies in this regard include the National Digital Economy Policy and Strategy for a Digital Nigeria, the Nigeria Startup Act and the ongoing plans for its full implementation, which will strengthen the ecosystem and create an enabling environment for the development and growth of startups. Other initiatives such as the National Digital Talent Strategy, the National Blockchain Policy, the National Blockchain Adoption Strategy, the National Outsourcing Strategy, the National Data Strategy and various business-enabling initiatives under the Presidential Enabling Business Environment Council (PEBEC) further contribute to Nigeria’s attractiveness as a strategic gateway for investment in Africa.
The NITDA boss reiterated that these government policies, along with many others, establish Nigeria as a prime investment opportunity in Africa. He encouraged all attendees to consider Nigeria in their investment plans.
According to a statement from the agency’s head of corporate affairs and external relations, Mrs. Hadiza Umar, the roundtable saw the participation of delegates and investors from various countries including Malaysia, Australia, Austria, India, Japan, Singapore, Thailand, Vietnam, Germany, Argentina, Turkey, the United States of America and the United Kingdom, the host country.
