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Nigeria accounts for 35% of $4bn startups funding in 2021′- Osinbajo

African technology startups raised over $4 billion funding for 564 startups in 2021 with Nigeria accounting for 35 percent of the fund, Vice president, Prof. Yemi Osinbajo disclosed in Abuja.

Speaking in Abuja on Thursday at the official commissioning of the Chartered Institute of Bankers of Nigeria ( CIBN) building, “Bankers House”, Osinbajo said as of today, Nigeria had six unicorns , tech companies valued at over 1 billion dollars. All of them, he noted started after 2015, and had grown between two recessions.

Underscoring the role play by private sector in economic development of nations, Prof. Osinbajo noted that, CIBN’s role in the private sector cannot be overstated.

“In laying the parameters for professional and ethical conduct, healthy competition, and continuous professional development, it has helped to guide the evolution of a banking industry that has grown to become the envy of the continent. Today, Nigeria is primed and ready for new depths of economic growth and development. With a population constituting the largest market on the continent, a swelling demography of ambitious, tech-savvy young people, accelerating regional integration and connection to new markets, we are presented with an unprecedented opportunity to launch the country into a new decade of sustained prosperity”.

He said the government understood the challenges and evolved strategies to meet them head- on.

He cited Presidential Enabling Business Environment Council (PEBEC) by government as one of the strategies of creating of an environment that allows Nigerian businesses, at every level, operate without the bottlenecks and drawbacks that have come to characterize their interface with agencies and regulators.

” Building on the progress of these reforms and aggregating lessons from some of the setbacks in its implementation, we doubled down on PEBEC on the 7th of February with the 7th 60-day National Action Plan (NAP 7.0) on the Ease of Doing Business, which is programmed to run until the 7th of April 2022.

” We will consolidate on the achievements in removal of regulatory constraints around agro-exports, driving electronic filing of taxes and working closely with the states to make their own business environments friendlier. Historically government has never lacked for good plans and so we understand the skepticism that sometimes attends the unveiling of new ones”.

” But we are committed to the following through and to the demonstration of good faith every step of the way. There is too much at stake here. This largely informs the zeal that has attended the ongoing implementation of our new National Development Plan, 2021-2025, a medium-term agenda that seeks to, among other things, generate 21 million full-time jobs and lift 35 million people out of poverty by 2025. The plan commits the government, at all levels, to an investment of about N49.7 trillion, and envisages private sector investment of N298 trillion, making a total of N348 trillion. So clearly the success of the Plan depends greatly on a conscious reliance on private enterprise and initiative”, he said.

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