Nigeria to Promote Regulations on Tech Entrepreneurship

Nigerian Government will continue to promote regulations and policy framework on tech entrepreneurship ecosystem.

Minister of State Federal Ministry of Industry Trade and Investment, Aisha Abubakar, said this on Thursday in Abuja at the launch of the ecosystem research paper, noting that the research will provide policymakers with the tools to manage and leverage on digital disruption, news agency Voice of Nigeria reports.

The minister who was represented by Adewale Bakare, Director Industrial Development Department, said, “We see the creativity and ingenuity of our Micro, Small and Medium Enterprises (MSMEs) and the enabling environment will make them thrive.”

According to her, the research will provide policymakers with the tools to manage and leverage on digital disruption.

“We will use the report to provide solution, come out with policies to help promote and guide ICT entrepreneurs in Nigeria,” she said.

Also, the Google Policy and Government Relations expert, Titi Akinsanmi said Nigerians has the potential to develop the tech entrepreneurship ecosystem but the framework and enabling environment is lacking.

Akinsanmi said that resilience among citizens, the teeming youthful population, harnessing market potential and the right framework will propel start-ups and the tech entrepreneurship ecosystem.

Akinsanmi said that the drive to help digital economy of Nigeria to succeed is dependent on the citizens.

According to her, the government needs to make policies that will allow Small and Medium Enterprises the ease of doing business so as to complement inputs from entrepreneurs.

Mimshach Obioha, Programme Director Ventures Platform Foundation, said that the Nigerian tech ecosystem was still at its infancy and required huge support from all stakeholders.

Obioha said that the world had been powered by raw materials that needed to be transformed into assets to boost the economy of any nation.

He said that Nigeria with its large population and large resources with many entrepreneurs can transform the country and Africa.

According to him, oil as a source of revenue is obsolete and the country needs to create an alternative revenue generation channel, which technology can offer.

He further said that the tech entrepreneurship ecosystem if properly supported had the potential to create jobs.

Bankole Oloruntoba, Managing Director Enspire Hub, said that ICT hubs should ensure they actively build on their capacity and programmes.

Oloruntoba added that the capacity of an ICT hub could launch it in its relevant space.

Segun Araroini, a Partner of Value Minds, said ICT hubs could synergise by creating a virtual networking platform to develop the ecosystem.

However, Tech Entrepreneurship Ecosystems Research Paper by OC & C Strategy Consultants, Ventures Platform Foundation and Google was recently launched in Abuja.

Director-General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Dikko Radda, said the world was being technologically driven, saying that the government needed to do more to launch Nigeria in the ICT global space.

Radda further said the report findings and with support from private ICT institutions would enable the government to build the environment and ensure ICT start-ups and entrepreneurs development.

On his part, the Executive Chairman of the Nigerian Communications Commission, Umar Danbatta, said that poor infrastructure was the bane to the success of technology entrepreneurs.

Represented by Henry Nkemadu, Director Policy Competition and Economic Analysis, Danbatta said that the commission was supporting ICT hubs, tertiary institutions that created hubs.

“NCC has done a lot to bridge the gap in ICT skills and we are supporting ICT hubs and tertiary institutions that have created ICT hubs.

“We realised that poor infrastructure is the bane of techprenuers taking root in the country and we are committed to ameliorating the situation,” he said.

The research was said to have discovered that financial capital, skilled talent, networks, market potential, culture, regulations and infrastructure had limited the progress of start-ups and ICT entrepreneurs.

The report, however, observed that the tech ecosystem had developed in Lagos and Abuja with unique networks of entrepreneurs while the government was also developing initiatives that will consider each state’s need.