The Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, has listed the factors that make Nigeria’s ICT industry attractive to investors.

According to him, these factors include the large size of Nigeria’s population and its emerging economic status.

Inuwa, who said this while speaking in a meeting with Startup Lions CEO Ludwig von Bayern, said the government has also implemented many interventions in terms of “policies, laws and infrastructure to help companies grow.”

Calling on German investors to come and invest in Nigeria’s tech ecosystem, the NITDA CEO said that investing in the tech industry brings many rewards for investors.

Comparative advantages: Highlighting the advantages the country has over other African countries, Inuwa said:

  • “Nigeria’s future is much brighter than today because of the four comparative advantages the nation has over other countries in the world. Our large population with an emerging economic status position puts us at pole height as a suitable investment destination in Africa.
  • “Africa is a continent with 54 countries and 1.4 billion people with 2.9 trillion Gross Domestic Product (GDP). Nigeria alone has 15% of the population and GDP, so investing in Nigeria is like investing in Africa.”

He further said that Nigeria’s economy is emerging because it attracts 30% of the continent’s Foreign Direct Investment (FDI), with more than $2 billion in the last year.

Government support for technology: According to the Director General, the level of support that the government now provides to the technological ecosystem is unparalleled in the country’s history, and this provides opportunities for entrepreneurs to start and grow businesses quickly and conveniently. He said:

  • “In 2019, President Muhammadu Buhari expanded our ministry’s mandates to cover the digital economy because he realized that communication is not the end but a means to an end. The end is how we can use technology for economic prosperity.”

Inuwa recalled the passage of Nigeria’s Start-up Act, Executive Order on Ease of Doing Business, including other incentives such as Visa on Arrival and Business Incorporation in less than 24 hours, adding that this would also help investors in the industry to scale.

  • “All of these were aimed at transforming the country’s digital ecosystem. Nigeria has a young and talented population that is unique. Nigeria has high potential for social and economic impact, and investing in the country would help it solve its myriad of challenges.” he said.