Stakeholders Urges FG To Implement Policies To Drive Tech Investment

Experts have urged the Federal Government to implement policies that would enhance investments in the country’s technology ecosystem.

This was disclosed at the third edition of the TMT Business Law Breakfast series 2024 organised by Duale, Ovia and Alex-Adedipe in Lagos recently.

The event’s theme was “The Nigerian Tech Ecosystem: Policies. Investments and Global Trade”.

According to the Managing Partner of Duale, Ovia and Alex-Adedipe, Mr Adeniyi Duale, investments, policies and trade would determine how well tech thrives in the country.

Alex-Adedipe noted that Nigeria’s ecosystem is doing a great job in attracting global investment, adding that Nigerian-founded tech companies raised more than $2bn in 2023.

He revealed that last year the global investments in startups reached $285bn.

However, Alex-Adedipe worried over the $4.5bn fines issued solely under the European Union General Data Protection regulation.

He expressed that tech holds the greatest promise in many ways for the country, adding that it was already delivering on that potential.

“The promise of tech is not in doubt. It is proven,” he said.

He further expressed that what is needed is how to further leverage and scale tech as an industry and as a catalyst of industries.

According to him, “ 2023 was a year of highs and lows policy-wise but I’m an incurable optimist and nothing has delighted me like the fact that Nigerian tech now has one of its own to its ecosystem function by drawing in value at a global scale into every sector that it intersects with.

“This is where we need to get to. These kinds of growth-focused conversations are why the TMT Business Breakfast series exists."

In his keynote address, the Chairman of ARCA Payment, Kyari Bukur, explained the importance of policies and regulations to attract tech investments.

Bukur stated that, “Policies and investments in global trade are paramount, given their integral role in facilitating the free flow of goods and services. However, innovation in Africa extends beyond mere replication; it must embody genuine creativity and market creation. Achieving this necessitates addressing regulatory challenges and fostering an ecosystem conducive to innovation.

“Despite the allure of unregulated sectors, Fintech in Nigeria operates within a heavily regulated landscape, necessitating compliance with stringent standards alongside innovation.”

He also applauded the recent moves by the Central Bank of Nigeria to engage and collaborate with investors for the development of the tech sector.

He lamented that talents leave the country because things are tough and challenging now but with the right policies, they would start returning to the country.

During a panel discussion, the Lagos State Commissioner for Science, Information and Technology, Olatunbosun Alade, also expressed that the state government had set up an investment fund for startup businesses.

He said, “We give them initial startup money to overcome challenges,” adding that the state had so far funded about 60 startups.