Nigeria courts global investors at London Tech Week
LONDON — Nigeria encouraged international investors to tap into its rapidly developing tech sector at the 2023 London Tech Week.
Kashifu Inuwa, CEO of the National Information Technology Development Agency (NITDA), highlighted Nigeria’s appeal as an investment destination, emphasizing its status as Africa’s largest economy, burgeoning middle class, and increasing internet penetration rate.
As a part of the MINT (Mexico, Indonesia, Nigeria, and Turkey) nations, Nigeria stands poised for swift economic expansion.
Home to five of Africa’s seven unicorn companies, the country attracted about US$4.4 billion in foreign direct investment (FDI) over the past four years. In 2022 alone, Nigeria’s startup scene drew in approximately US$1.2 billion, representing about 36% of total funding for African startups.
Inuwa underscored the allure of Nigeria’s business-friendly environment, highlighting significant reforms to attract investors. These include tax-free incentives, simplified regulations, and strategic policies like the National Digital Economy Policy and Strategy for a Digital Nigeria.
With the African Continental Free Trade Area (AfCFTA) Agreement also bolstering Africa’s business appeal, Inuwa encouraged delegates from across the globe to consider Nigeria as a crucial gateway for investment in Africa.
