Investors' continued interest in Nigeria's tech sectors suggests strong underlying fundamentals and growth potential. A thriving startup ecosystem can provide much-needed employment and stimulate economic growth.

The United Arab Emirates is keen to collaborate with Nigeria to support the growth of its rapidly expanding tech startup ecosystem. Khalfan Belhoul, CEO of the Dubai Future Foundation, made this commitment at GITEX Global, the world’s largest startup and investor event, currently taking place in Dubai from October 14-18.

Belhoul highlighted the importance of partnerships in boosting Nigeria’s digital economy, stating, “We are very much open to collaborations in terms of technology development.” He also acknowledged Nigeria's emerging status in Africa's tech landscape, with a dynamic startup scene that has drawn significant investment, particularly in areas like fintech, healthtech, and agritech.

This partnership will foster an innovation-friendly environment, offer funding opportunities, and encourage knowledge exchange between tech professionals from the UAE and Nigeria.

Nigeria is well-positioned to seize these opportunities, as it has consistently attracted significant investor interest in key sectors. According to PwC's 2023 report, “Growing the Nigerian Technology Ecosystem through the Capital Market,” Nigeria received half of the total funding that went to Africa's "Big Four" tech markets between 2015 and 2022, a period in which these four markets accounted for 73% of all funding in Africa. This underscores Nigeria's potential as a leading tech hub on the continent and highlights the critical role of strategic investments in driving sustainable economic growth.

Hikmatu Bilali