The Federal Government has disclosed that about 50 million dollars foreign investments are already being expected into the economy for the support of various start-ups in the country through its digital economy and innovations policy.
The Minister of Communications and Digital Economy, Isa Pantami, made this known to newsmen at the ongoing 2020 40th Gulf Information Technology Exhibition (GITEX) in Dubai.
Pantami noted that the journey of start-ups is a tough one, but urged them to be consistent and steadfast as the breakthroughs might come after several years.
According to him, Nigeria was not lacking in terms of innovative ideas. He said it was the plan of the government to identify the challenges confronting the start-ups and see how the government could assist them.
The minister pointed out that start-ups in Lagos and Abuja have really made Nigeria proud as they keep attracting foreign investments into the country.
“The start ups need to be mentored, any start-ups without mentorship cannot be successful on the platter of gold, you need to be patient, and consistent.
“You have to be steadfast and partake in critical thinking as well as be analytic. The main challenge is not about funding but mentoring. That is why our focus now is on mentoring our young start-ups.
“We are also providing the enabling environment for them to thrive, so you discover that in the proposed finance bill 2020, there is reduction in small and medium enterprises taxes.
“If we are able to implement this plan in the next five years, our start-ups are going to be celebrated not only in Nigeria, but globally”, he added.
GITEX, the biggest annual consumer computer and electronics trade show, exhibition, and conference in the Middle East and East Africa, takes place in Dubai, United Arab Emirates at the Dubai World Trade Centre.
The 2020 GITEX which started on Dec. 6 is expected to end on Dec. 10.