The United Arab Emirates said it stands ready to work with the Nigerian government to support the development of the growing tech startup ecosystem.
Khalfan Belhoul, CEO of Dubai Future Foundation, revealed this on Sunday at GITEX Global, the world’s largest startup and investor show, in Dubai.
Belhoul, who leads the UAE’s smart cities strategy across five strategic business units, pinpointed the importance of fostering innovation and establishing partnerships to drive growth in the digital economy.
“Nigeria has a lot of inventions and we can do a lot more. We are very open to collaboration in terms of technology development, but it is important to have the right conversations,” Bell said. Hall said.
He acknowledged the size of Nigeria’s startup ecosystem, with some companies already operating in the UAE region.
“The startup scene is developing and there is a lot of potential.”
Belhore’s remarks come at a time when Nigeria is establishing itself as a key player in Africa’s digital transformation.
With a vibrant technology startup culture, the country has seen significant investment in fintech, e-commerce and other technology-driven sectors.
Key sectors include fintech, healthtech, agritech, edtech, etc., with Lagos emerging as a major hub with over 400 startups based.
Nigerian startups have raised 35% of the total $466 million in funding, including equity, debt and grants, secured by Africa’s technology sector between January and March 2024.
Two-thirds of the funding for Nigeria in the first quarter of 2024 went to transportation technology startup Move, according to a report by Africa: The Big Deal, which monitors deals announced by startups on the continent. occupied.
Additionally, data from The Big Deal shows that over the past five years from 2019 to 2023, Nigerian startups received the largest share of funding raised by African startups, accounting for 29 percent of the total investment of $15 billion. It is clear that it was occupied.
In response to the migration of African talent to Dubai, Belhoul highlighted the need to increase investment in R&D and talent training to ensure the long-term sustainability of startups.
“We need to invest in research and development and human resource development,” he said, stressing that these are key elements for maintaining the growth and competitiveness of the digital economy.
The UAE’s openness to partnering with Nigeria is consistent with its broader ambitions to leverage its established infrastructure and business-friendly environment to attract entrepreneurs and investors and become a global hub for innovation. .
Organized by KAOUN International, GITEX Global will be held from October 13 to 18, 2024 and is recognized as the world’s largest and most trusted technology and startup event.
