Nigeria, Kenya, Egypt top in Africa’s venture capital investments
The National Information and Technology Development Agency (NITDA), has listed Nigeria among the top three countries in Africa attracting the largest volume of investments from venture capitalists for technology startups and hubs.
The Director-General of NITDA, Kashifu Inuwa Abdullahi, in an interview reported in the guardian, said interestingly, Nigeria occupied the first position with a total investment of $747 million, followed by Kenya with $564 million, and Egypt attracted $211 million in 2019.
Abdullahi said to consolidate these efforts, the Agency has embarked on a series of initiatives aimed at providing a conducive environment and support for the Start-up Ecosystem.
These include the NITDA Technology Innovation and Entrepreneurship Support Scheme, targeting startups hub owners and youth with talent and building their skills in high-demand skills; and policies such as tax incentives for startups, incentives for investors and access to the market for innovation adoption.
Others are the establishment of Innovation and Research Fund to further catalyse the growth of startups; development of an Innovation Portal to monitor the activities of the ecosystem; and FinTech software, which is already being exported.
He said the Innovation Fund will reduce risk and attract FDI; and the establishment of the Tech4COVID19 Initiative, to measure the impact of COVID-19 on the tech ecosystem and proffer solutions especially for startups.