Nigeria’s Startup Ecosystem Poised for Growth, Says Expert

Agnes Ekebuike

The National Coordinator for the Office for Nigerian Digital Innovation (ONDI), Victoria Fabunmi, has reiterated government’s commitment to fostering a thriving startup ecosystem in Nigeria through the Nigerian Startup Act (NSA). 

Speaking at a sensitisation workshop in Lagos recently, Fabunmi emphasised the importance of engaging startups to maximise the benefits of the Act and drive innovation-led economic growth.  

“The Nigerian Startup Act was passed in 2022, but we are reinvigorating activities because if startups are not aware of what they stand to gain, there is no incentive for them to participate. This gathering is about sensitising the startup ecosystem on the various incentives available under the Act,” she stated.

According to Fabunmi, the Office for Nigerian Digital Innovation under the National Information Technology Development Agency (NITDA), has been spearheading digital economy initiatives. “We facilitate interventions, build capacity, and champion policies like the Nigerian Startup Act to ensure that digital innovation thrives in Nigeria,” she explained.  

“One of the key components of the Act is the Startup Portal, designed as a one-stop hub for startups, investors, and other stakeholders. The portal will serve as a bridge between the private sector, public sector, and academia, promoting the growth of the digital innovation ecosystem,” she further said.  

Fabunmi outlined various incentives designed to support Nigerian startups, including financial backing, tax reliefs, and market access