Synergy between Government, Entrepreneurs Crucial for Growth- Driven Policies, Says Expert

Omolabake Fasogbon

 With Africa’s digital economy projected to hit $180 billion valuation by 2025, and $712 billion by 2050, tech leaders are calling for deeper collaboration between governments and entrepreneurs to ensure growth is inclusive, sustainable, and locally driven.

 Chief Executive Officer of Quomodo Systems Africa, Oluwole Asalu during a media briefing in Lagos recently, stated that a sustained relationship between policy makers and business players would also engender policies enabling business growth, at the same time propel Africa’s startup ecosystem to global relevance.

He maintained that right policies and support would leapfrog Africa from a fast-growing market to a global tech powerhouse, creating jobs, improving healthcare, and driving economic growth.
 Asalu lauded Nigeria’s Startup Act of 2022 as a move that signals government’s commitment to technology and offers legal frameworks for funding access, incentives, and clearer regulations. He stated, however, that effectiveness of the act rests on its implementation.

“Too much funding still goes into fintech, leaving other important sectors lacking support. At the same time, infrastructure issues are severe: broadband access in Africa is only 37 per cent, and in Nigeria, power outages can disrupt innovation just as much as inadequate investment. Without affordable internet, reliable electricity, and good logistics, even the brightest ideas can struggle”, he said.

 The tech enthusiast noted that it is high time Africa and indeed Nigeria prioritised homegrown solutions to address the continent’s challenges, and possibly export same for international competitiveness.
 “Imported solutions have long struggled to meet Africa’s unique needs and will continue to do so. Local innovation is key. As seen with M-Pesa in Kenya and LifeBank in Nigeria, success comes from tailoring tech to local realities, not copying existing models.

 “The success of Nigerian unicorns like Flutterwave, Interswitch, and Andela proves locals can compete with global names. Each began by solving local problems but is now recognised on the global stage.
 “At Quomodo Systems Africa, we believe Africa’s strength lies in homegrown solutions that tackle local issues, and successful entrepreneurs will be those who best understand their environment,” he submitted.

 He further cautioned against the negative perception of Africa as solely reliant on aid, stressing the need to rebrand it as a hub of innovation to attract investor confidence.
 “This narrative undermines investor confidence and obscures the remarkable successes already unfolding on the ground. Every startup that scales, every engineer who excels abroad, chips away at outdated stereotypes”.