Nigeria's Tech Ecosystem Raised U.S.$178 Million in 2018 - Nitda

10 October 2019

Dubai — Nigeria's technology ecosystem raised a total of $178 million in 166 investment deals in 2018, and the figures are rising in 2019, the National Information Technology Development Agency (NITDA), has said.

The Director General (DG) of NITDA, Mr. Kashifu Abdullahi Inuwa, who disclosed this on Wednesday at the ongoing 39th Gulf Information Technology Exhibition (GITEX) in Dubai, United Arab Emirates (UAE), said, "The technology ecosystem raised $178m in 166 deals in 2018, and the figures are rising in 2019... The Nigerian tech ecosystem has produced three companies valued for more than $100m, including the only African "unicorn" (Jumia), valued at over $1bn.

"The country had the highest investment in Africa. We therefore invite you, our potential investors, to take advantage of this massive talent pool as you invest in Nigeria."

He further said Nigeria was not oblivious of the numerous challenges facing it, but that there were equally fantastic innovations coming out of it on daily basis.

He added that through regulatory activism, Nigeria's ICT sector was creating unprecedented investment path for local and foreign investors.

Meanwhile, the DG said NITDA had been given the mandate to ensure all government processes were digitised by 2023, and added that "this creates an opportunity to provide digital services, products and skills to over 2,000 government agencies at the federal level alone.

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