Abuja — In a bid to unlock Nigeria's economic potential, experts have emphasized the need for sustained policy support for startups and small businesses.
This call to action was made at the recent Startup Abuja Conference, where industry leaders and stakeholders gathered to explore strategies for fostering innovation and entrepreneurship.
According to Mr. Chigozie Ezugwu, Convener of the Startup Abuja Conference, "There is a need for sustained policy that will create the enabling environment for small businesses to thrive."
He emphasized that startups are critical to Nigeria's economic growth, with the digital economy projected to reach $300 billion by 2025 in Africa, and Nigeria's startup capitalization valued at nearly $1.3 billion as of 2023.
Echoing this sentiment, Ms. Erin Nardo, Director of Product Management at Google USA, stressed the importance of understanding diverse markets and adapting to local needs.
"To succeed globally, startups must embrace cultural differences, adapt to local markets, and stay agile in the face of ever-changing global dynamics," she said.
Mr. Peter Jigba, Head of Value Chain and Strategy at The Alternative Bank, highlighted the significance of effective relationships between startups and banks.
"Startups must do their research, look for banks with a history of working with startups in their industry, and leverage that," he advised.
Dr. Samuel Maduka Onyishi, Chairman/CEO of Peace Mass Transit and Founder/Vice-Chancellor of Maduka University, emphasized the importance of integrity and focus in building successful businesses.
"The key thing to start small and grow big is INTEGRITY," he said. "When you're in your first stage of business (0 to 5 employees), you don't have any business with diversification. Put your money in one basket and watch it till it grows," Onyishi said.
Other discussants at the conference include: Miss Lillian Okonkwo, who highlighted the importance of effective partnerships and collaborations; Kelechi Azunna-Benny, who emphasized the need for innovation and adaptability in the startup ecosystem; and Ola Stephen Onuh, who stressed the importance of leveraging technology and digital solutions to drive growth.
Additionally, Wisdom John provided insights on legal frameworks and regulatory compliance for startups, while Femi D. Amele moderated a panel discussion with the distinguished speakers, exploring the challenges faced by entrepreneurs and strategies for overcoming them.
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These speakers brought a wealth of knowledge and expertise to the conference, providing valuable insights and guidance for startups and entrepreneurs.
The panel session explored the challenges faced by entrepreneurs and strategies for overcoming them.
In his closing remarks, Mr. Chigozie Ezugwu reiterated the need for collaboration and support for startups, emphasizing that his organization, Startup Abuja, is committed to positioning itself as a premier platform dedicated to fostering innovation and entrepreneurship within the Nigerian startup sphere of influence.
With the startup ecosystem poised for growth, experts agree that sustained policy support and effective collaboration are crucial to unlocking Nigeria's economic potential.
As the conference emphasized, it is time for Nigeria to unleash its startup potential and drive economic growth.
