Nigeria's technology startup ecosystem secured over $400 million in funding in 2024, according to the National Information Technology Development Agency (NITDA).
The agency's Director-General, Kashifu Abdullahi, represented by Olawumi Oladejo, disclosed this on Tuesday at the 11th ICTEL Expo in Lagos, organised by the Lagos Chamber of Commerce and Industry (LCCI). Themed "Leveraging Technology for Innovation and Development in Africa," the event drew industry leaders, innovators, and tech enthusiasts.
Abdullahi credited the ecosystem's success to deliberate policy direction, growing investor confidence, and improved innovation infrastructure. He highlighted that over 1,000 innovation hubs now operate across Africa, with Nigeria among the leaders.
To sustain momentum, he called for greater support from regional banks and fintechs, and urged the government to adopt blended finance strategies, diaspora bonds, and investment guarantees.
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He also emphasized the need to scale innovations in key sectors such as health, agriculture, education, and infrastructure.
However, he warned of the downsides of digital growth, including cyber risks, data misuse, and inequality, urging stronger policies to ensure user protection and fair competition.
The LCCI president described the expo as a vital platform for collaboration and a "launchpad of transformation."
