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Experts: Poor Environment, Funding, Power, Frustrating Tech Start-Ups

Poor Environment, Funding and Power frustrating Tech Start-Ups in Nigeria

For tech companies to succeed in Nigeria, there is need to tackle the issues surrounding an enabling environment, poor power supply and access to funds.

This was the view of experts who spoke at the launch of the Nest Innovation Park in Yaba, Lagos, at the weekend.

At the event, co-founder of the hub, Oluwajoba Oloba, noted that education in Nigeria was not in tune with the realities of the day-to-day activities of modern society, adding that the hub revolves around education content that would help develop the technology ecosystem in the country.

Oloba noted that Africa’s workforce remains untapped and urged the Nigerian government to boost entrepreneurship, equip youths and make them ready for the market, to attract foreign exchange.

He said, “Enabling environment, power and funding still remain the challenge dogging tech start-ups and we built this place focusing on the enabling environment problem generally and we believe that it is better we create one where we can host every idea and then conclude on the idea. So, we create funding and get people to mentor, train people who in turn will have access to work. This is because most start-ups have a problem of getting funds; here we have investors that can invest in people’s ideas, which I think is critical to the growth of tech start-ups. So, this hub will impact positively on the growth of SMEs in Nigeria.”

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Also, the president of the Institute of Software Practitioner of Nigeria (ISPON), Yele Okeremi, noted that the only way tech firms could grow was for government to create opportunities for mega companies to acquire start-ups.

His words, “When the Obama administration came on board, the United States economy was comatose. The administration then bailed out automobile and tech companies to drive the economy. Now the US economy is better than where it was in 2008.

“We are not going anywhere if we do not develop our own mega companies to be in a position to acquire start-ups who are doing well. I am hoping the government can make some changes in this regard because that is the way to drive the tech space in Nigeria.”

Source: The Sun

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