Nigeria’s Minister of Communications and Digital Economy, Dr Isa Pantami, has said start-up investment funds in Nigeria have been boosted with the sum of $50 million for the support of various start-ups in the country through the government’s digital economy and innovations policy.
The Minister who made the disclosure while unveiling Nigeria’s Pavilion at the 2020 40th Gulf Information Technology Exhibition (GITEX), holding in Dubai, United Arab Emirates, noted that the journey of start-ups is a tough one indeed but implored all to be consistent and steadfast as the breakthroughs always come after several years.
Pantami gave insight into the success story of Amazon that has grown to become a global brand with huge profit today after several years of trials and failures.
“The startups need to be mentored. Any start-up without mentorship cannot be successful on the platter of gold, you need to be patient and consistent,” he said.
“You have to be steadfast and partake in critical thinking as well as be analytic. The main challenge is not about funding, but mentoring. That is why our focus now is on mentoring our young start-ups.
“We are also providing the enabling environment for them to thrive, so you discover that in the proposed finance bill 2020, there is reduction in small and medium enterprise taxes.
“If we are able to implement this plan in the next five years, our start-ups are going to be celebrated not only in Nigeria, but globally.”