On many levels, 2016 was a year of many firsts for the Nigerian tech sector — Paystack, Flutterwave, Mark Zuckerberg and YC are all some of the examples of 2016’s firsts.

If events in 2016 are anything to go by, 2017 is definitely on course to be one of the most remarkable years for the tech community in Nigeria. One of the conversations we should have early on in the year should be around the role of government in catapulting the Nigerian tech sector. Better put, what are some of the more strategic initiatives that government can put in place to make it easier for innovation, new businesses and talent to thrive?

I don’t have all the answers but I know that if Governor Ambode makes good his promise of steady electricity supply in the Yaba cluster, for example, that would significantly shore-up the bottom-line of many startups in that area.

Below are my thoughts

If events in 2016 are anything to go by, 2017 is definitely on course to be one of the most remarkable years for the tech community in Nigeria. One of the conversations we should have early on in the year should be around the role of government in catapulting the Nigerian tech sector. Better put, what are some of the more strategic initiatives that government can put in place to make it easier for innovation, new businesses and talent to thrive?

I don’t have all the answers but I know that if Governor Ambode makes good his promise of steady electricity supply in the Yaba cluster, for example, that would significantly shore-up the bottom-line of many startups in that area.

Below are my thoughts

Strategically focus on building a VC industry

Venture Capitalists (VCs) are the guys that bring out the very best in startups. VCs come with a critical mass, consisting of not just capital but intelligence and a deep knowledge of specific markets and business strategy.

Nigeria needs to introduce initiatives that will make it easier for both local and foreign VCs to set up venture capital funds and for wealthy Nigerians, companies and other institutions to invest in VC and directly, in promising companies.

The Yozma Programme implemented by Israel in the early ’90s represents in my view one of the best examples of how government can strategically grow a venture capital industry.

Commission a VC report and issue a VC policy

Although, there have been a number of initiatives targeted at small businesses in Nigeria, there is yet no identifiable, coordinated policy paper or direction for the venture capital industry in Nigeria. Nigeria needs to set up a committee to understudy the workings and peculiarities of venture capital in Nigeria.

We also need to come with a report which, amongst others, will review existing supply/demand initiatives and identify the critical issues and barriers to venture capital financing across the value chain while recommending strategies for driving growth in the venture capital space. The report from this study should form the basis of a well-articulated venture capital policy which should drive legislative reform.

Review immigration policy & processes




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