E-Business
Funding Start-Ups to Enhance Economic & Technological Development

Getting a start-up, off from the idea stage, up and running in Nigeria, is by no means, an arduous task. This is because of a number of issues that goes we with running one in our clime.
As a start-up, you are faced with issues such as having to provide your own electricity through the purchase and daily fueling of generators, having to provide your own water through the digging of boreholes, etc, and these, coupled with having to deal with high cost of rent of office space, etc.
As an entrepreneur, I know much about failure, having made several mistakes myself and also noticed that, running a start-up involves a lot of risks.
I have gathered lots of insights on why many start-ups fail and why a few of them succeed and I can tell you, without mincing words that. One of the most important reasons why over 70% of new start-ups fail within the first 5 years in Nigeria, is due to lack of access to capital to run those businesses.
I have often heard it said that, money is not the most important thing when it comes to setting up a business but, having the best business idea. I have, however, in my brief journey in the realm of business, observed that business ideas remain stagnant or static and remain largely not achieved without adequate funding to activate and put actions to those ideas.
Funding is, therefore, a major reason why many start-ups fail in Nigeria. It is, however, pertinent to state that startups that survive and grow, lead to job creation and that Nigeria must cherish and work towards.
Sometime ago in Thailand, the Nigerian Communications Commission, (NCC), Boss, Prof Umar Danbatta explained that the Nigerian government must be committed to developing technology startups in the country.
This is because, the idea to grow technology startups will, invariably, boost and accelerate Economic and National Development in Nigeria. “We would collaborate with the relevant agencies of government like the National Office for Technology Acquisition and Promotion (NOTAP) and the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), to provide the relevant funding that would enable them (The eight technology startups who showcased their solutions at ITU Telecoms World in Thailand) and make them commercially available within and outside Nigeria”, Professor Dambata stated. He was referring to the eight tech start-ups that presented their solutions at the ITU Telecoms World in Thailand recently.
This will definitely be a step in the right direction if the NCC and government agencies can fulfill this commitment. It will, then, be said to be following in the footsteps of some other countries that are helping out their start-ups and today, reaping the benefits of such moves.
At the World Economic Forum’s “Summer Davos” conference in Dalian, for instance, Professor Mariana Mazzucato, a Professor of Economics, stated how the United Kingdom spends more money on the funding of startups and startup programs than what they spend on teachers or universities annually, and this runs in excess of $8 billion. China is also not taking a back seat in this respect as it focuses a lot on entrepreneurial ecosystems within its territory as well as increasing the startup rate worldwide.
According to an insightful research report by EY, “in 2015, a total of 371 startups in Germany received Venture Capital. There were 205 new financing rounds in 2015, up by 85 % compared to 2014. Over 3 billion Euros were spent on startups in Germany, of which 2.1 billion went to the scene in Berlin. Almost 12 billion Euros were channeled into a total of 1433 investments in Europe in 2015. Of these, Germany gathered up 406.”
I met the Managing Director of Werk1 in Munich when I was in Germany sometime this year and he said that most of the funds for the outfit comes from the German government when I asked him about where the funding comes from. Werk1 is arguably, one of the biggest incubators which houses about 40 startups.
Said he, “half of the money comes from the state, but not enough. We collect rents from the startups. This is one primary source of the income because we have to pay the property owner. We run some affiliate programs for some companies, but more of the funds come from the state.”
From the examples stated above, little wonder that these countries that assist their start-ups are daily moving ahead technologically. We can and should replicate that in Nigeria to further boost our tech ecosystem. We need to learn the complexities of the tech ecosystem from global tech leaders and follow their foot steps to achieve our aims without having to reinvent the wheel.
There is also the need for Nigeria to invest massively in Research and Development as a prerequisite to startup development in Nigeria in order to galvanize start-up development. This is because it might do more harm than good to invest in start-ups in an environment that is not ready for it.
The creation of a sustainable ecosystem where innovation can flourish is vital, and it needs to be driven by the start-up community itself. Start-ups should endeavor to put together their team of like-minded people to help in the development and commercialization of their ideas. This will ensure that team members are not working at cross purposes. Start-ups need inspiration and help from people who know the game, its challenges, and potential investors.
In conclusion, there is no doubt that start-ups need adequate funding in order to scale up. Supporting innovation and providing commercial space for a startup working on concrete initiatives and development, such as the NCC and their government agencies are planning on the public side is one thing, this does not in any way, foreclose the fact that funding by private investors is also necessary.
Start-ups need better funding opportunities from a combination of business angels as well as public and private sources in order to survive and contribute their own quota to the economic and technological development of the country.
CFA is the Founder, www.CFAtech.ng & Co-producer/Presenter,Tech Trends on Channels Television
E-Business
NDPC Commits to Balancing Data Privacy, Protection Information

Nigerian Data Protection Commission (NDPC), has expressed its commitment to balance information around data privacy and protection.

Dr. Vincent Olatunji, national commissioner, NDPC, stated this in Abuja, at the National Data Privacy Summit with the theme, “Privacy in the Era of Emerging Technologies,” organised by the commission.
Olatunji said the NDPC, at the moment, was looking at balancing information around data privacy and protection.
“What we are doing is just to look at how to balance information around privacy and protection, which is really important, because as we are innovating, at the same time, we have to consider issues around privacy and protection,” he stated.
He added that the commission has been very bold in taking risks that would bring about growth.
“Our starting point is growing at a very alarming rate, and we are not afraid of anything. We can take risks. And that is why a lot is happening in Nigeria, and this is the level of clarity,” he explained.
In his address, Dr. Aminu Maida, executive vice chairman (EVC) of the Nigerian Communications Commission (NCC), stated that Internet of Things holds promise for Nigeria’s economy.
The EVC, who was represented by Abraham Oshadami, executive commissioner, Technical Services (ECTS), noted that, “in an era in which digital assets, Internet of Things, future digital computing and other transformative technologies are key, and both a cornerstone of building trust for the adoption and a prerequisite for sustainable progress.
“Emerging technologies hold immense promise for Nigeria’s grand economy, but they also introduce complex risks to personal and individual rights.
“So, balancing innovation through post-ethical safeguards and public trust is the first step to ensuring that global digital advancement benefits all Nigerians without compromising their privacy or their security,” he added.
“As we just heard from the Nigeria Police, telecom operators have a vast amount of sensitive historical information daily, including connectivity apps and collaboration on privacy, security, and number protection, both to their and their inheritors,” he said.
Dr. Bako Shurkuk, commissioner for Science, Technology and Innovation, Plateau State, who represented Caleb Mutfwang, Governor of Plateau State, said, emerging technologies can be harnessed to attain sustainable growth.
E-Business
OADC Lagos Reinforces Commitment to Local Data Hosting and Digital Transformation @ NDPC’s National Privacy Week Summit

Open Access Data Centres (OADC) Lagos has reaffirmed its commitment to Nigeria’s data protection and digital transformation agenda through its sponsorship and active participation in the Nigeria Data Protection Commission’s (NDPC) National Privacy Week Summit.

The National Privacy Week Summit, organised by the NDPC, convened policymakers, regulators, technology providers, and industry stakeholders to promote data privacy awareness, strengthen compliance with the Nigeria Data Protection Act (NDPA), and advance conversations around data security, sovereignty, and responsible data governance.
As a sponsor of the event, OADC Lagos demonstrated its continued support for the Federal Government’s drive toward local data hosting and data domiciliation, which are increasingly critical to safeguarding sensitive information, enhancing regulatory compliance, and building trust in Nigeria’s digital economy.
Through its carrier-neutral, Tier III Design certified data centre in Lekki, Lagos, OADC provides secure, resilient, and compliant infrastructure that enables government institutions and private sector organisations to host and manage data locally while meeting international best practices.
Commenting on the engagement, Adesola Adesugba, Country Marketing Manager, Open Access Data Centres Nigeria, said: “We are proud to have supported the Nigeria Data Protection Commission through the National Privacy Week Summit and to stand alongside the government in advancing Nigeria’s digital transformation objectives.
“Strengthening local data hosting and domiciliation is fundamental to national data sovereignty, improved security, and sustainable digital growth, and OADC Lagos remains committed to enabling this future.”
OADC’s participation at National Privacy Week Summit underscores its role as a trusted digital infrastructure partner to government and enterprise, supporting secure cloud connectivity, regulatory compliance, and the long-term development of Nigeria’s digital ecosystem.
Open Access Data Centres is part of the WIOCC Group and operates open-access, world-class data centres across Africa, serving cloud providers, network operators, enterprises, and public sector institutions.
E-Business
Kaspersky Launches OT Calculator to Align Cybersecurity Investments with Business Goals

Kaspersky’s new online tool has been specially developed for industrial organisations to assess the potential costs associated with insufficient operational technology (OT) security.

By offering detailed financial forecasts, the calculator empowers senior management to make well-informed decisions regarding security investments.
Industrial organisations increasingly depend on interconnected systems, elevating cybersecurity to a critical factor in business resilience and profitability.
According to VDC Research, over 60% of industrial companies last year reported that cybersecurity breaches had led to significant costs. Despite this, a persistent disconnect remains between security teams and executive leadership as security professionals focus on minimising risk, while executives must balance cybersecurity concerns with broader business objectives. This misalignment often results in competing priorities and underfunded security initiatives.
To bridge this gap, Kaspersky has launched the OT Cybersecurity Savings Calculator, an innovative online tool designed specifically for industrial organisations to assess the potential costs of inadequate operational technology (OT) security¹.
The primary aim of this tool is to translate cyber risks into tangible financial metrics and support strategic discussions around priorities and budget allocation. By entering details such as their sector, sub-sector, region, company size, breach history, and existing cybersecurity measures, organisations can estimate their potential cost savings and receive customised, actionable recommendations.
The calculator benchmarks performance against industry peers and highlights the company’s position within the current threat landscape.
“We believe this calculator is a powerful resource for transforming complex cyber risk data into straightforward financial insights. It enables OT leaders, security professionals, and executive teams to develop clear, data-driven business cases and recognise the value of cybersecurity investments. With actionable guidance, it promotes a comprehensive approach to resource management and strengthens overall organisational resilience,” comments Andrey Strelkov, Head of Industrial Cybersecurity Product line at Kaspersky.
E-Financial3 days agoAccidental Billionaire Opts for Jail Instead of Returning Money Credited Him by Mistake
News3 days agoUS Set to Deport 79 Nigerians on Criminal List
News3 days agoUngoverned AI is Quietly Scaling Risk in Nigeria – Dr. Naiho
Telecom3 days agoAirtel Nigeria Commits to Boosting Nigeria’s Digital Infrastructure
E-Financial3 days agoSEC Warns of Potential Ponzi-style Risks in AURUM BOT, ModMount
E-Business2 days agoOADC Lagos Reinforces Commitment to Local Data Hosting and Digital Transformation @ NDPC’s National Privacy Week Summit
Telecom3 days agoGoogle, African Partners Launch WAXAL to Empower 100m Africans in AI Era
News3 days agoFirst Lady Commissions Dream Centre @ OAU













