E-Business
NITDA Engages Stakeholders for Policy Development
As part of efforts by the Federal Government of Nigeria to grow the nation’s economy through digital technologies, the National Information Technology Development Agency (NITDA), under supervision of Federal Ministry of Communications and Digital Economy, has made second presentation of Nigeria Digital Innovation, Entrepreneurship and Startup Policy (NDIESP) to the public, particularly IT stakeholders for further review and additional input, this effort is in line with National Digital Economy Policy and Strategy (NDEPS) for a digital Nigeria.
The National Digital Innovation, Entrepreneurship and Startup Policy (NDIESP) being championed by Ministry of Communications and Digital Economy, comprises of six priority thrusts namely: Advancing Human Capital, Unlocking Access to Capital, Enabling Infrastructure, Boosting Demand, supporting R&D, and Promoting Innovative Entrepreneurship, is formulated to achieve a digital innovation and entrepreneurship driven nation that would become a norm that focuses on seeing improvement in the areas of digital technologies.
As the nation exited from recession, the NDIESP proposes that Digital innovation and entrepreneurship would help fast track the recovery of other traditional economic sectors by supporting the provision and adoption of indigenous and tailor-made solutions for nationwide implementation of the policy through automation, smart processes and ICT solutions, while applying to key in stakeholders in government, innovation-driven enterprises, consumers of innovation, technology start-ups, innovation hubs and labs, investors, academia, funding agencies, civil society organisations, service providers, and others into the policy
The NITDA Director General, Mallam Kashifu Inuwa Abdullahi, CCIE, while making his presentation earlier at the Public Sector Stakeholders’ Engagement organized by the Agency, disclosed that the idea behind the formulation of this policy is to bring to the table different and innovative approaches in realizing President Muhammadu Buhari’s vision for the country.
“The reason we gathered here today is to present a reviewed draft National Digital Entrepreneurship and Innovation Policy for the second time which has the primary objective of digital transformation of our economy with the potential of boosting economic growth and economic diversification. This is a task that requires all hands to be on deck,” said the DG, who was represented by Director ITIS, Dr Usman Gambo Abdullahi.
He opined that for this digital transformation to become a reality, Nigeria must pay attention to harnessing the quality and the relevance of its population, while it continues to maintain the 60:40 ratio of STEM students in universities to other disciplines, adding that more attention should be paid to the curricular that are being used to teach and how relevant they to the digital economy.
“We are all aware that there is no innovation where new knowledge does not exist. The most innovative countries in the world that control the market share of the $11.5 trillion global digital economy are the countries with immense public and private sectors that are funding research and development.
“We must commit to accelerating our research and development; beginning with our intellectual property environment and solving the underlying problems of funding for innovation research.”
“Also relevant to the realization of our digital Nigeria vision is the funding required for startups, spinoffs and already established companies in their quest for digital solutions development for the market. For it is in the application of knowledge and its conversion into useful products for the people that innovation ushers in prosperity.
“While many tax incentives exist already, we must bring together these initiatives in ways that ensure ease of access to those who need to access it. Beyond tax incentives, we must also create innovative ways of facilitating patient venture capital that will provide the runway that these innovative companies require.
“Even as we put all these in place, we must also commit to promoting digital entrepreneurship amongst our youth by all means necessary and put in place the framework that boosts demand for digital products in the economy through government patronage by procurement of these digital innovation products,” he said.
Dr Adebowale Adedokun, director-general, Bureau of Public Procurement (BPP), has reaffirmed the bureau’s commitment to data protection in Nigeria.
He disclosed this in a statement at the weekend by Zira Nagga, head of Public Relations, BPP, following a courtesy visit by a delegation from the National Data Protection Commission (NDPC).
Adedokun stressed that data protection is vital to Nigeria’s economy and development, particularly in areas such as demography, health, education, and other key sectors.
He emphasised that no country should leave its data unprotected, as it plays a crucial role in future planning and national development.
“Data governs the world. It is essential to technological progress and must be protected for a country or business to be taken seriously,” he said.
Adedokun described the visit, aimed at fostering partnership on data policy implementation and protection, as timely and aligned with national goals.
He said the BPP would collaborate closely with the NDPC to boost data development, capacity building, and enhance the procurement system.
“The BPP will support compliance as part of the ‘Nigeria First’ Policy, although it is not a core procurement eligibility requirement,” he explained.
He suggested a hybrid training model to help build strong capacity in data protection, privacy awareness, and policy understanding.
According to him, a dynamic training approach will reduce logistics costs and improve public confidence in data safety and privacy.
Dr Vincent Olatunji, CEO, and national commissioner, NDPC, praised Adedokun and the BPP for supporting data protection initiatives.
He said the partnership supports President Bola Tinubu’s vision and will strengthen data privacy across Ministries, Departments, and Agencies (MDAs).
“The collaboration will create awareness and train BPP staff to ensure a firm grasp of data protection principles and policies,” he stated.
Olatunji said the NDPC would establish a working group to finalise a Memorandum of Understanding beneficial to both institutions.
He added that President Tinubu signed the NDPC into law on 12 June 2023 to uphold citizens’ rights and protect national and business data.
Olatunji also noted that strict legal measures were in place to enforce data protection and ensure full compliance nationwide.
Both agencies agreed to form a team to sign the MoU and focus on capacity building and data management in procurement and beyond.
President Bola Tinubu said that his administration has initiated a project to install fibre optic cables across the country, aimed at enhancing the socio-economic development of Nigeria.
His plans were contained in a speech he delivered at a joint session of the National Assembly in commemoration of Democracy Day on Thursday, June 12.
He said the fibre optic layout is part of other projects being embarked on.
“In addition, we have embarked on an ambitious project to lay fibre optic cables across the nation, a transformative step toward bridging the digital divide and fostering greater connectivity.
“This initiative promises not only to enhance the speed and reliability of internet access but also to revolutionise how businesses operate, how students learn, and how communities stay connected,” Tinubu stated.
He maintained that by extending this critical infrastructure, his government is empowering entrepreneurs, enabling digital education, and providing the tools for our youth to compete in a globalised world.
In a most recent report on Internet connectivity, The ICIR pointed out how Nigeria has faced setbacks in its deployment of fibre optic cables and needs a transformation.
The challenges revolve around vandalism, inadequate coordination between road construction and telecom infrastructure, and varying right-of-way (RoW) charges across states.
Among industry experts, these issues impact network outages, increase repair costs, and hinder broadband expansion efforts.
It has also further threatened the digital economy, leading to slower Internet speeds, dropped calls, and unreliable connectivity among others.
African startups raised more than $345 million across 65 deals in May, more than double the amount raised in the same period of last year, according to a report by Briter, a research and business intelligence firm.
The report disclosed that both the number of deals and participating companies declined, confirming a growing trend of fewer companies raising funds in larger sizes.
It said fintech attracted the highest share of funding in May, accounting for 34 percent of the total, while cleantech followed closely, driven by a debt deal from Sun King. The company raised $80 million (in local currency) to expand clean energy access in Nigeria.
“Equity remains the primary instrument in terms of total value. There’s no doubt about it; in fact, equity deals with disclosed amounts captured more than half of the total funding volume in May.
“However, debt financing is increasingly proving its weight. Although it accounted for only 8 percent of all deals, it represented 32 percent of the total funding, highlighting the typically larger size of debt transactions. With the rise of specialised vehicles targeting early-stage businesses, debt is becoming an increasingly important part of Africa’s innovation funding landscape,” it said.
Briter’s report added that grants continued to play a vital role in early-stage support, especially in the education technology (EdTech) sector. The Mastercard Foundation led the pack in grant activity, funding a new cohort of EdTech innovators in Nigeria and Kenya. Each selected startup is set to receive $100,000 in grant funding, in addition to mentorship and business development support.
Multilaterals also made a strong showing in May, it said. The Multilateral Investment Guarantee Agency (MIGA), a World Bank Group member, issued a $179.6 million guarantee to CleanTech firm KOKO Networks. The support will help scale its clean energy solutions across Kenya.
“This deal not only demonstrates growing international confidence in African climate ventures but also signals a promising pathway for other asset-intensive startups in clean cooking, agriculture, and renewable energy,” the report said.
From a geographic perspective, Egypt emerged as the continent’s fundraising powerhouse for the month, contributing 51 percent of all funding raised. The country recorded 12 deals across equity, debt, and bond instruments. Notably, FinTech platform MNT-Halan raised $50 million through a bond issuance, further illustrating the diversification of capital-raising mechanisms in the region.
Outside Egypt, funding was distributed across Africa’s three other key markets, which are Egypt, Nigeria, and Kenya, with limited activity recorded in countries such as Ghana, Tunisia, Morocco, and Uganda, each registering between one and three deals.
In terms of exits, the African tech landscape continues to mature. Three companies—Baobab+, Qardy, and Shopa—were acquired in May, bringing the total number of exits this year to 22. This already surpasses last year’s count for the same period. Qardy was acquired by Catalyst Partners Middle East (CPME) in a disclosed deal valued at $23 million, the report added.
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