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Startups Ecosystem Critical To The Future Of Nigeria – Osibanjo
The Vice President of Nigeria, His Excellency Professor Yemi Osibanjo, said that startup ecosystem is one of the vital tools in finding solutions to Africa’s various challenges, according to him, these challenges will determine if the continent’s future as the next frontier for economic opportunities will fully be realised.
The VP, represented by Director General, National Information Technology Development Agency (NITDA), Mallam Kashifu Inuwa Abdullahi, said this at the Startup and Developer event organised by Google.
He stated the topic – The African Start-up Ecosystem Opportunity – is exciting because startup ecosystem is extremely critical to the future of Nigeria and Africa at large.
“Globally, the Startup ecosystem is the most viable platform for innovators and entrepreneurs to take their ideas from inception to impact.
“It brings relevant stakeholders together to collaborate and bring something new to the world or new to an industry.
“There will never be a more perfect time to strengthen the African startup ecosystem than now, on the verge of the 4th industrial revolution,” he said.
Osibanjo noted that the 3rd industrial revolution was pivotal to unprecedented global economic growth in the 21st century, as it disrupted traditional service delivery channels and accelerated the automation of factories and manufacturing processes, using electronics and information technologies to expand the reach and create prosperity but Africa hopped along and missed out.
“The countries that captured maximum value from the 3rd industrial revolution have become more prosperous and built solutions that improved service delivery in all aspects of lives, from education, healthcare and food production to efficiency and speed in manufacturing.
“Today, Africa is presented with another opportunity, the 4th industrial revolution, which is shaping and creating economic activities.
“It is proving to be the catalyst for future economic activities that will bridge the divide between rich and developing countries, and remove physical borders and barriers while maximising the utilisation of digital technologies as a source of inspiration across economic sectors,” he added.
“The African startup ecosystem opportunity is hinged on two key factors, which are anchored on the 4th industrial revolution and driven primarily by digital technologies. The first factor is innovation capacity, and the second one is entrepreneurial capacity.
“Both capacities depend on four key indicators, Human Capital, Infrastructure, Funding and Demand. Human capital being the first indicator means that African startups must realise that they are only as strong as the value of the human resources they have.
“Therefore, startups like Andela, Wootlab Innovations and Decagon are vital as they are involved in producing skilled talent.
“With this, Africa can become the next hotbed for professional talent that will provide local solutions and export their skills and solutions to a global market that actively seeks such value.
“This is why we highly valued Google Developer Space in Lagos. It is the first in Africa and speaks to the position of Nigeria as a leader in the digital skills and startup ecosystem in Africa. The investments attracted by our startups confirm the position.
“Recently, Flutterwave announced new funding of $170m, and Stripe acquired Paystack for more than $200m. Other Nigerian technology companies like Interswitch have raised funding in hundreds of millions of dollars,” he noted.
The VP stated that according to startup Genome report, Lagos is the most valuable startup ecosystem on the continent, having 400 to 700 active startups valued at over $2B with Fintech being the most prominent in the Lagos technology startups ecosystem.
However, other industries are emerging with startups like Flying Doctors, 54gene, Helium Health and Life Bank blazing the trail in the healthcare sector and Thrive Agric, Afex Commodities, and Probity Farms making waves in the agriculture and commodities exchange space.
He said the opportunities for investment and disruption remain very high in the continent; same as the opportunity for hubs and other innovation centres to serve as enablers and anchors for our promising startups.
“As Government, we are working with the relevant stakeholders in the public and private sector to ensure that startups receive every support they require to take their ideas from inception to impact.
“As part of our Ease of Doing Business Reforms, we instituted the Visa on Arrival Policy which allows any person outside ECOWAS to get a visa on arrival in Nigeria.
“This policy means all African startups and entrepreneurs seeking to expand their business into Nigeria will have a more straightforward process.
“We are also re-convening the Technology and Creativity Advisory Council, made up of public and private sector stakeholders in the ecosystem to advise Government on policies and programs to support the ecosystem.
“Through the work of this council, we are currently engaging with the African Development Bank to setup a $500million US Dollar Innovation Fund, which will provide support for the ecosystem across four pillars which include Infrastructure support, Finance, Skills Development and Technical Assistance.
“In 2019, the Federal Government of Nigeria launched the National Digital Economy Policy and Strategy (NDEPS) for Digital Nigeria as a sustainable roadmap to accelerate the development of the Digital Economy in Nigeria.
“The policy is designed to catalyse the digital ecosystem development in Nigeria and deepen innovation quality to promote innovation-driven enterprises that target the global market.
“We also have many initiatives to support the ecosystem through various agencies. In this regard, the National Information Technology Development Agency (NITDA) has been at the forefront of supporting Nigeria’s digital innovation ecosystem. Last year, as the COVID-19 pandemic wreaked havoc worldwide, NITDA engaged the ecosystem to devise strategies to aid business continuity for startups and developed schemes to support and sustain the ecosystem.
The engagement led to initiatives such as Technology Innovation and Entrepreneurship Support (TIES) Scheme, National Centre for Artificial Intelligence and Robotics, National Innovation and Entrepreneurship Center etc, as sustainable programmes to continuously up-skill and supports the startup ecosystem.
“Secondly, the Nigerian Export Promotion Council introduced the Export Expansion Grant, which can be accessed by companies with a minimum annual export turnover of N5 million. This is particularly useful to Nigerian startups seeking an expansion into other African countries and those seeking to take advantage of the African Continental Free Trade Area.
“Other opportunities, such as the Central Bank of Nigeria’s Creative Sector Loan in collaboration with the Bankers’ Committee and the Bank of Industry’s Technology Fund, are designed to create different ways through which startups can access the value they need to keep expanding their businesses.
“I must further re-iterate that there is no exhaustive list of approaches to make sure our Government creates an enabling environment. For example, we are working through the Federal Ministry of Communications and Digital Economy to deepen digital identity through NIN registration and build broadband infrastructure backbone across the country, this is part of our National Broadband Plan, which is designed to deliver data download speeds across Nigeria of a minimum 25Mbps in urban areas, and 10Mbps in rural areas, providing access to at least 90% of the population by 2025 at affordable prices.
“Broadband infrastructure and digital identity are two critical factors that accelerate the digital economy. These are all avenues aimed at inspiring our startups to disrupt the conventional ways of service delivery,” he concluded.
Lagos State has become the first sub-national government in Nigeria to establish a comprehensive Greenhouse Gas Registry, a move aimed at strengthening climate governance, improving emissions accountability and accelerating the state’s transition to a low-carbon economy.
The Lagos State Greenhouse Gas Registry (LGHGR) was unveiled at the Central Business District, Alausa, Ikeja, at a ceremony attended by Prof. Akin Abayomi, commissioner for Health, members of the State Executive Council, representatives of the Federal Ministry of Environment, development partners, TPHG Technologies, the diplomatic and business communities, academics, civil society organisations and the media.
Describing the initiative as a landmark achievement in the state’s environmental sustainability drive, Dr. Babatunde Ajayi, general manager of the Lagos State Environmental Protection Agency (LASEPA), said the Registry marks a defining moment in Lagos’ climate action journey and reflects Governor Babajide Sanwo-Olu’s commitment to building a resilient, climate-smart and environmentally sustainable economy.
According to Ajayi, the digital platform will enable the state to accurately measure, monitor, report and verify greenhouse gas emissions across key sectors, providing credible data to guide environmental policies and climate interventions.
He said the Registry would strengthen evidence-based decision-making, improve transparency and accountability, support national and international climate reporting obligations, unlock carbon market opportunities and boost investor confidence in Lagos’ environmental initiatives.
Ajayi also commended TPHG Technologies for providing the technical expertise that made the pioneering project possible.
Delivering the keynote address, Prof. Abayomi described the Registry as a major milestone that positions Lagos at the forefront of climate governance and emissions accountability in both Nigeria and Africa.
He noted that climate change has evolved into a significant public health and governance challenge, stressing that access to reliable emissions data would enable the state to formulate evidence-based policies, attract climate financing, strengthen resilience and accelerate its transition to a low-carbon economy.
Providing insights into the technical framework of the project, Dr. Mofoluso Fagbeja, lead consultant and chief executive officer, TPHG Technologies, explained that the Registry was developed from the greenhouse gas inventory jointly undertaken by LASEPA and TPHG Technologies in 2022, using 2019 as the baseline year for emissions assessment.
He said the platform is designed to close critical emissions data gaps, particularly within the industrial sector, while supporting effective climate policy implementation, emissions management and sustainable development.
Fagbeja also disclosed that the greenhouse gas inventory estimated that poor air quality contributes to about 35,000 premature deaths annually in Lagos, underscoring the urgent need for stronger emissions control measures and cleaner environmental practices.
In a goodwill message, Balarabe Abbas Lawal, minister of Environment, represented by Mrs. Adenaike Olunimpe Oludunni, federal controller of Environment in Lagos, commended Lagos State for pioneering the initiative, describing it as a significant contribution to Nigeria’s climate commitments.
He said the Registry aligns with the country’s Nationally Determined Contributions (NDCs) under the Paris Agreement and supports the Federal Government’s Energy Transition Plan, while reaffirming the ministry’s commitment to deeper collaboration with Lagos State on climate governance and environmental sustainability.
A recently released Henley Passport Index 2026, showed that Nigerian citizens can travel to at least 20 destinations outside the African continent where entry is allowed either visa-free, with a visa on arrival (VOA) at no extra cost, or via an e-visa.
This expanded access opens doors for Nigerian travellers to experience countries in the Caribbean, Asia, and beyond with greater ease.
Below is a comprehensive guide to countries outside Africa which Nigerian passport holders can visit without a traditional visa.
Visa-Free Countries outside Africa for Nigerian Passport Holders:
Barbados
Cambodia – Visa on arrival
Comoros Islands – Visa on arrival
Cook Islands
Dominica
Fiji
Haiti
Iran – Visa on arrival
Kiribati
Lebanon
Maldives – Visa on arrival
Micronesia
Montserrat
Niue – Visa on arrival
Palau Islands – Visa on arrival
Samoa – Visa on arrival
St. Kitts and Nevis
Timor-Leste – Visa on arrival
Tuvalu
Vanuatuul
Nigeria and Israel yesterday reaffirmed their commitment to deepening bilateral cooperation in research, technology and innovation as both countries pledged to expand partnerships that will drive entrepreneurship, commercialise research and accelerate economic development.
The commitment was made at the closing ceremony and innovation showcase of the I-FAIR Cohort of the Israel-Nigeria Innovation Fellowship for Aspiring Inventors and Researchers (I-FAIR) in Abuja, where the Ambassador of Israel to Nigeria, Michael Freeman, announced that funding had been secured for the fifth edition of the programme, scheduled to begin in October 2026.
Freeman described I-FAIR as a practical demonstration of the growing partnership between both countries, saying it had enabled Nigerian innovators to develop local solutions to national challenges through Israeli mentorship and expertise.
He said, “This programme has never been about bringing Israeli solutions to Nigeria. It’s been about helping brilliant Nigerian innovators develop Nigerian solutions to Nigerian challenges supported by Israeli experience, mentorship and innovation.”
The envoy noted that the initiative had brought together government, academia, investors, engineers and entrepreneurs to transform innovative ideas into businesses capable of creating jobs and stimulating economic growth.
Announcing the continuation of the programme, he said, “I am so proud to stand here today and announce that we have secured with our partners funding for I-FAIR 5 and I-FAIR 5 will be launching in October 2026.”
Freeman said the relationship between Nigeria and Israel had grown significantly over the past four and a half years through cooperation in innovation, agriculture, healthcare, education, water management and technology.
He expressed confidence that stronger collaboration between both countries would unlock greater opportunities for startups, research institutions and businesses.
According to him, “Israel brings experience and innovation, technology, agriculture, healthcare, cyber security, security and water management. Nigeria brings extraordinary talent, creativity, entrepreneurship and one of the most dynamic young populations anywhere in the world.”
He added, “I have no doubt that the best chapters of the relationship between Israel and Nigeria are still ahead of us.”
The Executive Secretary of the Tertiary Education Trust Fund, Architect Sonny Echono, also reaffirmed TETFund’s commitment to strengthening research and innovation through strategic partnerships with Israel and other stakeholders.
He said the I-FAIR programme aligned with Nigeria’s priorities in food security, agriculture, medicine, technology, clean energy and the circular economy, adding that TETFund would continue supporting initiatives that promote research commercialisation.
Echono stressed that collaboration between government, academia and industry remained critical to translating research findings into products and services.
He said, “It is this critical linkage, especially between science, engineering, technology and innovation, and the productive sector that is critical for translating R&D results and inventions into finished products for socio-economic benefits of our people.”
He disclosed that TETFund was working with partners to establish innovation facilities in about 60 tertiary institutions and had created a student innovation fund that would provide up to ₦50 million to students with commercially viable ideas.
The TETFund boss also announced plans for a National Research Fair later this year, where innovators would showcase products before policymakers, financial institutions and investors to attract funding and commercial partnerships.
Paying tribute to the outgoing Israeli ambassador, Echono described Freeman as a strong bridge between Nigeria and Israel.
He said, “Nigeria is grateful for your service. You have been a strong bridge between our two countries.”
Earlier, Head of Programmes at Innov8 Hub, Tolulope Aina, said sustainable economic development depended on building an innovation ecosystem that transforms ideas into successful businesses.
She noted that Innov8 Hub had supported more than 3,000 innovators, researchers and entrepreneurs, helping them convert research into products, startups and investment-ready ventures.
Aina said, “Nigeria does not suffer from a shortage of brilliant minds, what we need are stronger pathways that help those ideas become products, businesses, and opportunities that improve life.”
She thanked the Embassy of Israel and TETFund for their continued support in strengthening Nigeria’s innovation ecosystem.
According to her, “Building an innovation-driven economy requires collaboration, long-term commitment and shared purpose.”
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