Technology

Nigeria's technology ecosystem is making millions

Nigeria's technology ecosystem is making millions

Nigeria’s technology ecosystem raised a total of $178 million in 166 investment deals in 2018, and the figures are rising in 2019.

The country's National Information Technology Development Agency (NITDA) announced the figures at ongoing 39th Gulf Information Technology Exhibition (GITEX) in Dubai.

“The technology ecosystem raised $178m in 166 deals in 2018, and the figures are rising in 2019…The Nigerian tech ecosystem has produced three companies valued for more than $100m, including the only African “unicorn” (Jumia), valued at over $1bn, said Director General (DG) of NITDA, Kashifu Abdullahi Inuwa.

Inuwa said Nigeria was not oblivious of the numerous challenges facing it, but that there were equally fantastic innovations coming out of it on a daily basis.

Meanwhile, the DG said NITDA had been given the mandate to ensure all government processes were digitised by 2023.

“This creates an opportunity to provide digital services, products and skills to over 2,000 government agencies at the federal level alone,” Inuwa said.