New Telegraph

‘Entrepreneurship Prospects In Nigeria Promising’

With its higher number of young and growing population, experts have said the prospect for entrepreneurship in Nigeria and Africa as a continent is promising. According to them, the continent is blessed with abundant natural resources, and a dynamic market especially for technologies to thrive. In Nigeria, many startups have faced various challenges hindering them from growing beyond their initial stages. Lack of find and skills have been identified as some of the challenges. In a chat with New Telegraph, the Project Director, Africa’s Business Heroes, Michael Mang, noted that there was increasing support from governments, international organisations, and private sector actors to promote entrepreneurship.

He said Nigeria as the largest economy in Africa, would lead in technology startups if the government can create a conducive environment for investments to thrive. Mang said challenges such as access to finance, regulatory environment, and infrastructure needed to be addressed to unlock the full potential of entrepreneurship in the country, urging capable organisations to play crucial roles in addressing these challenges and fostering a supportive ecosystem for entrepreneurs in the country. “Globally, the trends in the entrepreneurial ecosystem are shifting towards a more inclusive, diverse, and sustainable ecosystem. There is a growing recognition of the role of entrepreneurship in driving economic growth, job creation, and innovation.

“In addition, there is a focus on supporting women and underrepresented groups in entrepreneurship, promoting social entrepreneurship, and leveraging technology to create scalable solutions. “Funding remains a significant challenge to entrepreneurial development in Africa. To tackle this challenge, entrepreneurs must explore alternative sources of funding beyond traditional venture capital firms and angel investors. “This includes crowdfunding, impact investing, and grants. Governments and development agencies can also support entrepreneurship through funding initiatives, tax incentives, and policy frameworks that support the growth of small and medium- sized enterprises,” he said. A tech expert, Tunde Erinle, said there was hope that Nigerian youths would develop more entrepreneurship along technology value chains with government support.

Erin’s, who noted that there are talented tech experts in the country, said most of them who could develop Nigerian technology were not motivated. “The country is blessed with young ones who are creative and can turn around the tech ecosystem of the country. We see them all around us but many of them are not encouraged or supported. Go to our institutions, our youths are doing wonders but have no encouragement. “If the government can monitor those youths, give them the needed support, and create a conducive environment for them, there would be more entrepreneurs not only in technology but also in other sectors,” he noted. Erinle, therefore, charged the incoming government to ensure the youths are allowed to use their talents for the development of the country.

“In addition, the government must build more capacities, and give those who are in need the required training to develop their skills. With this, we will build more experts. These are what the country needs now. We hope that the incoming government will reposition every sector. In a short period, the country will gain its glory back,” he submitted.

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