The Federal Government says about 50 million dollars foreign investments is already being attracted into the economy.
The investments are for the support of various start-ups in the country through its digital economy and innovations policy.
The Minister of Communications and Digital Economy, Dr Isa Pantami, revealed this while speaking with news men in Dubai, United Arab Emirates, shortly after unveiling the Nigeria Pavillion at the 2020 40th Gulf Information Technology Exhibition (GITEX).
Pantami noted that the journey of start-ups is a tough one, but urged them to be consistent and steadfast as the breakthroughs might come after several years.
According to him, Nigeria was not lacking in terms of innovative ideas, stating that it is the plan of the government to identify the challenges confronting the start-ups and see how government can assist them.
The minister pointed out that start-ups in Lagos and Abuja have really made Nigeria proud as they keep attracting foreign investments into the country.
“The start ups need to be mentored, any start-ups without mentorship cannot be successful on the platter of gold, you need to be patient, and consistent.
“You have to be steadfast and partake in critical thinking as well as be analytic. The main challenge is not about funding but mentoring. That is why our focus now is on mentoring our young start ups.
“We are also providing the enabling environment for them to strive, so you discover that in the proposed finance bill 2020, there is reduction in small and medium enterprises taxes.
“If we are able to implement this plan in the next five years, our start ups are going to be celebrated not only in Nigeria, but globally,” he said.
Pantami recalled that Amazon became a global brand with huge profit today after several years of trials and failures, expressing confidence that Nigeria start ups which attracted the 50 million dollars investments gives hope that the future would be bright for the country.
Mr Kashifu Inuwa, Director-General of the National Information Technology Development Agency(NITDA), in his address, said about ten Nigerian start-ups would be showcasing their innovations in Dubai this year.
He reiterated the commitment of NITDA to continue encouraging all Nigerians to invest and participate in efforts that would boost innovation and digital economy in the country.
GITEX is the biggest annual consumer computer and electronics trade show, exhibition, and conference in the Middle East and East Africa, that takes place in Dubai, United Arab Emirates at the Dubai World Trade Centre.
The 2020 GITEX started on Dec. 6 and expected to end Dec. 10.