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The United Arab Emirates said it is willing to collaborate with the Nigerian government to support the development of its growing tech startup ecosystem.
The Chief Executive of the Dubai Future Foundation, Khalfan Belhoul, disclosed this on Sunday at the ongoing GITEX Global, the world’s largest startup and investor show, in Dubai.
Belhoul, who leads the UAE’s smart city strategy across five strategic business units, pinpointed the importance of fostering innovation and establishing partnerships to drive growth in the digital economy.
“There are a lot of inventions in Nigeria, and more can be done. We are very much open to collaborations in terms of technology development, but it’s about having the right conversations,” said Belhoul.
He acknowledged the size of Nigeria’s startup ecosystem, with some companies already expanding into the UAE region.
“The startup scene is developing, and there is a lot of potential.”
Belhoul’s remarks come at a time when Nigeria is positioning itself as a key player in Africa’s digital transformation.
With a vibrant tech startup culture, the country has seen significant investments in fintech, e-commerce, and other technology-driven sectors.
Key sectors include fintech, healthtech, agritech, and edtech, with Lagos emerging as a major hub, housing over 400 startups.
Nigerian startups attracted 35 per cent of the $466m in total funding secured by the African tech sector between January and March 2024, including equity, debt, and grants.
According to the report by ‘Africa: The Big Deal’, which monitors deals announced by startups on the continent, Moove, a Transport Tech startup, accounted for two-thirds of the funding directed to Nigeria in the first quarter of 2024.
Data from The Big Deal further reveals that over the past five years, from 2019 to 2023, Nigerian startups received the largest share of funds raised by African startups, making up 29 per cent of the $15bn in total investments.
In response to the migration of African talent to Dubai, Belhoul highlighted the need for increased investment in research and development and talent development to ensure the long-term sustainability of startups.
“There has to be investment in R&D and talent development,” he said, emphasizing these as critical factors for sustaining growth and competitiveness in the digital economy.
The UAE’s openness to partnering with Nigeria aligns with its broader ambition to become a global hub for innovation, leveraging its established infrastructure and business-friendly environment to attract entrepreneurs and investors.
GITEX Global, organised by KAOUN International, runs from October 13-18, 2024, and is recognized as the world’s largest and most trusted tech and startup event.
