The deputy director of Policy Innovation Centre (PIC), Dr. Osasuyi Dirisu, has said that Nigerian startups attracted over $1.6 billion Foreign Direct Investments (FDI) into the country in 2021.
He disclosed this at a digital access project co-creation workshop for Digital Transformation in Nigeria, organised by the Nigerian Economic Summit Group (NESG), Foreign, Commonwealth and Development Office (FCDO) and Policy Innovation Centre (PIC) at the weekend in Abuja.
He said Nigeria currently has about 3,313 startups, the highest in Africa noting that the figure is five times and 13 times more than the number in Egypt and Kenya respectively.
Dirisu noted that the true measure of a digital economy is the number of unicorn companies that have been created out of a digitally enabled society.
“The true measure of a digital economy is in the companies that are Unicorns that have been created out of these opportunities. When I say a Unicorn, I mean the billion dollar companies.”
“Currently, Nigeria is not doing so badly; the country has about five unicorns; $5 billion companies already, without efforts from the government. Imagine what would happen if the public and private sectors come together and create an enabling environment for innovation to thrive.
“I think the definition of success would be seeing more companies, innovations and a digitally enabled society, which is the key pillar of the countries in digital awareness programme project.
“Nigeria currently has the largest number of startup companies in Africa. As at 2021, there were over 3,313 startups, which is 13 times the number of startups in Kenya and five times the number in Egypt.
“Nigeria as well attracted the highest FDI in respect to a lot of money going into startups.
“I think in 2021 alone about $1.6 billion entered the country through startups, and there are a lot of startup ecosystems that are looking into Nigeria,” Dirisu said.
