Venture capitalists to fund 8 start-ups at NES#23

by Odinaka Anudu

September 19, 2017 | 3:57 pm
  |     |     |   Start Conversation

Eight Nigerian start-ups will make presentations in front of venture capitalists at this year’s Nigerian Economic Summit, tagged NES#23.

The start-ups will be those that are three years or below and they have the chances of being funded and supported by the venture capitalists, Udoma Udo Udoma, minister of budget and national planning, disclosed in Lagos on Tuesday

Nigerian start-ups are hard hit by  poor funding and lack of long-term funds, which is hindering them from turning big ideas into wealth.

“What we are trying to do is to support innovation and ensure that young Nigerians with innovative ideas are supported,” Udo Udoma stated.

According to the minister, the government has increased its infrastructure spend to 30 percent in the annual budget, stating that the expectation of the Economic Recovery and Growth Plan (ERGP) is that Nigeria will grow by 3.5 percent in 2018, 4.5 percent in 2019 and 7 percent in 2020.

“We are making efforts to bring down Nigeria’s ranking in Ease of Doing Business from 169 to below 100,” he said , stating that there was a consensus at last year’s Nigerian Economic Summit (NES) that the country must increase its productivity and raise the quality of its products.

Udo Udoma stated that this year’s summit, tagged NES #23, with the theme, ‘Opportunities, Productivity and Employment: Actualising the Economic Recovery and Growth Plan’ is expected to enhance the effective implementation of ERGP and also translate into the improvement in living standards of the citizen.

He said the 2017 edition of NES is structured into five key thematic pillars. One is ‘Think Nigeria’, which seeks to identify proactive steps required towards building a local content in the economy. The second pillar will deal with ‘Skills, Competencies and Capacity’, which will focus on the linkages between economic opportunities, productivity,  skills and competencies as well as the right policies that can deliver in core areas.

Pillar 3, tagged ‘Access to Capital’,  is concerned with how Nigerians can create and explore strategic investment options, frameworks, models and business cases for unlocking the type of capital that creates opportunities and jobs for Nigerians.

The fourth pillar will deal with legislation while the fifth will focus on economic inclusion, especially tangible actions and collaborative efforts required to deepen inclusion across the country to unlock opportunities at all levels of the country.

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by Odinaka Anudu

September 19, 2017 | 3:57 pm
  |     |     |   Start Conversation

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