Nigeria Hopes To Have Three Unicorns In 2023.
According to Prof. Isa Pantami, Minister of Communications and Digital Economy, Nigeria plans to produce three more unicorns by the end of 2023.
A privately owned start-up firm with a worth of over $1 billion is referred to as a unicorn. It is often used in the venture capital sector.
Out of the seven unicorns from Africa, Nigeria presently has five, according to Pantami, who announced this yesterday in Riyadh, Saudi Arabia, at the second General Assembly of the Digital Cooperation Organization (DCO) and the ongoing LEAP tech conference.
According to him, the nation is looking at competent individuals who would emerge as job creators based on the present paradigm shift plan of the Ministry of Communications and Digital Economy.
The paradigm change, according to him, is the development of the digital economy and the fusion of degrees with talents. The digital economy is supported by two main groups: digital innovators and digital entrepreneurs. We are producing job creators by implementing these foundations. Currently, President Buhari’s administration has 161 measures aimed at making doing business in Nigeria easier. We are doing away with barriers to corporate growth like various taxes. However, we give seed money and intellectual property protection first priority.
Another significant piece of legislation that the nation is relying on to promote the startup ecosystem is the Nigerian Start-up Act. Even though Nigeria is home to five of the continent’s seven unicorns, by the end of the year, we want to have three more by actively encouraging the expansion of new businesses there.
