For Nigeria to achieve the goal of becoming a truly digital economy, it would need to support startups and already-established companies as they provide digital solutions for market development in the country.
This was stated by the Director-General of the National Information Technology Development Agency (NITDA), Mallam Kashifu Inuwa Abdullahi, who was represented by the Director ITIS, Usman Gambo Abdullahi, at the public sector stakeholders’ session organised by NITDA.
Abdullahi said, “We are all aware that there is no innovation where new knowledge does not exist. The most innovative countries in the world that control the market share of the $11.5 trillion global digital economies are the countries with immense public and private sectors that are funding research and development.
“We must commit to accelerating our research and development; beginning with our intellectual property environment and solving the underlying problems of funding for innovative research.
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“Also relevant to the realization of our digital Nigeria vision is the funding required for startups, spinoffs and already established companies in their quest for digital solutions development for the market. For it is in the application of knowledge and its conversion into useful products for the people that innovation ushers in prosperity.
“While many tax incentives exist already, we must bring together these initiatives in ways that ensure ease of access to those who need it. Beyond tax incentives, we must also create innovative ways of facilitating patient venture capital that will provide the runway that these innovative companies require.
“Even as we put all these in place, we must also commit to promoting digital entrepreneurship amongst our youth by all means necessary and put in place the framework that boosts demand for digital products in the economy through government patronage by procurement of these digital innovation products.”
