FG moves to review payroll, merge agencies to reduce cost of governance

05 May FG moves to review payroll, merge agencies to reduce cost of governance

Osinbajo sees tech startups as tool for economic development

Vice President Yemi Osibanjo says a strong tech startups ecosystem is one of the vital tools in finding solutions to Nigeria’s economic challenges.

The VP, represented by Director General, National Information Technology Development Agency (NITDA), Mallam Kashifu Inuwa Abdullahi, spoke at the virtual Startup and Developer event organised by Google.

Osibanjo noted that the 3rd industrial revolution was pivotal to unprecedented global economic growth in the 21st century, as it disrupted traditional service delivery channels and accelerated the automation of factories and manufacturing processes.

He said: “The countries that captured maximum value from the 3rd industrial revolution have become more prosperous and built solutions that improved service delivery in all aspects of lives, from education, healthcare and food production to efficiency and speed in manufacturing.”

According to him, the African startup ecosystem opportunity is hinged on two key factors, which are anchored on the 4th industrial revolution and driven primarily by digital technologies.

“The first factor is innovation capacity, and the second one is entrepreneurial capacity. Both capacities depend on four key indicators: human capital, infrastructure, funding and demand”, he said.

The VP stated that according to the Startup Genome report, Lagos is the most valuable startup ecosystem on the continent, having 400 to 700 active startups valued at over $2bn with fintech being the most prominent in the Lagos technology startups ecosystem.