Moses Umoru, director general of the Franco-Nigeria Chamber of Commerce and Industry, has called on the federal government to speed up the implementation of Nigeria Startup Acts to fund startups and grow its contribution to the nation’s economy.
Umoru disclosed this at the recent startup conference and pitch tournament organised by the Franco-Nigeria Chamber of Commerce and Industry as part of the activities for the French Week 2024 in Lagos.
“Nigeria tech startups have continued to thrive irrespective of the volatile economy. So, with government support, like the Startup Act, for example, we congratulate the government for that fantastic piece of legislation. Beyond legislation, we want implementation,” he said.
Umoru said there are dedicated funds to support startups but nobody has gotten a disbursement yet.
“We are advocating that these things begin to come out. Fantastic legislation in Nigeria, but there is a need for implementation,” he said.
Umoru said Nigeria has a very young population with a good percentage of young people who are innovators, which is critical for the future of the Nigerian economy.
This, according to him, explains why the contribution of the startup to the Nigerian economy, is close to 60 percent of Nigeria’s GDP as of the last GDP figure.
He believed that startups are essential in driving multilateral trade within the Nigerian economy and the French economy.
Umoru said the chamber has a faculty that ensures that the startups are empowered with the information needed to better handle the regulation when the need arises.
He urged startups to tap the opportunities inherent in Artificial Intelligence (AI) to scale up their businesses, create employment and contribute to the country’s GDP growth.
Read also: States urged to leverage Startup Act to drive inclusive growth
He said AI is the future driving force for startups and any business not integrated with technology is almost out of the market.
According to him, AI can be integrated across all business processes including marketing, accounting systems or management to ensure ease of operation.
Also speaking, Laurent Favier, consul general of France in Lagos, said the startup conference and pitch tournament is a testament to the thriving dedication of Nigeria and France to promoting entrepreneurship.
He said such events help to unite French entrepreneurs and tech players in Nigeria to forge meaningful connections between these two ecosystems with a mission to foster collaboration and growth within the ever-evolving tech space in Nigeria.
Favier said the event offers an opportunity to exchange ideas, learn and work together to create a brighter, inclusive and sustainable future for both countries.
Dare Adebayo, winner of the pitch tournament, said that winning the pitch contest will further help him meet one of his 2025 goals which is to expand his business into French-speaking countries.
Adebayo doubles as co-founder and CEO of Edves, said his ‘App Edves’ is an AI-powered digital infrastructure for schools and it serves as the operating system that powers everything that happens in school.
It handles activities ranging from learning to managing the behaviour of students to tracking learning, and learning outcomes in schools, to tracking payment of fees, to tracking, human resources, how teachers learn and how the students are performing.
He said winning the grand prize of N1 million and a trip to France will help him meet with potential investors and partners to achieve set goals.
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