The United Arab Emirates (UAE) has expressed its willingness to collaborate with the Nigerian government in supporting the development of Nigeria’s rapidly growing tech startup ecosystem. This commitment was revealed by Khalfan Belhoul, Chief Executive of the Dubai Future Foundation, during GITEX Global, the world’s largest startup and investor show, currently taking place in Dubai.
Belhoul, who is spearheading the UAE’s smart city strategy through five key business units, emphasized the importance of fostering innovation and building partnerships to drive growth in the digital economy. He acknowledged the increasing size of Nigeria’s tech ecosystem, noting that several Nigerian startups have already begun expanding into the UAE region. His remarks are particularly timely, as Nigeria continues to position itself as a key player in Africa’s digital transformation.
Nigeria’s tech startup sector, particularly in areas such as fintech, healthtech, agritech, and edtech, has seen remarkable growth. Lagos, the country’s largest city, has emerged as a major hub for innovation, hosting over 400 startups. The country’s vibrant tech culture has attracted significant investments, with Nigerian startups securing 35 percent of the $466 million in total funding raised by the African tech sector between January and March 2024. Among these, Moove, a transport tech company, accounted for two-thirds of Nigeria’s funding during this period.
A report by “Africa: The Big Deal,” which tracks financial deals involving startups across the continent, revealed that Nigerian startups have consistently led the African tech space in securing investments. Between 2019 and 2023, they attracted 29 percent of the $15 billion in total investments raised by African startups, solidifying Nigeria’s reputation as a leader in the sector.
Belhoul also addressed the ongoing migration of African talent to Dubai, stressing the importance of increased investment in research, development, and talent cultivation to ensure the sustainability of startups in both Nigeria and the UAE. The UAE’s readiness to partner with Nigeria reflects its broader ambition to establish itself as a global hub for innovation. By leveraging its world-class infrastructure and business-friendly policies, the UAE hopes to attract entrepreneurs and investors from around the world.
GITEX Global, organized by KAOUN International, runs from October 13-18, 2024, and is recognized as the world’s largest and most prestigious tech and startup event.
