The United Arab Emirates (UAE) has expressed interest in partnering with Nigeria to support the development of its tech startup ecosystem.
Khalfan Belhoul, Chief Executive of the Dubai Future Foundation, made this known during GITEX Global, currently being held in Dubai.
At GITEX, the world’s largest startup and investor show, participants are provided the opportunity to connect with executives from major tech companies, governments, innovative startups, corporate buyers as well as investors
GITEX showcases technological advancements and investment opportunities that are reshaping economies including that of Africa.
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Belhoul acknowledged the strength of Nigeria’s startup ecosystem, which has already seen some companies expanding into the UAE region, and described the Nigerian startup scene as a growing force with immense potential.
“There are a lot of inventions in Nigeria, and more can be done. We are open to collaborations, but the key lies in having the right conversations,” Belhoul stated.
Over the years, Nigeria has seen significant investments in key tech sectors such as fintech, healthtech, agritech, and edtech. Lagos, in particular, has emerged as a major hub, home to over 400 startups.
According to reports, Nigerian startups attracted 35% of the $466 million in funding secured by African tech companies between January and March 2024. Notably, Moove, a transport tech startup, accounted for a significant portion of this funding.
In parallel with these developments, the Lagos State Government is leading a delegation of tech startups and established companies to GITEX 2024. The goal is to secure up to $3 million in investments for local startups through partnerships and collaborations.
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In response to the increasing migration of African talent to Dubai, Belhoul stressed the need for increased investment in research and development (R&D) and talent development to ensure the long-term sustainability of startups. This will drive growth and competitiveness in the digital economy.
The Dubai World Trade Centre has also expressed interest in hosting a major technology event in Lagos, which could bring further opportunities for the state.
