As the Federal Government, through the Ministry of Communications, Innovation and Digital Economy, disclosed plans to create an appropriate regulatory environment and improve digital infrastructure that would enable fintech to access funds, especially from angel investors, efforts to draw fintechs to the stock market and capitalize on their fundraising prowess to boost liquidity may have made some headway.
For example, fintechs raised approximately $600 million in capital between 2014 and 2020. This amounted to 25% ($122 million) of the $491.6 million raised by digital firms in Africa in 2019 alone, with Kenya drawing the highest amount at $149 million.
Furthermore, in his speech, Bolaji Balogun, the CEO of Chapel Hill Denham, advised Nigerians to seize the chance to contribute to the capital development occurring in the digital sector rather than letting foreigners dominate the industry.
Additionally, the government stated that it will work with the NGX to provide customized listing alternatives for startups via the exchange technology board, as well as to promote the export of tech-related goods and services.
Speaking at a tech event over the weekend with the theme “Invest in Africa’s Future – Let us Talk About Exits,” which was organized jointly by the Ministry, NGX, and Future Africa in New York with support from Stanbic IBTC, CardinalStone Partners, and Chapel Hill Denham, Minister of Communications, Innovation, and Digital Economy Bosun Tijani stated that the current administration is prepared to prioritize innovation and encourage entrepreneurs, adding that Nigeria is open for investments.
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