Alexander O. Onukwue
14th May 2021 Nigeria Vice President Yemi Osinbajo with members of the Paystack team at their Lagos office in April 2018
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One landmark acquisition, several funding rounds and meaningful expansions have drawn attention to Nigeria’s potential to become an enabling environment for businesses. Nigerian tech startups are raising larger seed rounds and pursuing unique global ambitions than at any other time in the last decade.
But in the last 18 months, major regulatory events that ended motorcycle-hailing and suspended cryptocurrency transactions through banks have been interpreted as setbacks to innovation.
One problem with these types of regulations is how sudden they are, seemingly without forewarning from the hammer bearers. They raise an unambiguous question: can startups really flourish in Nigeria?
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The Federal Government has reaffirmed that Micro, Small and Medium Enterprises (MSMEs) contributes nearly 50 per cent of Nigeria Gross Domestic Product (GDP) and 80 per cent of the country’s total employment.
Speaking virtually at the 7th EMPRETEC Global Summit with the theme “The Role of Entrepreneurship, MSME and EMPRETEC in post-COVID-19 Resurgence, the Federal Minister of State for Industry, Trade and Investment of Nigeria, Amb Mariam Katagum said the government had rolled out various interventions to reposition MSMEs for increased and sustained contribution to the national economy.
“As we are all aware, the MSME sector is the engine of growth of any economy, contributing to its development, job creation and export, amongst others.
FG remains committed to growth of MSMEs to boost GDP, says minister naija247news.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from naija247news.com Daily Mail and Mail on Sunday newspapers.