Mr. Chigozie Ezugwu, Convener of the Startup Abuja Conference, highlighted the importance of a supportive policy environment for small businesses. “There is a need for sustained policy that will create the enabling environment for small businesses to thrive,” he said, noting that startups are crucial to Nigeria’s economic growth. With the digital economy in Africa projected to reach $300 billion by 2025 and Nigeria’s startup capitalization valued at nearly $1.3 billion as of 2023, the potential is significant.
Ms. Erin Nardo, Director of Product Management at Google USA, stressed the importance of understanding diverse markets and adapting to local needs. “To succeed globally, startups must embrace cultural differences, adapt to local markets, and stay agile in the face of ever-changing global dynamics,” she advised.
Mr. Peter Jigba, Head of Value Chain and Strategy at The Alternative Bank, underscored the importance of effective relationships between startups and financial institutions. He urged startups to “do their research, look for banks with a history of working with startups in their industry, and leverage that.”
Dr. Samuel Maduka Onyishi, Chairman/CEO of Peace Mass Transit and Founder/Vice-Chancellor of Maduka University, emphasized integrity and focus in business growth. “The key thing to start small and grow big is INTEGRITY,” he said. “When you’re in your first stage of business (0 to 5 employees), you don’t have any business with diversification. Put your money in one basket and watch it till it grows.”
Other discussants included Miss Lillian Okonkwo, who highlighted the importance of partnerships and collaborations; Kelechi Azunna-Benny, who emphasized the need for innovation and adaptability; and Ola Stephen Onuh, who stressed the importance of leveraging technology and digital solutions to drive growth. Wisdom John provided insights on legal frameworks and regulatory compliance for startups, while Femi D. Amele moderated a panel discussion exploring the challenges faced by entrepreneurs and strategies for overcoming them.
The conference concluded with Mr. Chigozie Ezugwu reiterating the need for collaboration and support for startups. He emphasized that Startup Abuja is committed to positioning itself as a premier platform dedicated to fostering innovation and entrepreneurship within Nigeria’s startup ecosystem.
With the startup ecosystem poised for growth, experts agree that sustained policy support and effective collaboration are crucial to unlocking Nigeria’s economic potential. As emphasized throughout the conference, now is the time for Nigeria to unleash its startup potential and drive significant economic growth.
