Startups are important to the economy, according to Osibanjo

the African startup ecosystem's potential is dependent on two main factors, both of which are rooted in the fourth industrial revolution and mainly powered by digital technologies
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Osinbajo In a Virtual Meeting

Vice President Yemi Osibanjo has stated that the startup ecosystem is one of the most important tools for solving Nigeria's economic problems.

Nigeria's future as the next frontier for economic opportunities, according to Osinbajo, will be determined by tech startups.

This was mentioned by the Vice President, who was represented by Mallam Kashifu Inuwa Abdullahi, Director General, National Information Technology Development Agency (NITDA), at Google's virtual Startup and Developer gathering.

He described the subject – The African Start-up Ecosystem Opportunity – as exciting because the startup ecosystem is crucial to Nigeria's and Africa's futures.

According to Osibanjo, the third industrial revolution was critical to the world's exponential economic growth in the twenty-first century, as it disrupted conventional service distribution channels and accelerated factory and manufacturing process automation.

“The countries that captured maximum value from the 3rd industrial revolution have become more prosperous and built solutions that improved service delivery in all aspects of lives, from education, healthcare and food production to efficiency and speed in manufacturing” He said.

The Vice President noted that, the African startup ecosystem's potential is dependent on two main factors, both of which are rooted in the fourth industrial revolution and mainly powered by digital technologies.

He said,
“The first factor is innovation capacity, and the second one is entrepreneurial capacity. Both capacities depend on four key indicators: human capital, infrastructure, funding and demand”.

According to the Startup Genome survey, Lagos has the continent's most valuable startup ecosystem, with 400 to 700 active startups valued at more than $2 billion, with fintech being the most prominent in the Lagos technology startup ecosystem.