Nigeria seeks Data Solutions Company’s investment in ICT

The Director General, National Information Development Agency (NITDA), Kashifu Inuwa , has urged a leading provider of innovative, data-driven solutions, Venture Garden Group, to join the “Bridge to MassChallenge Nigeria.”

The “Bridge to MassChallenge Nigeria” initiative seeks to promote Nigeria as an emerging entrepreneurial hub and leader in innovation and Information Communication Technology (ICT) in Africa.

Inuwa made the call during a visit to Vibranium Valley, the company’s headquarters in Lagos.

The DG noted that ” this will foster the growth and success of Nigeria’s startup enterprises by connecting its entrepreneurs with markets, networks, and capital in the global innovation ecosystem, and facilitate key strategies to complement growing innovation initiatives within Nigeria.”

Inuwa further said that “a critical activity of the initiative is the hosting of quarterly technology innovation challenge. While working with Stakeholders, key challenges within the Nigerian economy and challenge the startups to come up with solutions for them. He therefore urged the Venture Garden Group (VGG) to come onboard the Bridge to MassChallenge Nigeria initiative.”

The Director General emphasised  that NITDA is keen on working with the tech community to develop use cases as the technology evolves so that everything can be regulated.

Key Regulatory Instruments

He said the Agency has developed key regulatory instruments in this fashion   noting that the Nigerian Data Protection Regulation (NDPR), for example, was developed and perfected through close collaboration with stakeholders.”This is the strategy the Agency is adopting for each of the technology innovation use cases”

Citing one of the seven pillars of NITDA’s Strategic Road Map and Action Plan (SRAP) 2021-2024, the DG said: “The general understanding with regulation is that it does not allow or stifles innovation. This is the more reason why we in NITDA came up with Developmental Regulation.With this approach, he said, “we work with stakeholders like you, develop the product, innovate then develop relevant regulatory instrument to regulate it”.

“The regulation is aimed at protecting you and your consumers because technology is about the future and there is no data about the future, the data we have is on the past and present and that is why it is hard to regulate the innovation industry,”

“We have identified six key stakeholders we need to bring onboard to achieve our initiatives; Universities as they produce the human capital, talent is needed to drive the digital economy and we work with universities and corporate organizations that will absorb these talents.

“We also have the entrepreneurs as they need access to the talent and corporate organizations because they are selling the products to them” he added.

The DG further noted  that, “Venture capital and funding is a challenge, having the idea without the funds and government cannot provide funds for everyone and there are people with money doing nothing, bringing them onboard to invest in these startups will help boost the nation’s economy”.

Inuwa  maintained  that Government’s role, as an enabler, is to create the enabling environment and the Agency would want to co-create with stakeholders because NITDA does not operate alone, that is why the ecosystem is engaged.

He added that NITDA also intervenes in the area of infrastructure in unserved and underserved communities.

While responding to the DG’s demand, the Group Head, VGG, Idowu Oladiamonds, said they invest in and develop technology solutions that address inefficiencies in automation, data collection, payment and revenue assurance across multiple sectors.

Hauwa Abu