UAE Ready to Partner with Nigeria on Tech Startups Ecosystem

The United Arab Emirates (UAE) has expressed its willingness to partner with the Nigerian government to support the development of the country’s growing tech startup ecosystem.

Khalfan Belhoul, CEO of the Dubai Future Foundation, made this statement on Sunday at the ongoing GITEX Global, the world’s largest startup and investor show, in Dubai.

Belhoul, who oversees the UAE’s smart city strategy across five business units, emphasised the importance of fostering innovation and forming partnerships to drive growth in the digital economy.

 “There are many innovations in Nigeria, and more can be achieved. We are open to collaborations in technology development, but the right conversations are essential,” he said.

He acknowledged Nigeria’s robust startup ecosystem, with several companies already expanding into the UAE.

 “The startup scene is developing, and there is immense potential,” Belhoul added.

His comments come as Nigeria positions itself as a leader in Africa’s digital transformation. With a thriving tech startup culture, Nigeria has seen substantial investments in sectors like fintech, e-commerce, and other tech-driven industries. Lagos, home to over 400 startups, has emerged as a significant hub.

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Nigerian startups attracted 35% of the $466 million in total funding secured by the African tech sector between January and March 2024, covering equity, debt, and grants.

A report by Africa: The Big Deal highlighted Moove, a Transport Tech startup, as a key player, accounting for two-thirds of the funding directed to Nigeria in the first quarter of 2024. Over the past five years (2019-2023), Nigerian startups secured the largest share of funds raised by African startups, representing 29% of the $15 billion in total investments.

In response to the migration of African talent to Dubai, Belhoul stressed the importance of increased investment in research and development (R&D) and talent cultivation to ensure the long-term sustainability of startups.

“Investment in R&D and talent development is crucial for sustaining growth and competitiveness in the digital economy,” he noted.

The UAE’s willingness to partner with Nigeria aligns with its goal of becoming a global innovation hub, leveraging its advanced infrastructure and business-friendly environment to attract entrepreneurs and investors.

GITEX Global, hosted by KAOUN International, runs from October 13-18, 2024, and is widely regarded as the world’s largest and most influential tech and startup event.