Stakeholders in Nigeria's technology and investment sectors have emphasized the need for patient capital, blended financing, and stronger commercial partnerships to support startups in overcoming funding constraints. This call was made at the Innovation Makers Challenge (IMC) 2.0 Conference and Exhibition, organized by the Telecommunications and Technology Sustainability Working Group (TTSWG) in collaboration with IPS and other partners. The event brought together technology companies, investors, policymakers, and entrepreneurs to discuss how Nigeria can move promising innovations from pilot stages into commercially viable enterprises.
According to Bankole Oloruntoba, lead consultant and spokesperson for the TTSWG, the initiative has made about N10 million in seed capital available for early and mid-stage ideas. The focus of the initiative has expanded beyond telecommunications and technology to include healthcare, agriculture, and climate change. Oloruntoba stressed the importance of collaboration across sectors in building a sustainable innovation ecosystem, noting that technology alone cannot deliver sustainable development.
Opeyemi Oriniowo, a senior policy adviser on economic affairs and public diplomacy at the consulate-general of the Kingdom of the Netherlands in Lagos, highlighted that Nigeria has no shortage of innovative entrepreneurs. However, the challenge lies in converting their ideas into enterprises capable of generating measurable economic impact. The Netherlands is supporting the Nigerian Circular Economy Impact Fund through technical assistance aimed at mobilizing resources for a $10 million fund for entrepreneurs.
Nissi Madu, managing partner of CcHub, noted that the financing gap facing Nigerian startups is partly an information and understanding gap between founders and investors. She emphasized that founders require support beyond funding, including talent, regulatory guidance, management capacity, and access to relevant institutions and markets. Madu called for local funders and patient capital to support founders at different stages.
Ireayomide Oladunjoye, managing director of Endeavour, advised entrepreneurs to stabilize their operations, test their markets, and establish appropriate business structures before attempting to scale. She urged corporates to support startups through procurement and commercial opportunities rather than relying solely on grants. Anil Atmaramani, partner at Antler, noted that the challenge facing startups is not necessarily the absence of capital but the structure, timing, and suitability of financing available to businesses at different stages of development.
Dapo Otunla, senior vice president and chief corporate services officer at IHS Nigeria, emphasized that infrastructure investments must translate into economic opportunities for businesses and individuals. He noted that connectivity alone cannot guarantee economic impact and that education, knowledge, and mentorship are important to building businesses capable of creating jobs and surviving beyond their founders.
The conference also featured discussions on sustainability metrics for telecommunications, with participants highlighting the importance of reliable energy, digital inclusion, data security, and resilient infrastructure in supporting Nigeria's digital economy. Key stakeholders emphasized the need for a comprehensive framework to measure the effectiveness, efficiency, and long-term resilience of digital infrastructure.
Key points
- Nigerian innovators and investors are calling for patient capital to scale businesses beyond the pilot stage.
- The Innovation Makers Challenge 2.0 Conference and Exhibition brought together stakeholders to discuss how Nigeria can move promising innovations into commercially viable enterprises.
- Stakeholders emphasized the importance of collaboration across sectors, reliable infrastructure, and commercial markets in supporting Nigeria's innovation ecosystem.
