Nigerian IT Startups Generates $101m in First 9 Months of 2018

Isa Ali Ibrahim Pantami, director general director, National Information Technology Development Agency (NITDA) has said that IT startups generated $101 million for the country’s economy from January to September 2018.

Pantami spoke at the workshop “Start-up Friday”, adding that these growing performances are the result of the dynamism in the Nigerian IT sector supported by the government, which is set on making this sector a pillar for the economy via a strict application of the rules in force.

According to this official, these innovative firms generated $9 million for the country’s economy during Q1, 2018, $57 million during the second quarter and $35 million in the third quarter.

He indicated that in 2013, more than 82,000 local IT and digital products were bought. This volume rose to 92,000 in 2015, 150,000 in 2016 and 300,750 in 2017.

Pantami explained that to further strengthen the contribution of the IT sector in Nigeria’s economy, “Start-up Friday” would scour the various regions to “identify our young innovators who have potentials and see how they can be supported to achieve their dreams”.

The head of NITDA informed that in Q2, 2018, the IT sector’s contribution to GDP was 13.63%.