“80% of startups are expected to fail as a result of the recession,” a recent report has disclosed.
In Nigeria, the National Information Technology Development Agency (NITDA) wants to provide an exemption for startups providing essential services during the lockdown in Nigeria. Movement has been restricted in the country’s economic hub, Lagos, its capital, Abuja as well as Ogun, the state in western Nigeria where the index case was found. While businesses providing essential services have been given the go-ahead to continue their operations, the unclear categorisation of what the government sees as an essential business or not is already taking its toll.
Earlier this month, the NITDA set up a 10-member advisory committee led by Tomi Davies, the Chairman of Innovation Support Network (ISN) and President of the African Business Angels Network (ABAN) to advise it on ways it can support the tech ecosystem.
Abubakar Idris writes that the committee has come up with recommendations to improve access to finance for tech companies; support tech hubs and help startups access hubs’ remote resources and develop strategies to provide affordable internet for businesses and individuals.
Technology companies in Lagos and across the country have rallied around to help in various capacities at this time, from ventilator initiatives to mapping and providing accurate medical information.