DBN Techpreneur Summit, 2023

  • 7/4/2023 9:00:00 AM - 7/4/2023 2:00:00 PM
  • Lagos Continental Hotel
  • 09:00:00

Information and Communication Technology (ICT) is increasingly being recognized as a key enabler in promoting knowledge-based growth, creating jobs, and boosting long-term economic prosperity for both developed and developing countries. The Nigerian ICT sector contributed 15% to the nation’s GDP in 2020 and grew by 6.47% in Q1 2021, making it the fastest growing sector in the economy. The sector’s importance has also been recognized by the Federal Government which has organized several projects, such as the planned $500 million Nigeria Innovation Programme and the $20million BOI tech fund, to fund the sector.Despite the indisputable importance of this sector, many technopreneurs find it difficult to get access to debt finance and must rely on equity finance from foreign and local investors.  This difficulty in accessing debt finance forces business owners to bootstrap their companies until they gain the attention of venture capitalists or angel investors, thus limiting the businesses’ ability to grow. Other factors that inhibit the development of businesses in this sector include a lack of adequately skilled manpower, poor infrastructure, inadequate mentorship opportunities and unfriendly government policies.With the potential of the IT sector to transform the Nigerian economy and the acknowledged lack of debt-based investments and mentorship in this sector, there is a great need to foster collaborations between all stakeholders, hence the theme for this year’s 2nd Annual Techpreneurs Summit: Promoting Innovation & Sustainability Partnerships.Through this summit, budding and established technopreneurs will enhance their ability to access debt finance while being sensitized on the various types of debt funding available. This, DBN will do, in collaboration with its PFIs, KAMOA, and other strategic partners.

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