News

Gombe Government commits to domesticating National Startup Act

Gombe State Governor Muhammadu Inuwa Yahaya has reaffirmed the state’s commitment to fostering innovation and driving digital economic growth through the domestication of the National Startup Act (NSA) of 2022. This declaration was made during a stakeholders’ engagement session organized by the Office for Nigerian Digital Innovation (ONDI) at the Federal College of Education (Technical), Gombe, on Wednesday. Strengthening Innovation and Technology in Gombe Represented by the Speaker of the Gombe State House of Assembly, Rt. Hon. Mohammed Abubakar Luggerewo, Governor Yahaya emphasized that his administration prioritizes science, technology, and innovation. To this end, the state has established a dedicated ministry led by skilled professionals to nurture local talent and enhance economic growth. The Governor highlighted that a bill focusing on information and communication technology is already under review in the State Assembly, having passed its first and second readings. He expressed optimism that the legislation would soon be enacted, providing a legal framework to ensure the sustainability of government policies in the technology sector. Governor Yahaya assured stakeholders of his administration’s full support for the domestication and implementation of the National Startup Act in Gombe State. He underscored the Act’s potential to create employment, reduce youth restiveness, and harness the capabilities of young people. “The youth are our greatest asset, and we are committed to channeling their potential to benefit both the state and the nation,” he said. Legislative and Administrative Backing In his dual capacity as Speaker of the State House of Assembly, Hon. Abubakar Luggerewo reiterated the Assembly’s dedication to passing the ICT-focused bill into law. He pledged robust legislative support to ensure the realization of the state’s digital transformation goals. The Commissioner for Youth and Sports Development, Adamu Inuwa, represented by Permanent Secretary Modi Shelpidi, echoed the Governor’s vision, stating that the NSA aligns with the administration’s efforts to empower youth through education, skill development, and job creation. These initiatives, he noted, are crucial for addressing issues like restiveness, criminality, and unemployment among the youth. Dr. Ishiyaku Babayo, the Governor’s Special Adviser on Development Partner Coordination, represented by Saifullahi Ibrahim Waziri, Focal Person for Investment in Digital and Creative Enterprises (iDICE), emphasized the transformative potential of technology. He noted that the NSA would significantly contribute to economic growth and improve livelihoods across the state. Stakeholder Engagement and Support During the event, ONDI Team Lead Hassan Idris provided insights into the program’s objectives. He explained that ONDI, a Special Purpose Vehicle (SPV) under NITDA, aims to promote digital innovation and economic growth. The engagement session brought together stakeholders to explore the domestication of the NSA, taking into account Gombe State’s unique opportunities and challenges. The Acting Vice-Chancellor of Gombe State University, Professor Sani Ahmed Yauta, expressed the university’s strong support for the NSA domestication process. He emphasized the Act’s potential to provide career opportunities for graduates, foster entrepreneurship, and promote self-reliance among the youth. Professor Yauta commended the state government’s proactive approach to encouraging innovation and creativity. Recent Milestones in Gombe’s Tech Ecosystem Governor Yahaya’s administration has already made significant strides in promoting technology and innovation. Earlier this year, the Governor launched the Outsource to Nigeria Initiative (OTNI) and inaugurated a Business Process Outsourcing (BPO) Centre in Gombe. This facility, with the capacity to accommodate 2,000 individuals, represents a critical step toward job creation and skill development for the state’s youth and beyond. A Commitment to a Digital Future The domestication of the NSA is expected to strengthen Gombe State’s position as a hub for innovation and technology. By fostering collaboration among government, academia, and private stakeholders, the state aims to build a sustainable ecosystem that supports startups, nurtures talent, and drives economic growth. Governor Yahaya’s vision for Gombe reflects a commitment to leveraging technology to create opportunities and improve the quality of life for its residents.

Gombe Government commits to domesticating National Startup Act Read More »

German President to visit Nigeria, engage with business reps, startup hubs, others

The German Embassy in Nigeria has announced that Frank-Walter Steinmeier, President of the Federal Republic of Germany, will visit Nigeria from December 10 to 12, 2024, with scheduled engagements in both Abuja and Lagos. The visit is a significant milestone in the ongoing partnership between Nigeria and Germany, underscoring the close ties and shared strategic interests of the two nations. Strengthening Bilateral Relations According to the embassy, the primary aim of President Steinmeier’s visit is to reinforce the robust Nigeria-Germany relationship and express Germany’s appreciation for Nigeria’s pivotal role on the African continent. This visit marks the third high-level interaction between the two nations since President Bola Ahmed Tinubu’s inauguration, following German Chancellor Olaf Scholz’s visit to Nigeria in October 2023 and President Tinubu’s subsequent trip to Germany in November 2023. The embassy highlighted the symbolic importance of the visit: “This high frequency of visits reflects the strong relations between both countries and Germany’s serious interest in Nigeria. It also demonstrates the willingness to collaborate as strategic partners, with both nations being the strongest economies and most populous countries on their respective continents.” Key Highlights of the Visit President Steinmeier will meet with key Nigerian leaders, including President Tinubu and the President of the ECOWAS Commission, Dr. Alieu Omar Touray, to discuss issues of mutual interest and deepen diplomatic and economic ties. In Lagos, the German President will engage with business leaders, visit a start-up hub, and interact with representatives from Nigeria’s cultural and civil society sectors. He is expected to meet with Dr. Nike Okundaye of the Nike Art Gallery, known for her contributions to Nigerian art and culture, and Nobel Laureate Prof. Wole Soyinka, one of Nigeria’s most distinguished literary figures. Additionally, President Steinmeier will tour Lagos to gain a deeper understanding of its urban development, focusing on the city’s environmental and social challenges as a rapidly growing megacity. A Focus on Business and Investment Accompanying the President will be a delegation of CEOs and senior executives from some of Germany’s leading companies in IT, high technology, and energy. This reflects the rising interest of German businesses in exploring investment opportunities in Nigeria, particularly in sectors critical to Nigeria’s development and Germany’s expertise. The visit will also serve as a platform to highlight Nigeria’s attractiveness as a destination for foreign direct investment, fostering partnerships that leverage German technological and industrial expertise. Symbolic and Practical Outcomes As Head of State, President Steinmeier’s role is largely ceremonial, focusing on fostering relationships and communication domestically and internationally. His presence in Nigeria, however, carries symbolic weight, reflecting Germany’s commitment to strengthening ties with one of Africa’s most influential nations. This visit is expected to bolster existing collaborations in various sectors, from energy and technology to arts and culture, while opening new avenues for partnership. It underscores both countries’ commitment to working together as strategic allies, leveraging their economic and demographic strengths to address global challenges. A Testament to Growing Ties The embassy’s statement sums up the significance of the visit: “This visit demonstrates Germany’s appreciation of Nigeria and highlights the deep ties between our countries. It is an opportunity to further strengthen this important bilateral relationship while exploring new areas of cooperation in business, culture, and governance.” The visit of President Steinmeier is anticipated to not only celebrate the longstanding relationship between Germany and Nigeria but also lay the groundwork for deeper collaboration in the years to come.

German President to visit Nigeria, engage with business reps, startup hubs, others Read More »

AI: Lagos raises over $1.2bn Nigeria’s startup investments in 2023 – Sanwo-Olu

Lagos State Governor, Babajide Sanwo-Olu, has revealed that Lagos-based startups raised over $1.2 billion in 2023, accounting for 75% of all startup investments in Nigeria. The announcement was made on Thursday during the unveiling of the Lagos Digital Service Platform at the Art of Technology Lagos 6.0 conference, themed “AI and the Lagos Digital Economy,” held in Victoria Island, Lagos. Bridging Gaps with Technology Speaking through the Deputy Governor, Dr. Obafemi Hamzat, Sanwo-Olu emphasized the state government’s commitment to modernity, inclusivity, and innovation under its Vision 2052 development plan. He highlighted that the Lagos Digital Service Platform is designed to bridge the gap between government and citizens, fostering trust and delivering impactful governance. “The long-term development plan focuses on a thriving economy powered by innovation, modern infrastructure supporting a smart city vision, effective governance that adapts to the needs of its people, and a human-centric approach ensuring no one is left behind,” he said. “We are laying the foundation for a Lagos that is not only a tech hub but also a global example of sustainable urban development.” Lagos as a Technology Leader in Africa Sanwo-Olu reaffirmed Lagos’ position as both Nigeria’s economic nerve center and Africa’s leading technology hub. With over 60% of Nigeria’s tech startups based in Lagos and supported by accelerators, incubators, and global tech giants, the state continues to lead in fostering innovation. The governor attributed the success of Lagos-based startups to deliberate policies and investments, creating an environment that supports innovation and positions Lagos as a global player in the technology value chain. He also highlighted the state’s focus on advanced technologies like artificial intelligence (AI) and blockchain to drive sustainable growth. “Through the Enterprise Architecture Project, we are harmonizing data systems to prepare for AI-driven service delivery,” Sanwo-Olu explained, calling on stakeholders to collaborate. “Policymakers, educators, entrepreneurs, and innovators must work together as we navigate the future of artificial intelligence.” Fostering Innovation Through Policy and Education The Commissioner for Innovation, Science, and Technology, Mr. Tunbosun Alake, outlined the state government’s efforts to integrate AI into Lagos’ future. He noted that the Lagos State Innovation Bill is creating an enabling environment for AI research and development, incentivizing startups and researchers while embedding AI education in schools. “Lagos, as the nation’s tech capital, is uniquely positioned to capture a significant share of the growth in Artificial Intelligence,” Alake said. “The state is collaborating with national and regional stakeholders, such as the Federal AI Collective, to develop ethical and regulatory frameworks for responsible AI deployment.” He further highlighted the transformative potential of AI in critical sectors, including agriculture, healthcare, and transportation. “In agriculture, AI can enhance yields through predictive analytics. In healthcare, it improves diagnostics and personalized medicine, and in transportation, it optimizes systems with AI-driven insights,” Alake said. Preparing for an AI-Driven Future Alake stressed the importance of skilled AI engineers and data scientists in solving real-world problems. He noted that the state government is actively working to equip its youth with the tools and knowledge needed to drive innovation in AI and other emerging technologies. A technology expert, Mr. Olugbolahan Olusanya, underscored the advantages Lagos stands to gain by embracing AI. He pointed out the large youth population in Lagos as a key asset in the state’s ambition to leverage fast-growing technologies. However, he urged the government to provide the necessary infrastructure to support AI adoption across all sectors. A Vision for the Future The Lagos Digital Service Platform, coupled with investments in AI and innovation, marks a significant step in the state’s vision of becoming a global technology hub. With strong policies, public-private partnerships, and a focus on sustainable urban development, Lagos is poised to lead Africa in the digital economy while addressing local challenges through innovative solutions.

AI: Lagos raises over $1.2bn Nigeria’s startup investments in 2023 – Sanwo-Olu Read More »

Paytm sells PayPay stake to SoftBank for $279.2 million

Paytm has agreed to sell its stake in Japanese payments firm PayPay to SoftBank for $279.2 million, as the Indian fintech giant focuses on divesting non-core assets following a challenging regulatory crackdown earlier this year. The stake in PayPay, which Paytm acquired six years ago through acquisition rights, represents a significant piece of its international portfolio. This move comes on the heels of a broader restructuring effort, which included the sale of Paytm’s entertainment ticketing unit to Zomato for $246 million in August. PayPay, a leading payments app in Japan, is controlled by SoftBank and Z Holdings, the parent company of Yahoo Japan. The sale is expected to bolster Paytm’s cash reserves, increasing them to $1.46 billion. This cash infusion is critical as Paytm aims to reclaim market share in India’s intensely competitive payments landscape. Earlier this year, regulatory restrictions on Paytm’s banking affiliate triggered a customer exodus to rival platforms, severely impacting its market position. The divestment aligns with Paytm’s broader strategy to focus on its core Indian business, which has shown signs of recovery. Since June, shares in Paytm have nearly tripled after India’s payments regulator reinstated its ability to onboard customers to its flagship UPI (Unified Payments Interface) service. Despite the positive momentum, Paytm’s first-ever quarterly profit in September was primarily driven by asset sales rather than operational gains, underscoring the challenges it faces in achieving sustainable profitability. In a statement, Paytm expressed gratitude for its collaboration with SoftBank and PayPay: “We are grateful to [SoftBank CEO] Masayoshi-san and the PayPay team for giving us the opportunity to create a mobile payment revolution in Japan. We remain fully committed and will continue to support PayPay’s product and technology innovations in the future. We are working on introducing new AI-powered features to accelerate PayPay’s vision in Japan.” The sale also marks the conclusion of Paytm’s partnership with SoftBank, a relationship that began when SoftBank’s Vision Fund became an early investor in Paytm. SoftBank divested its remaining shares in Paytm in June, signaling the end of their formal ties. This latest move by Paytm reflects a shift in focus towards streamlining its operations and capitalizing on its renewed momentum in the domestic market, even as it remains open to supporting innovations in its former international ventures.

Paytm sells PayPay stake to SoftBank for $279.2 million Read More »

Silicon Valley hitters take over Trump transition team: “a dozen Musk allies”

According to The New York Times, around a dozen close allies of Elon Musk have set aside their daily responsibilities to act as informal advisers to Donald Trump’s transition team as preparations for the incoming administration gather momentum. These individuals, many of whom are prominent figures in business and technology, have reportedly been deeply involved in vetting and interviewing candidates for key government positions. Key Players in the Transition Effort Among those lending their expertise is Jared Birchall, the head of Musk’s family office, who has been interviewing candidates for roles at the State Department. Birchall, a longtime confidant of Musk, has been instrumental in managing Musk’s personal and professional affairs and now appears to be leveraging his organizational skills to aid the transition effort. Venture capitalist Marc Andreessen, co-founder of Andreessen Horowitz, has also joined the effort, reportedly engaging with candidates for senior positions across multiple departments, including the State Department, the Pentagon, and the Department of Health and Human Services. Andreessen’s involvement underscores the Trump team’s interest in incorporating voices from Silicon Valley into the federal government. Meanwhile, Shaun Maguire, a partner at Sequoia Capital and an expert in defense and cybersecurity investments, has been focused on reviewing potential appointees for intelligence-related roles. Maguire’s background in these sectors likely makes him a valuable resource for identifying talent within the national security apparatus. Two other notable contributors are Trae Stephens, co-founder of defense technology firm Anduril, and Shyam Sankar, the chief technology officer of data analytics giant Palantir. Both have reportedly discussed potential Pentagon roles with Trump transition officials. Their companies’ deep connections to defense and government technology initiatives suggest they bring substantial experience and networks to the table. Additionally, entrepreneurs Mark Pincus, the founder of Zynga, and David Marcus, a former PayPal executive and crypto innovator, have also been tapped to assist in the interview process for “prospective Trump personnel.” Their presence reflects a broad spectrum of expertise being drawn from the technology and startup ecosystem. The Musk Family Connection Adding a personal dimension to this effort is Musk’s own mother, Maye Musk, who has reportedly attended some of these meetings. In a recent interview, Maye mentioned that she enjoys sitting in on discussions with her son. While her exact role in the transition process remains unclear, her involvement highlights the close-knit nature of Musk’s advisory network. Significance of the Collaboration The participation of Musk’s allies signals a convergence of tech leadership and political decision-making at a pivotal moment. By involving figures from Silicon Valley, the Trump transition team appears to be prioritizing innovation, technological expertise, and entrepreneurial thinking in shaping its agenda. However, this collaboration also raises questions about the influence of private sector elites on government appointments and policy direction. While the exact scope of these informal advisers’ influence remains uncertain, their participation suggests that the incoming administration may lean heavily on private sector expertise to navigate complex challenges in defense, intelligence, health care, and technology. Whether this partnership will yield effective governance or draw criticism for prioritizing corporate interests over public accountability remains to be seen. The involvement of such high-profile figures and Musk’s inner circle in the transition underscores the increasing intersection of business, technology, and politics in shaping the future of governance. As the Trump administration takes shape, the role of Musk’s network will likely continue to attract scrutiny and debate.

Silicon Valley hitters take over Trump transition team: “a dozen Musk allies” Read More »