The Lagos State Government is targeting to secure between $2 to $3 million in investments for Nigerian startups during GITEX Global 2024 in Dubai, United Arab Emirates. Mr. Tunbosun Alake, the State Commissioner for Innovation, Science, and Technology, made this announcement on Sunday in an interview
Reflecting on the successes of previous years, Alake noted that last year’s participating startups achieved significant milestones, including one startup winning $100,000 and another securing $50,000. Additionally, a startup is currently negotiating a $1.5 million investment. This year, the government is optimistic about attracting new investments ranging from $2 to $3 million for the startups it has brought to the event.
The government has showcased five startups and nine companies that have progressed beyond the startup phase at the Expand North Star 2024, a key segment of GITEX Global focused on startups and investment. Notable startups include:
- Ag-tech startup: Collaborates with farmers to provide fresh food to consumers at affordable prices.
- Seamfix: A digital identity startup.
- RAIN (Robotics and Artificial Intelligence Nigeria): Specializes in AI and robotics training.
- Chao: Assists students in efficiently ordering food, groceries, and medicine deliveries on campuses.
- Shekel Mobility: Simplifies financing and operating systems for car dealers across Africa.
Alake explained that the selection criteria for the startups included a focus on unique value propositions and business models that can be scaled. He emphasized the importance of considering the startups’ funding stages, favoring those around the seed stage, particularly those with Nigerian or Lagos-based founders. The government also assesses product-market fit and the overall formation of the team.
Moreover, Alake mentioned the government’s collaboration with the Dubai World Trade Centre to hold competitions, allowing companies to apply for a chance to participate in the Supernova competition, where thousands of startups globally compete for prize money.
GITEX Global, organized by the Dubai World Trade Centre (DWTC), is recognized as the largest tech event worldwide, connecting startups with industry leaders, government representatives, investors, and corporate buyers. This year’s Expand North Star segment will host over 1,800 exhibiting startups and more than 1,200 investors managing assets exceeding $1 trillion, providing an unparalleled platform for startups to secure funding and explore investment opportunities.
