Until the Nigerian Government takes drastic steps to tackle the complex and contradictory regulations that stifle innovation, significant of innovation for sustainable development in Nigeria will remains in doldrum notwithstanding the evidences that the innovation ecosystem is driven primarily by young population, who are increasingly tech-savvy and entrepreneurial.
This sad state of the nation’s innovative ecosystem came into focus yesterday at the Digivation Future Summit and Awards with the theme: Governance, Innovation, People and Future Economy, which took place in Lagos, Southwest Nigeria with stakeholders across all divide in attendance.
Delivering the keynote paper with the topic: Leveraging Policy and Governance to Accelerate Innovation for a Sustainable Future, the Managing Director of New Horizon IT Training Centre, Mr Tim Akano, reeled out critical challenges affecting innovation stating startups in the fintech space have faced challenges navigating regulatory requirements, which can be unclear or overly burdensome.
According to him, this creates uncertainty and deters investment noting that Nigeria has made strides in creating policies aimed at fostering innovation and technological advancement but the implementation of these policies often faces significant challenges, including inadequate funding, and a lack of coordination between government agencies.
Akano who made several illustration using the Chinese success story disclosed that effective governance is crucial for creating an environment where innovation can flourish for growth saying that in Nigeria, governance challenges such as corruption, lack of transparency, and inconsistent policy enforcement have hampered the effectiveness of innovation-related initiatives.
He explained that access to capital remains a major hurdle for innovators, especially in the early stages of development while inadequate infrastructure, particularly in the areas of power, transportation, and digital connectivity, still hinders the ability of innovators to develop and scale their solutions.
While recalling the frequent power outages, slow internet speeds, and poor road networks as some issues that entrepreneurs contend with, he noted that Nigeria has a wealth of talented individuals, but the country struggles to retain this talent.
Akano however observed that regardless of the challenges, there are significant opportunities to harness innovation for sustainable development in Nigeria saying that the Youth Demographics, Growing Tech Adoption and Global Interest are opportunities waiting for the Government to explore.
While harping on the negative impact of Policy and Governance on innovation, he stated that lack of Cohesive Strategy, Inconsistent Implementation, and Insufficient Focus on Grassroots Innovation, Institutional Weaknesses, Corruption, and Public-Private Disconnect: as some policy gaps and shortcomings crippling innovation in the country.
Also speaking, the Governor of Nasarawa State, Engr Abdullahi Sule revealed that the state has been able to use technology to drive governance in the state to high level that now impacts the life of the people saying that technology holds key to a sustainable economic growth.
The Governor who was represented by Director General of the Directorate of Strategic Communication and Event Management, Mr Yakubu Lawai state that the internet has come to play a formidable impact in governance saying however that the internet have become a dangerous tool in the hands of people
However, the Director General of National Identity Management Commission (NIMC) Engr Mrs Abisoye Coker-Odusote, assured that NIMC is ready to join hands in driving the future “we envision”, saying that NIMC is ready to play her part and that it is committed to driving the digital transformation of Nigeria by contributing to the broader African agenda of innovation and economic growth.
She said: “Our Self-service Modification solution, our effort to revamp the General Multi-Purpose Card issuance with multiple use cases, a number of mobile enrolment solutions impacting and enhancing flexibility and reach, our strategic partnerships with Ministries, Departments, and Agencies as well as the private sector has brought about a multi-sectoral improvement across various sectors of the economy.”
In his welcome remark, Convener of the Digivation Future Summit 2024, Dr Bayero Aganbi said that Sub-Saharan Africa faces critical challenges for digital development, including underdeveloped digital infrastructure, lack of assessable and affordable connectivity, a stubborn digital gender gap, limited skills for digitally enabled industries and adequate regulatory and policy environment.
He said that the event was designed to address these issues saying that the DigiVation Future Summit is a multi-sectoral event bringing together people from diverse background to discuss issues reshaping today and future economies. Speakers are drawn from political, governance, business and technology space.
The highlight of the event was the presentation of awards.
Nigeria Customs Service
Most Outstanding in Digital Innovation/Efficiency
National Centre for Technology Management
Most Outstanding Skills/Capacity Development MDA
Barr Mike Ozekhomhe
Most Distinguished Human Rights Advocate
Nasarawa State
Best in Social Welfare, Enterprise & Innovation for development
Small & Medium Enterprise Development Agency
Most Outstanding Enterprise Development MDA
Nigeria Data Protection Commission
Most Outstanding MDA of the Year
Mr Abiodun Ajiboye
Icon of Cultural Expression in a Digital Age
Xpress Payment Solutions Ltd.
Most Transformative Digital Payments Platform
Precise Financial Systems Ltd.
Most Outstanding Indigenous FinTech Player
National Identity Management Commission
Most Outstanding MDA in Innovation/User Experience
Medallion Data Centres Limited
Most Outstanding Digital Infrastructure Service Provider
Dr JumaiAdamu TuTuwa
Woman of Excellence in Innovation/Policy Implementation
Internet Exchange Point of Nigeria
Outstanding Internet Exchange Operator
National Information Technology Development Agency
Most Distinguished MDA in Digital Transformation
Mr Oluyemi Solade
                                  Icon of Cultural Expression in a Digital Age
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