MTN Urges Nigerian Companies to Invest in Startups

MTN Communications Plc has stressed the need for major Nigerian companies to invest in Nigerian startups, explaining that such investment will enable the growth of the ecosystem.

The Chief Corporate Services Officer (CCSO), MTN Nigeria, Tobechukwu Okigbo, made the call, while speaking on the current state of the tech ecosystem at the technology breakout session panel at the Ehingbeti Economic Summit, which held recently at the Eko Hotels,Lagos.

According to Okigbo, “From a funding perspective, major Nigerian companies can enable the growth of the ecosystem by making major investments in these startups. This will send a signal to the external community and most certainly increase the amount of investment these startups will receive. Nigerian companies should partner with startups as a corporate social investment to create shared value.”

MTN Nigeria recently announced the MTN Pulse Blow My Hustle initiative, which aligns with the brand’s promise to support existing businesses and startups. The initiative, which was launched on October 14th, 2022, is aimed at providing grants and capacity building to 100 young Nigerian business owners aged 16 to 30. The 100 shortlisted participants will undergo a two-week training session after which 20 finalists will compete for a range of grants as high as N10 million, which will be awarded based on the quality of pitches presented during the grand finale.

According to Disrupt Africa, The Nigerian StartUp Ecosystem Report 2022, Nigeria, with at least 481 active start-ups across the country, constitutes one of Africa’s ‘big four’ startup ecosystems, along with Egypt, Kenya, and South Africa.