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Conference Title: Frontiers of the African Startup Ecosystem: Africa’s Potential in the World’s Eyes
Date: Tuesday, July 4, 2023, 17:00 – 19:45
Organized by: Japan International Cooperation Agency, Kyoto Wisdom Industry Creation Forest
Location:Kyoto City
Main Participants
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Mr. Yakubu Musa Yakubu, Director, National Digital Innovation Agency, Nigeria
lecture
Mr. Ahmad Batule, Head of Startup Ecosystem and Entrepreneurship Support, National Digital Innovation Agency of Nigeria
Aya Tsuboi, President, Sunda Technology Global, Inc.
panel discussion
Ahmad Batule, Head of Startup Ecosystem and Entrepreneurship Support, National Digital Innovation Agency of Nigeria
Kota Nakano, Deputy General Manager, Strategy & Planning Office, Utility Retail Division, Power Solutions Group, Mitsubishi Corporation
Riki Yamauchi, Founder, Riviera Partners
Moderator: Mr. Naonobu Fuwa (Startup Ecosystem Specialist, Japan International Cooperation Agency, Nigeria)
Background and Objectives
Africa, the last growth continent. Many startups are being created, mainly by young people seeking solutions to local social issues, and investment from around the world, especially from Europe and the United States, is expanding.
We invited experts from Nigeria, which boasts the largest startup ecosystem in Africa, to a seminar to discuss the African tech market.
Contents
Lectures
Mr. Batule explained the current state of the startup ecosystem in Nigeria, which is currently active with about 3,000 companies, with growth in the number and value of investments and a large number of startups in the fintech and e-commerce sectors. He also emphasized the progress in infrastructure development, the growth potential of the market with a population of 200 million, and the implementation of policies to support startups, all of which are promising.
Mr. Tsuboi spoke about a project in Uganda that utilizes SUNDA, an automated water fee collection mechanism that does not rely on “people. Through the new well maintenance and management system, he explained that payment and management by mobile money instead of cash has become possible, which has improved the security of collection management, and that billing based on usage fees has increased fairness and enabled residents to pay with peace of mind.
Panel Discussion
Mr. Yamauchi shared that we are at a crossroads in how we view Africa, and that many Japanese companies are more positive than before. On the other hand, he pointed out the need to increase resolution about Africa, understand the risks involved in doing business, and enter an inner circle where local information is shared. The best companies in Africa are looking for strategic partners who are willing to invest in them on a long-term basis, and it was hoped that Japanese companies can play a role in this regard.
Mr. Nakano explained that MC has invested in BBOXX, which is engaged in “distributed power generation” combining solar power generation and storage batteries, mainly in Africa, and that the company’s strength lies in the fact that in addition to supplying electricity, BBOXX will also enter services closely related to daily life, such as gas and finance. He also shared the importance the company attaches to the fact that its investment will contribute to the SDGs.
Mr. Batule introduced that the new president, who took office at the end of May, immediately began economic reforms to eliminate gasoline subsidies and unify foreign exchange rates as soon as he took office, and that he plans to restart oil refining in six months.
The seminar concluded with a discussion on the potential of Nigeria, South Africa, Kenya, and Rwanda, a smaller market but with strengths in the digital sector, as promising markets.
During the networking session that followed, about 50 participants exchanged opinions on the possibility of business development in Africa and their interest in the region.
© Source JICA
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