Lagos Government Aims for $3 Million in Investments for Nigerian Startups at GITEX Global 2024

18 Oct 2024

The Lagos State Government has announced its goal to help Nigerian startups secure between $2 to $3 million in investments at GITEX Global 2024, currently taking place in Dubai, United Arab Emirates.

Tunbosun Alake, Lagos State Commissioner for Innovation, Science, and Technology, highlighted the state's ambitious target. He noted that the investment goal for this year is influenced by the success Nigerian startups experienced during the 2023 edition of the event.

Alake mentioned that, at last year’s event, several startups raised substantial funds. One secured $100,000, another received $50,000, and a third is currently in discussions to raise $1.5 million. With such impressive results, Lagos hopes to achieve similar success this year by aiming for $2 to $3 million in investments.

Showcasing Nigerian Innovation

Lagos State brought five startups and nine companies that have moved beyond the startup phase to showcase their innovations at Expand North Star 2024, a segment of GITEX Global dedicated to startups and investors.

The startups include MyFoodAngels, an ag-tech company working to make fresh produce accessible to consumers at affordable rates, Seamfix, a digital identity startup, and RAIN (Robotics and Artificial Intelligence Nigeria), which specializes in AI and robotics training. Additional participants include Chao, a platform streamlining food, grocery, and medicine deliveries for students, and Shekel Mobility, which focuses on simplifying financing for car dealerships across Africa.

Selection Criteria for Startups

Regarding the criteria for selecting startups to participate in the global event, Alake explained that the government evaluates companies from various sectors with distinct value propositions and scalable business models.

He noted that Lagos State prefers startups at the seed or pre-seed stage, with a focus on Nigerian or Lagos-based founders. The product’s market fit, funding stage, and the team’s structure are key elements in the selection process.

Alake also mentioned that the state previously collaborated with the Dubai World Trade Centre to organize competitions for startups, giving them a chance to compete in the Supernova competition. This global contest brings together thousands of startups from around the world to compete for prize money.

About GITEX Global

GITEX Global, organized by the Dubai World Trade Centre, is the world’s largest tech event, connecting industry leaders, government officials, innovative startups, and investors. The Expand North Star section focuses on startups, offering them a platform to secure funding, network with investors, and stay informed about the latest industry trends. This year’s event features over 1,800 startups and more than 1,200 investors managing assets worth over $1 trillion.

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