The international network of entrepreneurs Endeavor and data collection company Stears Data have released a new report on the future of entrepreneurship in Nigeria. Entitled “Protecting Nigeria’s entrepreneurial future”, (PDF) the report presents recommendations to support start-ups affected by the economic crisis linked to Covid-19, intended for governments and entrepreneurs.
To carry out this study, the two entities collected existing data on startups in Nigeria and Africa, and drew up an analysis of the policy actions carried out in favor of entrepreneurship. Data was also collected on the impact of the pandemic on 171 start-ups and local businesses in various sectors of activity.
The report notes that while startups recorded more than $700 million in venture capital funding last year, 84% of those polled as part of the survey reported difficulties in their fundraising efforts. Unfortunately, the temporary shutdown of activities to fight the Coronavirus pandemic has exacerbated the problem, leading to a drop in their turnover.
Endeavor report
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In view of the situation, the Endeavor network presented its proposals to support local businesses. These include financial and material support programs, as well as better management of investments. The short-term intervention of the government and entrepreneurship actors in the startup stage, support for innovation and sustainable growth are also mentioned.
These recommendations aim to establish communication between the various stakeholders in order to minimize the negative impact of the pandemic on businesses and to improve Nigeria’s entrepreneurial ecosystem in the long term.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer
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