Why startups fail in Nigeria – DG NITDA

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A man sits outside a liquor shop at Wuse Market in Abuja December 9, 2014. REUTERS/Afolabi Sotunde

The Director General of the National Information Technology Development Agency (NITDA), Isa Ali Pantami has said that many start-ups in Nigeria failed because owners failed to re-invest their money on the product they were working on.
Speaking at the 3rd edition of the Star-tup Clinic in Kaduna, the DG, who was represented by the Director, Standards, Guiding and Framework in the agency, Dr. Adejude Olayinka said the aim of the programme which is a follow-up to start-up Friday is to mentor the startups that participated in the last start-up Friday in Kaduna to educate them on how to improve on their products

He said about 20 start-ups registered to pitch and 10 were considered good enough.

He advised the start-up to listen to the professionals mentoring them and improve on their products once they got money in order to sustain the tempo.

The Acting National Coordinator, Office for ICT Innovation and Entrepreneurship (OIIE), Dr. Amina Magaji said the start-up clinic was an avenue to look at how to impact on the lives of young people who were starting up businesses in order to ensure sustainability.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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