Startups are quickly becoming the major drivers of economic activity in developed countries. Germany being one of the most successful economies in the world owes a lot of its economic success to its largely successful startup ecosystem. According to estimates, there are currently about 6,000 startups in germany. Since 2012 they have created about 80,000 new jobs. It is safe to say that any country that intends on being relevant in a global context in the near future must ensure that their startup ecosystem thrives and is successful.
In Nigeria, unemployment is one of the biggest challenges to economic growth. It is also worthy to note that the government is incapable of solving the problem of unemployment. It is therefore imperative that the startup ecosystem in Nigeria is given all the attention that is needed since their success is a major determinant of our economic future as a country. Considering the extremely harsh business terrain in Nigeria, it is usually very difficult for startups to thrive. In order to drive innovation and economic growth it is important that the problems early stage businesses face such as lack of funding and infrastructure are solved.
Nigeria having very large unexploited human capacity has the potential of becoming a very big player in world economics if the success of the startup community is ensured.
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