US Deputy Treasury Secretary Engages in High-Level Technology Dialogue to Foster Technology and Innovation Collaboration with Nigeria | The Guardian Nigeria News

by MMC
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During his recent visit to Nigeria, United States Deputy Treasury Secretary Wally Adeyemo participated in a dynamic roundtable discussion with key stakeholders in the VGG ecosystem.

The gathering included technology experts, startup founders and entrepreneurs who are actively shaping Nigeria’s digital economy.

The main objective of the meeting was to delve deeper into the challenges and opportunities of the technology sector.

The insightful conversation, led by Tola Talabi, a distinguished board member of VGG, and Dara Osibo, Director of Venture Garden Nigeria, covered a wide range of critical topics. These include venture capital, development finance, Nigeria’s startup ecosystem and exciting opportunities for US technology investors in Africa.

The roundtable also benefited from the presence of Dr. Ola Brown, founder of HealthCap Africa, who highlighted her journey as a seasoned venture capitalist, second-time fund manager and investor creating jobs through to its investments.

During the discussion, she highlighted the opportunity for Nigeria and America to work together to invest in more venture funds that can continue to create jobs through investments and a win-win situation in terms of domiciliation and exit.

Her ideas extended to how she founded HealthCap Africa to focus on venture capital investment, which yielded tangible results with the creation of 12,000 indirect jobs and 1,000 direct jobs across the companies in its portfolio.

HealthCap Africa is a venture capital firm focused on early-stage investments in healthtech and fintech startups across Africa, with investments in over 20 fintech and healthtech companies , operating in 12 countries and serving nearly a million customers.

In addition to his contributions to the world of finance and technology, Dr. Ola is also a medical doctor and holds a master’s degree in finance and economic policy.

She is currently working on her PhD in finance focused on fintech/monetary policy.

One of the important takeaways from the event was Mr. Adeyemo’s projection on the future of Nigeria. He noted that by 2040, Nigeria is poised to become one of the most populous countries in the world and the largest on the African continent.

This population increase, coupled with falling data costs, increased smartphone accessibility, and a tech-savvy youth population, presents a huge business opportunity.

In Mr. Adeyemo’s own words: “I am delighted to be here today because it has given me the opportunity to see Nigeria and innovation at its best and to see the innovative companies that are are building here and I agree with you that there is so much to do. lots of potential here in Nigeria.

Notably, many companies operating in Africa are based in the United States, pay taxes there and aspire to be listed on the New York Stock Exchange.

This represents a promising avenue for trade between Nigeria and the United States.

Additionally, Ifeoluwa Dare-Johnson, founder of Healthtracka, a health technology platform facilitating laboratory test bookings, at-home sample collection and emailing of results within 48 hours, was in attendance.

Healthtracka currently operates in 12 Nigerian states and offers over 200 health tests on its platform. The startup recently received a non-equity fund from the Gates Foundation, further highlighting the potential of Nigerian innovation on the global stage.

Participants discussed at length fundraising strategies and potential benefits for Nigeria and the United States in terms of liquidity and initial public offerings (IPOs).

However, they also highlighted some challenges, such as Know Your Customer (KYC) compliance issues related to banking transactions between Nigeria and the United States. Deputy Treasury Secretary Wally Adeyemo has expressed admiration for the innovative solutions emerging from Nigeria. “These innovations have the potential to transform the country and address many of its current challenges,” he noted.

The roundtable marked an important milestone in strengthening ties between Nigeria and the United States in technology and innovation. As Nigeria continues to chart its path to becoming a global technology hub, collaborations like these promise a bright future for both countries.

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