Startups Seek More Access to Capital to Upscale Businesses

Oluchi Chibuzor 

Some emerging Nigerian entrepreneurs have stressed the need for the country to provide more access to capital for them to upscale their businesses in view of the rising economic challenges facing the country.

Speaking at the 2023 Founders Mixers and Award event in Lagos, Publisher and CEO, Business Africa Online (BAO), Ayinuola Alaba said the government should begin to create a mechanism that would provide the needed funds for emerging businesses.

The event tagged, “Celebrating Grit in A Challenging Economy,” was organised according to Alaba to bring founders together to share their experiences while encouraging one another. 

He harped that notable startups in the country have continued to pursue growth through grit, hence the government should support them by removing every hurdle confronting them.

According to him, “One way the government can do this is to deliberately remove tax hurdles and give entrepreneurs more access to elusive capitals. We can see how young technological startups are emerging in the country making impacts and at the same solving some of our indigenous problems.

However, the CEO, GAIA Africa, Olatowun Candide-Johnson, said they need investors and are looking for equity because that is what makes it easier for them.