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SIX NIGERIAN START UPS ATTAIN BILLION DOLLAR STATUS, OSINBAJO

 

How six Nigerian startups attained billion dollar status - Osinbajo

Osinbajo at the FEC meeting Wednesday

Vice President Yemi Osinbajo

Vice President Yemi Osinbajo has said no fewer than six startups owned by young Nigerians have grown from scratch to billion dollar businesses in recent years.

Osinbajo was the Special Guest of Honour at the Graduation Ceremony of Senior Executive Course 43, 2021 of the National Institute for Policy and Strategic Studies (NIPSS), Kuru, Jos.

He said that as at 2021, more than six of such companies had been named Unicorns– a company that is worth over a billion dollars.

Osinbajo attributed the feat of the startups to providence and good policies.

“Six of those companies started between 2016 in the middle of two recessions and global health crisis.

The companies are: Opay, Paystack, Flutterwave, Andela, PiggyVest and Jumia.

“ Paystack and Flutterwave. Paystack was co-founded in 2016 by two graduates of Babcock University, in their twenties.

“ Paystack is a payment processing company; I am sure many have heard that it was eventually bought over by Stripe, the American multinational; it is now estimated to be worth a billion dollars.

“Flutterwave, also a payment processing coy founded in 2016; Flutterwave in Lagos; it is now worth nearly three billion dollars and both companies employ hundreds of young men and women.’’

He said that PiggyVest was co- founded in 2016 by ex-students of Covenant University led by a 21-year-old lady.

According to him, PiggyVest is a wealth management platform that at the end of 2019, had helped one million users save about 80 million dollars.

He said there was the new programme called Investing in Digital and Creative Enterprises (iDICE) programme.

According to Osinbajo, iDICE is an over 600 million dollars programme that will support young tech and creative sector entrepreneurs through the provision of finance, skills development and infrastructure.

“Earlier this year, the federal government partnered with the UNDP and the private sector to start a programme called the Jubilee Fellows internship programme.

“ For the next five years every year 20,000 students after youth service will be given internship opportunities in private sector companies and in public agencies

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