Nigeria’s infrastructural challenges are opportunities for angel investors – Lagos Angel Network
Lagos Angel Network has described Nigeria’s numerous infrastructural challenges as opportunities for angel investors to invest in startups developing solutions for the challenges.
Collins Onuegbu, member of the network told HumanIPO Nigeria has several challenges and the most successful startups are those that have ways to provide their services in spite of the numerous challenges.
“In the midst of the challenges we have in Nigeria, companies like Jumia, Konga and others are making money in Nigeria,” he told.
He noted that one of the challenges the startup community in Nigeria has is the non-existence of an ecosystem.
“The current existing structure is very young and not as strong as those in US and elsewhere. But the good thing is that we are gradually building an ecosystem,” said Onuegbu.
He said the Lagos Angel Network is playing crucial roles in the development of the ecosystem to nurture startups in Nigeria to success.
“We started in 2013 and we are trying to build an ecosystem that does not exist. We want to be a catalyst for the ecosystem to growth and support startups to be successful. We want to formalize the sector and support the startups with fund,” he said.
The network has a mixed membership but mostly people who on their own have interest in running new companies or already have successful companies.