Technology Advancement Key To FDI, Economic Growth – CWG

The group chief executive officer, CWG Plc, Adewale Adeyipo has affirmed that Nigeria’s technology sector is the leading recipient of foreign direct investment (FDI) in Africa accounting for 40 per cent of all investments in 2022 with $1.5 billion.

He said other African countries like Kenya attracted $1 billion, South Africa $800 million, Egypt $700million, and Ghana $600 million.

He made this remark at the Texcellence 2023 event with the theme: “innovating For The Future”, while asserting that Nigeria must build with the purpose to harvest with the private sector and government playing its part to aid the growth in technology trade.

To this, technological advancement will be the catalyst for innovating for the future, that will propel economic growth in the emergence and rise of Nigerian startups in the fintech space.

He said, “In an emerging economy like Nigeria, there must be people who can be called pioneers that are driving and creating the blueprint in terms of where we are going by understanding the place of revenue and where we are going.

“ I think and I am sure that CWG has been a pioneer when it comes to transformation and innovation in the technological landscape in Nigeria. We are an organisation of over 32 years. Two years ago, we floated our fintech called FifthLab, and some of the organisations that came after us got the blueprint based on the roadmap.’’