FMDQ, Oxford partner to stimulate Nigeria’s start-up ecosystem

Oxford University and Oxford Foundry logo. Photo: Oxford Foundry

 

By Chioma Obinagwam

The Oxford Foundry, University of Oxford, United Kingdom, and FMDQ Private Markets Limited- a subsidiary of FMDQ Holdings Plc, have launched a global partnership to accelerate the growth of Nigeria’s start-up ecosystem.

FMDQ told Confiance News in a statement on Tuesday.

The partnership, the statement disclosed, will also nurture a future generation of young Nigerian leaders in entrepreneurship, through knowledge exchange and collaboration.

The partnership will support Nigeria’s future business leaders and high-growth start-ups to access the networks and skills they need to grow and sustain their businesses, create jobs and inclusive socioeconomic growth, and facilitate the growth of Nigeria’s venture ecosystem.

Critically, the partnership supports collaboration and knowledge exchange between the UK and Nigerian angel investment communities, as Nigeria’s community matures. Ventures will be supported to develop market solutions in high-potential sectors such as technology, agriculture, green industries, and healthcare.

Nigeria has one of the largest numbers of technology start-ups in Africa and has been identified as one of the eleven ‘3G’ countries by Citigroup – countries of large growth potential and profitable investment opportunities. There is an increasing number of programmes to support Nigerian start-ups, with corresponding high demand, implying that there is huge potential and opportunity to create new partnerships to support high growth-potential businesses, and an increased need to access capital. Currently over 80 percent of venture/start-up funding comes from an entrepreneur’s personal or family resources.

According to Ana Bakshi, Director of the Oxford Foundry, “I am sincerely pleased to launch our first global partnership with FMDQ in Nigeria. Nigeria has one of the largest number of tech start-ups in Africa, and Africa is a continent of immense entrepreneurial talent and high-growth venture potential.

“There is huge opportunity to invest in the future generation of global entrepreneurs and leaders who will come from across the continent, and this first partnership is an important step to build new relationships and learn from other entrepreneurial ecosystems,” he added.

Now more than ever, it’s vital that we share our resources, access to networks and opportunities, and work together across geographical boundaries to benefit society, create jobs and boost economies. We want to open the Oxford Foundry up to the world, and together, support the next generation of entrepreneurs and leaders to create the purpose-led impact and positive change we all need to see.”

On his part, Bola Onadele. Koko, Chief Executive Officer of FMDQ Group, stated that “FMDQ is delighted to be the first global partner of the Oxford Foundry, particularly on this laudable initiative, which emphasises the provision of critical support for high-growth start-up businesses.

“It is vital that young Nigerian start-up companies and high-growth small- and medium- sized enterprises (SMEs) are provided with the skills, networks, mentorship and capital required to overcome the barriers to successfully grow and sustain their businesses, thereby creating employment opportunities and supporting poverty alleviation in the country,” he continued.

The Oxford Foundry Entrepreneurship Centre at the University of Oxford was opened by the CEO of Apple, Tim Cook, in 2017, to provide all students and alumni of the University of Oxford, as well as wider communities, the entrepreneurial and technology experiential skills and training they need to succeed in their chosen careers.

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