Intel promises to support Nigerian businesses through Intel Capital

Intel, a leading Innovation and Technology giant, has announced it will continue to provide Nigerian businesses with innovative technologies, partnerships, and investments through Intel Capital, and cutting edge products that enable innovative companies and entrepreneurs leap frog the infrastructural deficit and drive growth.

Cigdem Ertem, the Regional Director for the Middle East, Turkey and Africa, Intel Corporation, gave this assurance while speaking at the Economist Summit in Intercontinental Hotel, Lagos recently.

According to her, with Nigeria facing a new reality of lower oil prices, and structural forces undermining growth, technology, more than ever is now a lever that will help transform and diversify the economy.

“Intel focuses on supporting technology enabled industries and drivers of economic growth like Education, Finance & Banking, Manufacturing and the Professional Services,” she said.

Studies by the International Finance Corporation (IFC) show that approximately 96% of Nigerian businesses are SMEs compared to 53% in the US and 65% in Europe. However SME’s contribute approximately 1% of Nigerian’s GDP, compared to 40% in Asian countries and 50% in the US or Europe.

Ertem, while addressing the statistics, noted that the low level of contribution can be attributed to several constraints, including lack of funding, infrastructure, and low level of productivity; all of which can be bridged through technology.

she added, “At Intel, we do more than power a PC, we empower and enable youth, and women in Nigeria and around the world to become a viable part of the global knowledge economy by providing support for them to develop relevant technology skills that will increase their opportunities in the market, and help them thrive as entrepreneurs, through programs like Intel She Will Connect, Intel Teach, and Intel Capital”.

Intel Capital continues to invest in innovative technology start-ups and companies in Africa since 1991 and has invested over US$1.2 billion,

On the other hand, Intel has, through Intel Teach and She Will Connect, trained over 150,000 teachers and 35,000 young girls and women in Nigeria respectively, in partnership with NGOs, Government and Intel’s business partners.

Aliko Dangote, CEO Dangote Group; HE Okechukwu Enelamah, Ministry of Industry, Trade and Investment; and Adebola Williams of Red Media, are other speakers at the summit, which took place on March 7-8, 2016.

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