German president meets Nigerians behind the Lagos start-up boom

German President Frank-Walter Steinmeier got a glimpse of Nigeria’s booming start-up scene on Thursday, at the end of a two-day visit to the West African country.

In Nigeria’s business hub, Lagos, five young companies presented their projects to Steinmeier.

They ranged from a health platform, based on an electronic insurance card, to a financing platform that provides entrepreneurs with capital.

Africa’s most populous country, where people under the age of 18 make up half the population, has become a centre of the continent’s start-up scene.

The Nigeria Startup Act, which came into force in October 2022, has particularly encouraged the emergence of young companies in the tech and IT sectors.

During a meeting with Nigerian entrepreneurs, Steinmeier called for closer bilateral cooperation. “Germany is still the country of modern technology; Nigeria is rich in resources and a creative young generation,” he said.

“We are perfect partners. So let’s realize our potential.”

Before his onward flight to South Africa, Steinmeier, a former German foreign minister, met the Nigerian writer and Nobel laureate Wole Soyinka. His four-day trip to three African countries will also include a visit to Lesotho.

Germany’s presidency is a largely ceremonial role.