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    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

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    PICTDA announces Resumption Date for Code Plateau Cohort

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    Nigeria’s Cash Swap Policy: Goals versus Results

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

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    The Increase in Data Prices is a Big Challenge for Remote Workers in Nigeria

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

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    Flutterwave adds Google Pay to its Payment Options for African Businesses

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    Flutterwave gets Switching and Processing licence from CBN

    Flutterwave gets Switching and Processing licence from CBN

    Google Expands its Digital Wallet to South Africa

    Google Expands its Digital Wallet to South Africa

    FCCPC Orders Drawdown of Online Credit Companies

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    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

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    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

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    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Sky.Garden survives Shutdown, gets New Owners

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    Flutterwave debunks Alleged Reports of Hacked Accounts

    Flutterwave debunks Alleged Reports of Hacked Accounts

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    PICTDA announces Resumption Date for Code Plateau Cohort

    PICTDA announces Resumption Date for Code Plateau Cohort

    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

  • FEATURED
    Nigeria’s Cash Swap Policy: Goals versus Results

    Nigeria’s Cash Swap Policy: Goals versus Results

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    The Increase in Data Prices is a Big Challenge for Remote Workers in Nigeria

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

  • BLOCKCHAIN
    Binance now accepts Naira Deposits and Withdrawals

    Binance now accepts Naira Deposits and Withdrawals

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Is Africa Ready to Operate a Digital Monetary Policy?

    Is Africa Ready to Operate a Digital Monetary Policy?

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

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    PLA2SMART Set to Lead a New Frontier in Nigeria’s Tourism Economy

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    Bundle Launches Web App to Give Users More Accessibility to Crypto

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    CBN prohibits Foreign Banks from Offering Banking Services

    CBN prohibits Foreign Banks from Offering Banking Services

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    Flutterwave gets Switching and Processing licence from CBN

    Flutterwave gets Switching and Processing licence from CBN

    Google Expands its Digital Wallet to South Africa

    Google Expands its Digital Wallet to South Africa

    FCCPC Orders Drawdown of Online Credit Companies

    FCCPC Orders Drawdown of Online Credit Companies

  • START UPS
    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Sky.Garden survives Shutdown, gets New Owners

    Sky.Garden survives Shutdown, gets New Owners

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Home INNOVATION

Why Does Tech Innovation Matter to Nigeria?

by Shalom Oyero
February 8, 2022
in INNOVATION
Reading Time: 6 mins read
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Why Does Tech Innovation Matter to Nigeria?
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The world is fraught with issues that are difficult to solve, but at the same time will continue to demand solutions.

In Nigeria, there are a lot of national challenges to think about even as an independent country. With an estimated population of over 206 million people, social and economic challenges continue to emerge from education, health, energy infrastructure, food security, agriculture, wealth creation, employment, mass transportation, land reform, security and national integration among many.

Thus, digitalization and entrepreneurship are among the most prominent discussions going on in the Nigerian market and have become an integral part of society, even in practical capacities.

Therefore, foreseeing and being able to solve Nigeria’s challenges and respond to unprecedented events and internal economic crises in different ways by turning them into creative and innovative solutions that people can embrace has become a huge game-changer.

Entrepreneurs are Making a Difference

Every economy goes through a difficult phase at one time or another. However, being able to create effective strategies that help discover new and potential markets is key.

If the history of the Nigerian tech ecosystem teaches us anything, it is that success can be achieved from small beginnings.

Therefore, this is what a large number of entrepreneurs with creative minds benefit from. They fulfill human needs with out-of-the-ordinary ideas that affect the quality of life and contribute to making the nation a better and more sustainable place.

With Nigeria, Africa’s most populous country enjoying a massive talent acceleration, it has become an incubator for some of the continent’s biggest startups.

The result is the emergence of a generation of tech entrepreneurs with visions for a better economy, with the goal of bridging some of the gaps in social classes across the country.

They are Making the Most of Global Connectivity

Nigerian entrepreneurs are known to be passionate. A large number of them have managed to successfully and constantly increase foreign capital to push their business forward.

It is not surprising that Nigerian startups are able to attract foreign investors as they provide technology-based solutions, making their potential to expand faster and globally.

Thus, this appropriate contact and partnership is being recognized.

As well as reducing barriers to global trade and introducing agreements to promote development in services and investments, and therefore, helping in building and developing the national economy.

Tackling a Huge Problem: Unemployment

Unemployment is one of the many diseases that have plagued the Nigerian labor market. The country’s high domestic unemployment rate has raised concerns and growing anxiety among many young people.

However, the global economy is undergoing a rapid digital transformation, and the nation is said to be in the best position to reap the benefits of the digital economy.

In 2013, the global technology market  grew by 8%, creating jobs, providing salaries and expanding the range of services and products.

This makes it the largest employment sector in the world and is directly responsible for creating millions of job opportunities.

Because of this invaluable discovery, many individuals are adopting technical skills in order to live and have a better life.

Photo Credit: Nairametrics

Moreover, over the years, there has been an uneven spread of tech entrepreneurs in Nigeria with less concentration in the North. However, this has not reduced the overall impact on economic growth and development. 

This is because Northern Nigeria is gradually bridging the technology gap at a growing stage with the emergence of experienced tech entrepreneurs whose vision is to make the north a global hub for high technology, innovation and business, building the region, while providing job opportunities for the youth alike.

Tech spaces and startups like CoLab, Zang Technologies, the StartupArewa Initiative, nHub, amongst others are nurturing and promoting youth initiative and innovation.

What More Can be Done?

With regard to the role of government in driving innovation, development, as well as technical infrastructure markets, attention can be drawn to the scope of significant improvements in relation to key technology network assets.

The hallmark of Nigeria’s government policies can focus on advancing the digital sphere of the nation as well as encouraging a culture of innovation and research by establishing educational programs and institutions to create awareness and build more talent across the country and beyond, while implementing policies to build the ecosystem for local startups.

With this development, startups will be constantly encouraged to help raise the standard of living and the economy of the country.

Therefore, the exponential growth of digital technologies in Nigeria will continue to propel the nation forward for many years to come.

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