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    Why Establishing Your Brand Identity With a Bold Look is Important

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    NucleusIS Rolls Out Credit Scheme to Grow Health Insurance

    Mylerz Raises $9.6 Million to Scale its E-commerce and Logistics Platform

    Mylerz Raises $9.6 Million to Scale its E-commerce and Logistics Platform

    Kaltani Raises $4 Million to Boost Plastic Waste Recycling in Africa

    Kaltani Raises $4 Million to Boost Plastic Waste Recycling in Africa

    Kwaba Secures Undisclosed Pre-seed Round to Expand Across Africa

    Kwaba Secures Undisclosed Pre-seed Round to Expand Across Africa

    Early Stage-focused VC, HAVAÍC closes $20 million Fund to Invest in African Startups

    Early Stage-focused VC, HAVAÍC closes $20 million Fund to Invest in African Startups

  • FEATURED
    How ReelFruit Attained 3x Revenue Growth through Instagram Marketing

    How ReelFruit Attained 3x Revenue Growth through Instagram Marketing

    eHealth Africa is Revolutionizing Public Health in Nigeria and Beyond

    eHealth Africa is Revolutionizing Public Health in Nigeria and Beyond

    Why Establishing Your Brand Identity With a Bold Look is Important

    Why Establishing Your Brand Identity With a Bold Look is Important

    How Traditional Banks in Nigeria Can Leverage Fintech to Enhance Customer Experiences

    How Traditional Banks in Nigeria Can Leverage Fintech to Enhance Customer Experiences

    How One Company Is Helping Young Nigerians Access Standard Sexual Health Services

    How One Company Is Helping Young Nigerians Access Standard Sexual Health Services

    eNaira Has Been Launched

    10 Distinctive Things To Note About eNaira

  • BLOCKCHAIN
    Bundle Launches Web App to Give Users More Accessibility to Crypto

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    How Blockchain can Transform the Financial Ecosystem in Nigeria

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    Non-fungible Token of Nelson Mandela’s Original Arrest Warrant Raises over $130,000 in Auction

    Non-fungible Token of Nelson Mandela’s Original Arrest Warrant Raises over $130,000 in Auction

    The BBN Token: a Shift in the World of African Reality Shows

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    The Status of Real Estate Tokenization in Nigeria

    Blockchain company Bitmama launches African Physical Crypto Cards for In-store Payments

    Blockchain company Bitmama launches African Physical Crypto Cards for In-store Payments

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    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    We report Fundraising Stories everyday! But what do these Funding rounds mean?

    We report Fundraising Stories everyday! But what do these Funding rounds mean?

    Klump secures $780,000 pre-seed funding to Boost Buy-Now-Pay-Later Services in Nigeria

    Sudo Africa raises $3.7 million pre-seed fund for its Card-Issuing API Platform

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    Flutterwave Launches New Products at Flutterwave 3.0

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    Autochek Acquires KIFAL Auto to Drive its North Africa Expansion

    Topship Secures $2.5 Million to Boost International Shipping

    Topship Secures $2.5 Million to Boost International Shipping

    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    Equinix Inc Expands to Africa following Acquisition of Connectivity Solution Provider, MainOne

    Equinix Inc Expands to Africa following Acquisition of Connectivity Solution Provider, MainOne

    Egypt’s Mental Health Service 07 Therapy Secures $2.1 million Seed Round

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Home INNOVATION

Why Does Tech Innovation Matter to Nigeria?

by Shalom Oyero
February 8, 2022
in INNOVATION
0
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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