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With technological advancements and the establishment of innovation centers all over the globe, Nigeria is positioning itself as a critical player.
The nation of, Nigeria located in Western Africa is vast in landmass and populace. According to NationsOnline.org, it has an area of 923,768 km square and a population of about 200 million people making it the 7th most populous country in the world.
With technological advancements and the establishment of innovation centers all over the globe, Nigeria is positioning itself as a critical player. Young and dynamic entrepreneurs have emerged in the tech space seeking to provide solutions to some challenges facing the country’s economy.
Innovations across different sectors have emerged such as in the financial sector, health sector, environmental sector, educational sector, etc. Presently, several start-up tech companies are springing up all around the country.
From Lagos, which is the center of commerce in Nigeria, to Abuja (the Federal Capital), to Abia (the South- East region) and, to other parts of the country.
With these advancements in technology, the E-commerce industry was birthed and thus revolutionized the mode of business transactions in the country thereby availing consumers the opportunity to market, bank, invest, purchase, distribute, communicate and explore, anytime and anywhere.
Nigeria’s digital ecosystem is evolving and experiencing rapid adoption of technology and innovation, with dynamic hubs, hackathon sessions, and growing Fin-Tech, E-Commerce, Health-Tech, and Clean-Tech ecosystem.
According to Proshare, in 2010, the Co-Creation Hub team, which is often referred to as “Africa’s Silicon Valley”, was created to provide a platform for like-minded technological enthusiasts, allowing them to share ideas to solve social problems in the country.
With this platform, several tech companies have emerged like BudgIT, WeCyclers, Ruby, Lifebank, amongst others.
Young Nigerian Entrepreneurs have since then dazzled with innovative software development companies providing solutions in the financial sector and other critical sectors of the economy. e.g. Andela and Flutterwave.
Also, the Federal and some State governments have started exploring the development of innovation hubs as incubators and catalysts of technological advancement.
The recent outbreak of Covid-19 and its restrictions in movement has further revolutionized industries and sectors in the country. For example, the educational sector has since 2020 embraced the idea of E-learning, which has made emerging trends like SaaS and streaming services popular.