The New Tycoons Ready For The Next Normal

The change-makers in Nigeria’s new digital economy are turning today’s challenges into tomorrow’s opportunities. They are the tenacious new wealth creators in a country that celebrates its 60th anniversary in October.

- Peace Hyde

There is a widely-held belief that Africa can escape its poverty by skipping enormous stages of development through the use of technology. Those who are proponents of this belief continue to put their faith in technology’s ability to help Africa leapfrog and escape years of exploitation the continent has suffered through colonialism. One country at the forefront of this movement is Nigeria, Africa’s largest economy, with over 200 million inhabitants.

According to a 2019 report by the Center for Global Development, Nigeria overtook South Africa as the leading investment destination with 55 active technology hubs accounting for a total of $94.9 million in funds raised in contrast to the $60 million raised and 59 active startups in South Africa.

Furthermore, the country is considered Africa’s biggest technology market and accounts for 24% of internet users in Africa with 126 million people online in December 2019, as per figures from Internet World Stats, 2020.

The Nigerian Communications Commission estimated the country had the largest number of telecommunications subscribers with a tele-density figure of almost 96.76% last year. Matt Warman, the United Kingdom’s Digital Minister, in a report published by the UK’s Department of Digital Culture, Media and Sport, estimated that Nigeria’s tech sector is projected to create some three million jobs and generate £67.4 billion ($80 billion) for the economy by 2021.