5 Reasons Nigeria’s Tech Sector Set For Explosive Growth

By Adeniyi Ogunfowoke

The contributions of technology to the economies of countries like China, South Korea, and the United States can’t be measured. The growth of tech has peaked in these countries. Tech giants like Apple, Google, Tecno, and Samsung are domiciled in these countries.

Nigeria and perhaps other African countries are just teething when it comes to technology although there are some encouraging potentials for growth in the near future. Here are 5 reasons to be confident about the future of Nigeria’s technology space.

Mark Zuckerberg’s visit to Nigeria

The first ever visit of the CEO of Facebook to sub-Saharan Africa shows that Nigeria is doing something right when it comes to technology. This visit was a huge boost for technopreneurs and persons who deploy technology for their various businesses.

Tech hubs are springing up

Until recently, there were very few tech hubs in Nigeria. You cannot finish tallying your ten fingers when counting the number of hubs then. But today, there are many tech hubs that provide work spaces for growing startups and also expose them to opportunities

Significant rise in internet penetration

There is no doubt that Nigeria leads internet usage in Africa. Thanks to cheaper mobile phones and broadband connection. According to statistics from internetlivestats.com, internet penetration in Nigeria is 46.1% and this is a 2.5% share of world internet users. However, there is much to be done as Nigerians without the internet are on the highside-100,767,598 according to internetlivestats.com.

Government support

Oil which is the mainstay of Nigeria’s economy has slumped from as high as $100 to as low as $43.44. This has greatly affected the finances of the country, prompting the government to take economic diversification serious. Jumia travel adds that technology has become the beautiful bride to rescue the economy and with the different initiatives by the   government like the Aso Demo, the future of technology is guaranteed.

E-commerce is growing

E-commerce is growing in Nigeria despite the infrastructure challenges. Again, this growth is largely tied to the rise in internet penetration and the ease of online businesses.

Adeniyi Ogunfowoke is a PR Associate at Jumia Travel.