The crude oil prices have been crashing after decades of being successively sky high. As a country dependent majorly on oil production, Nigeria had been successfully cashing on these booming oil prices from the day oil reserves were discovered in Oloibiri in the year 1956. It is reported that the oil and gas industry of Nigeria had earned N77.348 trillion during the years 1999 – 2016.
With the discovery of sweet crude oil, the country started abandoning and abdicating its agricultural advances. Even though the finances gathered from agriculture had supported the country in fetching the groundnut pyramids (north), building a cocoa house (west), and acquiring vastly expanded oil palms (east); the country decided to trade agriculture for oil mining. At present, one can find only scraps of agricultural activities and investments active in the country.
Things have changed since then. Things are looking up in the Nigerian economy. People are earning more. It’s perhaps why online sports betting in Nigeria becoming more popular than ever too.
A Look at Nigeria’s Tech Space
Today, the whole picture is reversed. Oil no longer holds the beauty required to enchant anyone and everyone. The revenue earned from oil industries is continuously thinning. Sure, the Nigerian government is compelled to borrow the money needed to support its projects, but the vision is straightforward.
Recently, the government has been sanctioned a loan of $328 million from China which is aimed at boosting the ICT sector. They are further trying to get financial aid from the International Monetary Fund and the World Bank.
Consequently, the government is also focused on the gradual transformation of the country’s economy from being completely dependent on oil production to a diverse economy with multiple earning sources. Technology is said to be the governments’ potential asset. Young Nigerians had probably recognized this earlier and hence, are heavily indulged in utilising food tech, travel tech, fintech, e-commerce, health tech and social tech to create employment and conquer social problems.
Innovative tech solutions mean the Nigerian economy can have a significant advantage.
The Top Steps Nigeria Needs to Take
The innovative solutions offered by the young blood have started attracting million dollar investments from angel investors and venture capitalists. Paga, a Fintech startup was able to raise about $10 million for global expansion from the popular Global Innovation Partners and others.
The country will succeed only if it recognises and properly uses the tech space for its economic boom. Amongst the firsts, Nigeria must set up a policy framework to hold its tech industry firmly. This will ensure a workspace environment required for the industry to thrive and survive.
Secondly, Nigeria ought to promote its local and international partnerships encompassed in the tech start-ups. The collaborations may vary from technical support to exchange of data. This will enhance the lifespan of the company and support Nigeria’s growth. Lastly, innovation is the key and to continue being relevant in the tech space; the Nigerian companies will have to keep brainstorming through creative ideas and projects.