[Nigeria Business Week] Andrea Ayemoba: 5G becomes national security policy, industries seek sustainability in technology
The one thing the current global pandemic has unilaterally effected in all nations is a rearrangement of priorities, both for people and for governments. Survival elements – food and healthcare – have taken lead position, with more and more emphasis placed on efficient agriculture production and distribution.
Nigeria’s very large populace makes this more critical than ever, and the food and beverages companies are taking it as seriously as the farmer in the field. This week saw an indigenous agri-business launch Leky Yam, (yam is a homegrown and highly popular food in Nigeria). Even tea lovers can expect a new variation on tea shelves as Unilever has also unveiled a new product line.
The healthcare industry has in recent years sought advancement in the powers of technology. Words like telehealth and digital health have become terms and phrases we’ve gotten used to. While we cannot say that the major hospitals in Nigeria are efficiently exploring this channel, entrepreneurs and startups are blazing a trail, such as the founder of Wazima, whose health tech company is providing access to medical care in Nigeria and Sub-Saharan Africa.
Banks and financial institutions in Nigeria have also sought sustainability in technology. Today one can hardly imagine a financial startup outside of tech, and the statistics demonstrate this - Nigerian lending app, P2Vest, has recorded 100k users on its platform.
Other statistics show a stable banking sector, with FCMB recording increased profits last year over the previous, and the Central Bank showing a higher money supply in the economy in the same time period.
Oil and gas has not gone untouched in the global health and economic crisis. Nigeria is experiencing a higher petrol landing cost, leading directly to increased petrol prices and long queues at supply stations. The NNPC has responded by presenting a large subsidy bill to the government with the aim of softening of hardship on Nigerians. Meanwhile Aliko Dangote’s oil refinery is poised for crude production later this year.
Though it is early for predictions on this year’s turnout, international growth forecasts for Nigeria’s performance this year are on the modest side. But with technology infiltrating all aspects of work and innovation, the outcome remains to be seen.