[Nigeria Business Week] Andrea Ayemoba: Digitization on all fronts, tech takes the lead

There is an obvious, increasing amount of technology awareness, and appeals for more extensive technology trainings in Nigeria. With one of the most active startup ecosystems in the continent, all industries and governments within Nigeria are increasingly throwing more weight behind the need need to digitize all operations in the economy. Indeed Nigeria’s annual economic performance and its potential for becoming a knowledge State is tied to its level of technological advancement. 

Pushing the digital transformation agenda, the Nigerian Exchange Limited has set up an advisory panel on digital products and the Securities and Exchange Commission has recently granted a digital brokerage license to Bamboo, an online firm.

 One of the largest IP network providers in Africa has launched its first Point of Presence in Nigeria and Airtel Africa’s Nigeria subsidiary has purchased 5G spectrum for further expansion in the continent. 

Tech startups are also going strong, with a local fintech startup raising over half of million dollars in a pre-seed round, while Lagos currently hosts a 13-week techstars accelerator program for 12 African startups. Entrepreneurs are increasingly offering cloud services that local businesses can afford, at the same time making available mild trainings and knowledge transfer for the SMEs to tap into. 

Traders and Small and Medium-sized Businesses operating in critical sectors such as food and healthcare are set to benefit from a recent partnership between the IFC and Union Bank. Other partnerships and formal agreements in recent weeks have been in the interest of the Nigerian mining industry as well as cross-border telecommunications.

Further novelties in the hospitality industry. A Nigerian travel agency announced strategies for expansion as well as its NGO for widows and orphans, and an international hotel group opened a new hotel in the capital city, Abuja.

Andrea Ayemoba is a Senior Editor at Africa Business Communities.