14th December, 2023
When it comes to business, Africa as a continent is usually left out of the global conversation. But, there’s a range of exciting business developments going on at the moment, particularly in Nigeria.
Here are some examples of how Nigeria is getting ahead in the global world of business.
Growth in The Online Gaming World
Online gaming has been steadily growing around the globe, and it’s no different here in Nigeria. The cultural shift to online gaming isn’t just about gaining new revenue online, but it’s become a case study on how to build communities for people to connect, compete, and collaborate – all while making use of the latest technologies.
With faster internet speeds and more development in the gaming industry, players can not access things like Bitcoin casino games online where they can use modern cryptocurrencies to make swift payments. With increased graphics capabilities and things like virtual and augmented reality, these games are pushing the boundaries much further – creating a buzzing online gaming world within Nigeria.
Tech Buzz in Lagos
In the heart of Lagos, a tech revolution is unfolding that stretches beyond funding rounds and market shares. Startups are more than just business entities; they’re vibrant contributors to the city’s creative pulse. From fintech innovators simplifying daily transactions to Agritech pioneers transforming traditional farming, Lagos is a breeding ground for diverse tech solutions. The narrative isn’t just about business success; it’s about a cultural renaissance that positions Lagos as a major player in Africa’s tech landscape.
In this bustling metropolis, entrepreneurs aren’t just chasing profits; they’re weaving narratives of innovation and change. Lagos isn’t merely a hub for tech; it’s a stage where the fusion of creativity and technology is giving rise to solutions that transcend business and resonate with the pulse of a dynamic society.
You’ve got businesses like Flutterwave, a payment technology company, that has secured over $225 million in funding. Andela is an innovative talent marketplace that connects African developers with global companies, which has also received a massive $180 million in funding, empowering the growth of tech talent in Nigeria.
Nigeria’s Sustainable Push
Beyond the solar farms and wind energy projects, Nigeria’s embrace of renewable energy reflects a deeper commitment to sustainability. Entrepreneurs aren’t just constructing projects; they’re architects of a cleaner, more sustainable future. As many people know, climate change normally impacts the communities that contribute the least – something we’ve felt across the African continent. But, that doesn’t mean we’re not doing our best to also make a sustainable push.
Look at Wecyclers, an innovative waste management company using technology to incentivize recycling in low-income communities. There’s also Arnergy, which focuses on providing clean, affordable, and reliable power solutions to as many people as possible, promoting environmental sustainability. Finally, we’re super impressed by Farmcrowdy, an Agritech platform, that empowers small-scale farmers, fostering food security and rural economic development.
Green energy isn’t just an alternative; it’s a movement, with local innovators at the forefront. As Nigeria navigates its energy landscape, it’s not just about meeting power needs; it’s about pioneering a shift towards a greener, more sustainable tomorrow.
Tech Meets Farming
Beyond the buzzwords of precision farming and blockchain in supply chain management, Nigeria’s agribusiness story is one of transformative innovation. Local farmers aren’t just adopting technology; they’re becoming tech-savvy entrepreneurs.
Farmcrowdy, a trailblazer in the sector, connects investors with small-scale farmers, fostering financial inclusion and boosting agricultural productivity. Thrive Agric utilizes a similar model, empowering individuals to invest in and support farmers while facilitating market access. Crop2Cash employs digital platforms to provide farmers with financial services, optimizing their operations.
As technology meets farming, the agribusiness sector isn’t just a source of sustenance; it’s a dynamic space where each innovation contributes to progress and modernization.
Schemes to Encourage Economic Growth
Many initiatives in Nigeria are stories of economic growth in the making. Initiatives such as the National Enterprise Development Programme (NEDEP) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) focus on providing financial support, training, and capacity building for entrepreneurs.
Additionally, the Ease of Doing Business reforms aim to provide tax incentives, grants, and procurement preference programs further underline the country’s commitment to fostering a conducive environment for the flourishing of small businesses in Nigeria.
Progress is about creating an environment where each economic scheme is a building block for a thriving business landscape in Nigeria.
Global Collaborations That Are Making a Difference
International collaborations are avenues that put Nigerian businesses on the map. Each collaboration isn’t just an agreement; it’s a bridge connecting Nigerian businesses to opportunities beyond national borders.
Fintech companies like Flutterwave collaborate with global payment platforms, enhancing financial inclusivity. Agricultural innovators such as Farmcrowdy seek international partnerships to scale sustainable farming practices. These collaborations not only foster knowledge exchange but also position Nigerian businesses on the global stage, showcasing the country’s economic potential.