About 77 new techpreneurs have ventured into the competitive Lagos technology ecosystem after graduating from the Lagos State Employment Trust Fund’s (LSTEF) Lagos Innovates programme.
The 77 beneficiaries trained as part of the 2022/2023 session supported by corporate organisations like Honeywell Group. In June 2022, about 1,000 young Nigerians applied for the programme, conceived to ease the process of building successful tech startups in Nigeria’s commercial capital.
By September 2022, after a rigorous selection process, 77 selected beneficiaries gained access to learn data analytics from Dataleum, winners of Art of Technology Startup of the Year Award, 2022.
The impact recorded thus far in the first cohort of the Lagos Innovates Programme is an indication that bigger achievements can be recorded on the continent if more public and private organizations would support the growth of Nigeria’s tech ecosystem.
One of the Programme’s beneficiaries, Cynthia Ani said, “What was most exciting was that I have real-time support; I can always reach out to my colleagues or facilitators and get answers to my questions and concerns.”
“It was easy for anyone to take an online course, but only a few of these courses prepare you for real-life work as a data analyst. Sadly, most unemployed graduates cannot afford the ones that do,” Ani further enthused.
Another participant, Afolake Oshadogan, a graduate of Statistics, with interest in data analytics said, “Tech, particularly data analytics, has always piqued my interest because of my background. Every time I wanted to pursue it, I had to prioritize the needs of my family.
“When I lost my job during the pandemic, things became even harder, paying the fees to learn the skill was out of the question for me, so when this opportunity came, I couldn’t pass it off.
timistic about the future and feel like I am rediscovering myself!” she added.
Each student has a unique story of their journey before the programme, and what compels them to push on. But a common thread is how the training would support their dreams for the future. These beneficiaries have taken their first steps towards a future in tech in Africa’s most populous nation, and that is no small feat.
The Nigerian tech ecosystem ranks among the top five in Africa. According to the 2022 Startup Ecosystem Report, Nigeria has experienced significant growth and is projected to reach $712 billion by 2050.
Despite these projections, and its potential to rival more developed countries and the number of startups in the country, the Nigerian tech ecosystem is not without its struggles. Entrepreneurs in Nigeria with the intent to leverage technology to solve issues and create wealth typically run across a variety of issues that are unique to the Nigerian clime.
These range from unnecessary bureaucratic processes to a volatile economy. A recurring question for entrepreneurs is, what’s next after developing the idea or product? How do we move from ideation to execution? And next to the question of funding is that of scaling these innovative solutions amid unstable government policies.
The question remains, how can entrepreneurs navigate the challenging Nigerian tech ecosystem and not get burnt by a myriad of problems—whether it’s poor infrastructure, zero to low capital (funding), access to tech talent.
For entrepreneurs in Africa, and Nigeria especially, fundraising is difficult in part because local investors seem wary of investing in local tech startups or only seem to do so after foreign investments. Indeed, most of the investments that make up start-up funding are foreign investments, according to reports.
In 2022, foreign investments accounted for the largest share of the five biggest funding deals in the tech ecosystem. Relying entirely on foreign investments for capital is not sustainable, local investments are essential if the Nigerian tech ecosystem is to meet its projected outcome in the coming years. Young Nigerians understand the boom in the tech industry and are actively seeking a way in.
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