Launched in 2016 by IROKO alumnus Jessica Hope, the communications consultancy has become the go-to B2B PR partner for startups, scale-ups, venture capital firms and institutional organisations looking to reach African and international audiences.

Over the past decade, the 15-strong team, located across London and Lagos, has advised some of the continent’s most recognisable tech companies and investors, including M-KOPA, Andela, MaxAB and Ventures Platform, helping shape communications around pivotal moments such as major funding rounds, product launches, crises, acquisitions and market expansions. 

Reinforcing its position as a leading storyteller in the tech ecosystem, in 2025, Wimbart launched The Wimbart Way – a podcast of deep-dive interviews with leading African tech space operators, investors, founders and journalists including Omobola Johnson, Iyin Aboyeji and Tomiwa Aladekomo, who each look at different aspects of the intersection of media and African tech storytelling.

The consultancy’s growth has mirrored the rapid rise of Africa’s technology sector. Since 2015, startups across the continent have raised over $20 billion, produced globally recognised unicorns and attracted increasing international investment.

Over the past decade, Wimbart has worked with 230+ clients across nearly 20 countries, including its key markets, Nigeria, Kenya, South Africa and Egypt. In February 2016, the company expanded with the launch of Wimbart Lite, led by founding team member Maria Adediran, to provide communications support for early-stage startups.

Jessica Hope, Founder and CEO of Wimbart, says:

“We’ve had the pleasure of working alongside elite founders and investors building the continent’s tech ecosystem, and telling their stories globally, via hundreds of press releases and thousands of articles and interviews over the past decade.

“What has consistently defined us is simple; our energy, ambition and intensity matches our clients’. Passion underscores everything we do, but is coupled with PR technical skill and a nose for what makes a great story. Wimbart only works because the people building Africa’s tech ecosystem have continuously trusted us to tell their stories, and backed us to do it right.”

A short film marking Wimbart’s 10 year anniversary, featuring those who have helped shape the company – African tech leading ecosystem partners, clients and the Wimbart team [past and present] – can be found here.

Speaking during an exclusive fireside chat titled ‘Beyond the Hype: What it really takes to build technology that scales in Africa,’ the serial entrepreneur and investor dismantled some of the most popular assumptions in African tech, challenging founders to rethink almost everything they believe about building technology on the continent, including the belief that scale begins with funding.

Aboyeji said that raising money is not the hardest part of building a technology company in Africa, and it may be the most overrated.

“When you want to build beyond the hype in the world that we live in today, you also have to build beyond Africa. So when you say what it takes to build technology companies that scale in Africa, that’s a very limiting title, because you should be thinking beyond Africa.”

For Iyinoluwa Aboyeji, who has co-founded Andela, Flutterwave, Moove and investment firm Future Africa, scale does not start with geography, pitch decks or capital. It starts with the biggest perspective most founders avoid. Companies that last are not built for locations. They are built for people.

“The most important thing any business needs is a unique understanding of its customers. Technology transcends more than geography, and it’s more adaptive to psychographics than it is to geography.”

This misunderstanding, he said, is why many founders begin by copying Silicon Valley playbooks rather than defining what technology can truly do for their customers.

“A lot of people start off trying to figure out what Silicon Valley is doing, and I’m going to just build the Nigerian version.”

That approach, he said, usually leads to companies that look successful on the surface and raise money, but it rarely builds companies that reach scale and serve millions.

“You can have a successful company, depending on how you measure success, by copying Silicon Valley, but in terms of scale, in terms of a product that goes deep into serving billions of customers, I’ve just never seen it work.”

The myth in African tech

Iyinoluwa Aboyeji repeatedly returned to what he described as the most damaging belief in the ecosystem. “The big myth that a lot of people have is that the most important thing you need for a startup is investment.”

Capital, he said, is not the foundation of scale. Customers are. “The most important thing any business needs is a unique understanding of their customer that is sufficiently differentiated from others, but comes from a place of real depth.”

He illustrated this with the origin of Moove, the mobility fintech he co-founded. The company started by addressing what seemed to be a Lagos problem, where drivers needed cars but could not afford to buy them.

“What we didn’t realise was psychographic about that was that the problem of drivers without cars is a global problem.”

The insight became clear once the team stopped viewing the issue as local. “You go to London, all those drivers don’t own the cars they’re driving. You go to Dubai, Germany. When you break out of your geographic and demographic barrier, and you start going into the psychographic world, you’re going to unlock products that are global by nature.”

Why product–market fit is rare

Asked how founders should think about product–market fit, Aboyeji dismissed the way the term is usually used. “You have to have an obsession with your customers. When I say obsession, I don’t mean it lightly.”

As an investor, he said his firm reviews thousands of pitch decks but stops only when something genuinely unfamiliar appears. “We only stop to look when we see something that we’ve not seen before.”

He used a portfolio company, Filmmaker Smart, as an example, whose founding idea went against the dominant thinking in Africa’s creative economy.

“Their core thesis was that nobody needs a movie studio. It’s too expensive and it doesn’t fit the way film is made in Africa.”

At the time, the idea sounded unreasonable. Today, the company is backed by IFC and Sony, generates six- and seven-figure revenues annually, and is used by major studios.

“Somebody who understands a customer understands how to reimagine a world that they need to live in.”

Teams fail before products do

On building teams, Aboyeji spoke about where many founders go wrong. “I see a lot of people spend a lot of equity and money hiring engineers that don’t actually know anything about their markets.”

Skill alone, he said, is not enough.

“If the person who’s actually going to be touching the product and building the product doesn’t have insight, you’re actually better off just using a contracting agency.”

What matters most, especially for co-founders, is commitment. “Passion is actually a Greek word that means something you’re willing to suffer for.”

He warned founders against carrying unwilling partners or begging co-founders to work. “If the moment you’re working with somebody who doesn’t feel a need to sacrifice, just know you’re alone.”

The cost of taking bold steps

Reflecting on his own “big bold step,” Iyinoluwa Aboyeji pointed to his decision to leave Andela at a time when the startup had Mark Zuckerberg as an investor and was already a large, successful business.

“I could have just stayed there, but I wouldn’t be a three-time founder if I didn’t make that move.”

The move to Flutterwave came with no safety net. “That entire first year there was no salary. I was borrowing money from my wife. That was my girlfriend.”

He described weekly flights between Lagos and San Francisco, sleeping on planes, and working across continents simply to keep the company alive.

Starting again, he said, has since become second nature.

On failure

Iyinoluwa Aboyeji addressed failure without trying to soften it. “The definite outcome of every startup is death.” What separates founders, he argued, is how they treat that reality. “There was a business that failed. It wasn’t you.”

He shared stories of early ventures that collapsed, near expulsion from university, and pivots that only worked after initial ideas failed. “Every company you see failed its way to becoming successful.”

The one thing founders must stop doing

During the rapid-fire round at the Conference, Aboyeji was asked what founders must stop doing if they want to succeed.

“Raising money.”

He explained why. “Because customers are how you get money. Capital is customers.” 

Partaining the future, his outlook was: “African talent will dominate artificial intelligence.”

“Stop copying, stop chasing investors, understand customers deeply, and accept failure as part of the work.”

The deal, announced Thursday, aims to sharpen how Andela identifies and deploys engineers who can deliver on AI projects at scale.

“With Woven, Andela is leapfrogging the development of world-class assessments for both AI fluency and engineering fundamentals,” said Barun Singh, Andela’s chief product and technology officer.

The acquisition will enable Andela to meet the high demand for AI-native engineers, professionals who not only experiment with AI but also build, integrate, and scale AI systems. 

Andela describes three critical archetypes for enterprises, including builders, integrators, and scalers. Builders turn business needs into functional AI components. Integrators connect models, data, and tools into autonomous workflows. 

Scalers manage reliability, governance, and risk in deployed AI systems. Woven’s technology will now allow Andela to assess engineers accurately across all three roles, helping companies hire the right talent for each stage of AI adoption.

“To power the AI ecosystem at scale, the world needs AI-native, enterprise-ready engineering talent en masse. Andela plus Woven equals the best technical assessment engine in the world to ensure AI fluency and real-world job success,” said Carrol Chang, Andela’s CEO.

As part of the integration, Woven’s founder and CEO, Wes Winham Winler, will join Andela to lead next-generation assessments focused on AI-assisted software development and AI system creation. 

The company will also gain access to Woven’s library of engineering scenarios, AI-driven scoring systems, and the team’s domain expertise to accelerate its roadmap.

Andela’s platform already connects more than 150,000 technology professionals worldwide. With Woven’s capabilities built on top of Andela’s previously acquired Qualified platform, the company now has a unified system for scalable, high-accuracy engineering assessments.

This is the third major Nigerian startup acquisition this month. Earlier in January, Flutterwave bought Mono, an open banking startup, while Paystack acquired Ladder Microfinance Bank, revealing a trend of consolidation and expansion in Nigeria’s tech sector.

Andela wants to become the global hub for AI-native engineering talent, combining deep assessment strength with a large, verified talent network to ensure engineers are both skilled and ready for real-world AI challenges.

Yet these apps rarely use AI beyond basic automation, meaning millions miss out on smarter services that could transform their financial, health, and daily lives.

But these apps remain largely transactional, not intelligent. They help users complete tasks, but they don’t learn, adapt, or personalise experiences in meaningful ways.

Artificial intelligence, when mentioned in Nigeria, is still too often confined to policy papers, academic conferences, or high-level discussions, not embedded into the apps that everyday people rely on.

This disconnect means we are missing the opportunity to make technology truly responsive to local needs.

Globally, the story is different. The AI in mobile apps market is projected to reach nearly $85 billion by 2030, up from $19.4 billion in 2024, according to Grand View Research. Countries and companies worldwide are embedding intelligence into everything from financial tools to healthcare assistants.

Nigeria risks being left behind if our apps remain stuck in the “digital clerk” phase. And yet, the talent exists locally: communities like Andela, Decagon, and Google Developer Groups have trained thousands of developers.

What’s missing is targeted support in the form of AI-focused training, open datasets, and real-world application opportunities to help developers bring intelligence to the apps Nigerians already trust.

As a mobile app developer with over three years of experience building fintech solutions, I’ve seen both the power and the limits of Nigeria’s app ecosystem.

On one hand, mobile apps have enabled millions of people to send money instantly, pay bills, and even access credit all from their smartphones. On the other hand, too many of these apps are still designed to complete basic transactions rather than to understand or anticipate user needs.

For example, most fintech apps rely on rigid rules for fraud detection or credit approval. This often excludes people who don’t have traditional financial histories, even though alternative data (such as transaction patterns, smartphone usage, or even social signals) could provide more inclusive insights. AI could help bridge this gap by powering personalised credit scoring models that bring financial access to the unbanked and underbanked.

Similarly, in my own work, I’ve noticed how customer support in apps is often a major pain point.

Many users are stuck waiting for responses to simple queries that could be automated. An AI-powered assistant, integrated directly into the app, could provide real-time support in local languages, something especially valuable in a diverse country like Nigeria.

These are not abstract possibilities. They are practical improvements that developers like me could implement if we had better access to AI training, datasets, and cloud infrastructure. The barrier isn’t imagination; it’s ecosystem support.

Suppose Nigeria is to shift from being a mobile-first economy to becoming an AI-driven digital economy. In that case, two things must happen: our apps must evolve beyond transactions, and AI must move out of policy papers into the hands of everyday users. This requires both ecosystem reform and intentional investment in developers.

The first step is to democratise AI skills for those already building the apps Nigerians use every day. Mobile app developers cannot embed intelligence into mobile platforms without access to the right training and exposure.

Government agencies, universities, and private companies need to work together to create AI-focused bootcamps, hackathons, and accelerator programs specifically designed for mobile developers.

By equipping this group with the tools and skills to integrate AI, we increase the chances that ordinary Nigerians will encounter AI not in a conference room, but in the apps they rely on for payments, healthcare, or education.

Equally important is access to open and localised data. AI models are only as good as the data they learn from, and today, Nigerian developers struggle with the lack of high-quality,

context-specific datasets.

Imagine the possibilities if health institutions, financial bodies, and even agricultural agencies released anonymised datasets under secure and ethical guidelines.

Developers could then build AI solutions that reflect the realities of Nigeria’s people, economy, and languages, rather than importing foreign models that don’t always fit.

Nigeria must move from abstract discussions about AI strategy to real-world pilots in critical sectors. Fintech apps could integrate AI to make credit scoring more inclusive. Health apps could deploy AI-driven chatbots to offer instant consultations in local languages. Agricultural platforms could harness predictive AI to guide farmers on yields and weather patterns. These are not futuristic scenarios; they are achievable outcomes if policy and industry leaders deliberately encourage AI integration where it matters most.

Nigeria has the talent and the mobile-first market to lead Africa’s AI revolution. What’s missing is urgency.

If we continue building apps that only transact but never learn, we’ll remain users of other people’s technology.

But if we empower developers with skills, data, and infrastructure, we can turn everyday apps into intelligent tools that solve Nigeria’s biggest challenges. The future of AI here won’t be decided in policy documents; it will be built into the apps millions of Nigerians already hold in their hands.

*The Author: Orafu Charles Tochukwu, is a Software Engineer with over three years of experience building mobile and web solutions for fintech companies.

That’s how Rufai Mustapha explains his mission. In one sentence, it captures the two tracks of his career: building systems as a software engineer, and giving back through teaching and mentorship.

From startups to systems

Mustapha’s journey began in Nigeria’s fast-moving startup scene, where engineers often had to be more than just coders. At a web hosting service, he designed and built websites while writing documentation for in-house tools. At a digital media outfit, he managed projects and pitched products to clients.

Later, at a film-streaming service often described as “Netflix for renting Nigerian movies,” he built and improved the core Laravel platform, configured infrastructure on Digital Ocean, and kept cross-functional teams aligned.

For him, these years were not just about learning new frameworks or delivering features. They were about understanding how software becomes a product people can trust.

“It taught me to think like a builder, not just a programmer,” he says.

Mentorship as giving back

Even while building systems, Mustapha felt the pull of teaching. At a pan-African training company, he guided more than 2,000 students into careers in web and Android development.

His team’s resources were so effective they were later adopted by a Nigerian state government. At another academy, he designed programs that boosted graduate hire rates by 10 percent.

In 2022, his dedication to giving back was recognized when Google selected him as a mentor for the Africa Developer Scholarship supported by Andela. Over several months, he worked with learners across Africa, helping them navigate difficult concepts in web and Android tracks.

Some of his mentees landed their first jobs in fintech and mobile development. “The best part is getting that message that says, ‘I got the job,’” he recalls. “It reminded me that mentorship is as important as code.”

Teaching at scale

Mentorship soon extended into classrooms far beyond Lagos. In the UK, Mustapha trained women breaking into tech. In Germany, he mentored migrants rebuilding careers in a new country.

On global platforms like LinkedIn Learning and Pluralsight, his courses have reached thousands. On freeCodeCamp, his tutorials on React and SVG mapping have been read by tens of thousands across continents.

For him, teaching is not about broadcasting knowledge but about breaking down complexity. “I want people to see that they can build too,” he says.

Speaking for ecosystems

His engineering background also pushed him into advocacy roles. At one of Africa’s leading payments companies, he overhauled API documentation and demo guides used by over 10,000 developers and merchants.

He has since spoken at more than 50 conferences across Africa and Europe, reaching thousands of developers with talks that mix live code, strategy, and storytelling.

At Write the Docs Prague, he delivered a message that resonated deeply: African startups cannot afford to ignore documentation. “Good documentation is not a luxury,” Rufai Mustapha said. “It drives adoption, it convinces investors, and it keeps ecosystems alive.”

Building communities

Beyond code and classrooms, Rufai Mustapha invests in building ecosystems. He co-hosts the EMEA chapter of Write the Docs, creating space for African engineers and writers to connect with their global peers.

He also leads Open Source Community Africa, a collective that encourages contributions from African developers to global projects.

The mission ahead

From coding startups in Lagos to mentoring through Google’s continent-wide program, from publishing courses on LinkedIn Learning and Pluralsight to speaking on world stages, Rufai Mustapha’s story keeps circling back to the same mission.

“I started out wanting to build software,” he says. “Now I see that the real measure of what I build is the people who grow because of it.”

Code is what he builds. People are why he builds.

With its most recent investment in TurnStay, the South African travel payment platform, which has just closed a $2M seed round, TAPSI has now deployed 50% of its capital.

TAPSI was launched in 2022 to extend TLcom’s investment reach to pre-seed stage companies, providing up to $200,000 in funding alongside access to the firm’s global network, operational expertise, and over two decades of experience in African venture investing.

The fund acts as an upstream feeder vehicle for TLcom’s core $154M TIDE Africa Fund II, enabling portfolio companies that perform well to progress to larger funding rounds.

In addition to Turnstay, the TAPSI portfolio currently includes Talstack [Nigeria], Bright Financial [Sudan and Ethiopia], Tradehub [Egypt], Agrails [Kenya] and three startups backed through its partnership with First Check Africa, which focuses on delivering early-stage capital to female founders.

Through TAPSI, TLcom expects to close on up to ten additional pre-seed investments before the end of 2026 and will continue to invest in diverse founding teams across Africa’s major innovation hubs.

Building on the investment approach of TLcom’s TIDE Fund I and TIDE Fund II, TAPSI is sector-agnostic and focuses on key sectors where TLcom sees strong early-stage potential for outsized impact.

Talstack’s journey demonstrates this approach in practice, leveraging its TAPSI pre-seed funding to validate its model and achieve early traction, culminating in a subsequent seed round from TIDE Fund II in 2024.

This dedicated pre-seed fund strengthens TLcom’s position as a multi-stage investor, reflecting the firm’s deep understanding of the funding lifecycle of the African tech ecosystem and the critical role early capital plays in setting African startups on a path to scale and create impact.

Eloho Omame, partner at TLcom Capital, says,

“Pre-seed investments allow us to expand our portfolio and allocate capital across multiple stages of a company’s lifecycle. Our goal is to create massive value in underserved markets and collaborate with African founders to build from the start all the way to exit; be it an acquisition or in the form of an IPO. This is by no means easy for any start-up, in any sector; building in Africa is not for the faint-hearted. However, the likelihood of success significantly increases if we support and work with founders earlier on in their journeys and we grow alongside them”.

TLcom boasts one of African tech’s most impressive early-stage portfolios, including Pula, uLesson, Autochek, FairMoney, Educatly, HUB2, ILLA, Littlefish, Seamless HR, and Andela – one of the continent’s tech unicorns.

With approximately $250 million under management, including the $154M TIDE Africa II, TLcom is dedicated to empowering ambitious entrepreneurs who are solving critical challenges in large, underserved markets.

Eloho Omame concludes,

“With TAPSI as a dedicated pre-seed arm of our investment platform, TLcom is uniquely positioned to back companies across their entire growth journey from ideation and product-market fit to scaling and maturity, reinforcing our role as a long-term partner to Africa’s most ambitious founders. As we progress with this fund, we look forward to speaking with and supporting more early-stage start-ups from across the continent”.

Since its Managing Partners made their first investment in Africa in 2013, 4DX has raised three institutionally backed funds, and the firm has approximately $200 million in assets under management.

In 2024, International Finance Corporation (IFC), a member of the World Bank Group, became a 4DX investor with a $10.5M capital commitment, demonstrating the firm’s ability to partner with best-in-class global institutions across multiple investor segments, including endowments, private equity firms, family offices and foundations.

The firm has built a reputation for backing bold, visionary entrepreneurs and supporting them with a high-touch, value-added approach to company building.

With investments spanning a range of industries, including FinTech, E-commerce, Embedded Finance, Creative Industries, Marketplaces, Climate and Edtech, 4DX focuses on companies that are shaping Africa’s digital future.

The portfolio includes category-defining companies such as Flutterwave, Andela, Autochek, Breadfast, MaxAB, Wasoko, mPharma, Thndr and Yoco.

Its portfolio companies operate in 22 African countries, with regional offices in Accra, Cairo and Nairobi, and an active presence in South Africa and Francophone Africa.

Alemayehou and Sekyi-Otu will support 4DX’s leadership team and portfolio founders, strengthening the firm’s global network and providing strategic counsel and mentorship.

Mimi Alemayehou brings deep experience from both the private and public sectors. She has held global executive roles at Mastercard, as well as managing director of the Black Rhino Group and Chair of Blackstone Africa Infrastructure LP.

A recognized leader in development finance, she served as Executive Vice President of the Overseas Private Investment Corporation (OPIC), the U.S. government’s development finance agency.

She also served as the U.S. representative on the Board of the African Development Bank and on the President’s Advisory Council on Africa Diaspora Engagement in the United States.  She held multiple Board positions, including at Twitter, U.S. African Development Foundation and FinDev Canada.

Kurankye Sekyi-Otu is an experienced leader in the alternative investment industry. He is the Founder & CEO of Capoeira Partners, a strategic advisory firm working with founder-led asset management firms, and previously served as Chief Strategy Officer at Polar Asset Management Partners, one of Canada’s largest hedge funds.

He also held senior roles at Mackenzie Investments and CIBC Capital Markets, with extensive experience in capital formation, business development, and institutional partnerships.

“The appointment of Mimi and Kurankye comes at a pivotal time for 4DX and our portfolio,” said Walter Baddoo, Co-Founder and Managing Partner of 4DX Ventures. “As more African technology companies scale globally, we’re excited to bring on world-class advisors with truly global perspectives and deep operational and investment expertise. Both Mimi and Kurankye are known for their roll-up-your-sleeves approach and will be instrumental in supporting our founders, deepening our global  institutional relationships, and contributing to our long-term strategy.”

Speaking of her new role, Mimi Alemayehou said:

“I’m thrilled to join 4DX and support the impactful work Walter, Peter, and the team are driving across the continent. This role is an exciting new chapter in my dedication to championing growth and development across Africa and emerging markets. 4DX has played a catalytic role in the African tech ecosystem, and I’m energised to bring my experience in development finance, technology and policy to help scale innovation, build strategic partnerships and deepen engagement with key stakeholders across sectors.”

Kurankye Sekyi-Otu added,

“4DX has built an impressive track record of investing in founders who create category-defining companies, tackle local challenges, and uplift their communities. Our immediate focus is to deliver deep operational insight that drives meaningful execution as 4DX scales and deepens its partnerships with world-class global institutions. I’m committed to activating a global network of operators, partners, and domain experts to support the firm’s continued growth and strategic evolution.”

4DX’s unique value creation model is institutionalized through 4DX Labs, its value creation arm designed to help portfolio companies succeed by providing hands-on support across product, marketing, data science, engineering, sales, business development, corporate development and fundraising.

This model has supported multiple strategic transactions, including Swarm Technologies’ acquisition by SpaceX, Tactyc’s acquisition by Carta, and the landmark merger of MaxAB and Wasoko — the largest tech merger in Africa to date.

As the firm looks ahead, 4DX is also exploring growth-stage investments and promising new categories such as the creative economy, where its regional expertise and network provide a strong competitive edge. Alemayehou and Sekyi-Otu will play a key role in advising 4DX and extending the firm’s influence in global capital markets.

Focusing on foundational knowledge and skills in Kubernetes and the wider cloud-native ecosystem, the collaboration aims to train 20,000 to 30,000 individuals over the next two to three years. 

Participants of the free training will have the opportunity to prepare for the Kubernetes and Cloud Native Associate (KCNA) and Certified Kubernetes Application Developer (CKAD) certifications, which are recognized industry credentials.

“This partnership showcases the global impact of CNCF’s education programs. By standardizing cloud native knowledge, developers across the globe can confidently work toward certifications that will enable them to land developer positions both within their own countries and globally,” said Chris Aniszczyk, CTO at the CNCF. 

“By partnering with Andela, which has a long history of training technologists in Africa, we see great opportunity in providing our training to communities that may otherwise not have access. Together, we can create a win-win for companies that need workers and workers that need opportunities.”

According to Google’s Africa Developer Ecosystem Report 2021, the increased global demand for remote tech talent, which was accelerated by the pandemic, created more remote employment opportunities for African developers.

Now, 38% of African software developers work for at least one company based outside the continent.

”We are excited to partner with CNCF to extend training and, ultimately, enhance job opportunities for African workers. The continent is emerging as one of the most important markets in the world. It has the fastest-growing population of developers, and its young workforce will be key to solving the tech talent shortage,” said Carrol Chang, Andela CEO. 

“Organizations are looking for talent with advanced skill sets like AI and cloud-native, and this particular skill set is a perfect addition to the Andela marketplace.”

Training participants will take six to nine months to achieve the KCNA and CKAD certifications and will be selected from Andela’s talent marketplace, which includes 150,000 technology professionals globally, with a large percentage from Africa. 

Andela’s talent marketplace in Africa spans 49 countries, including Nigeria, Kenya and Ghana. 

The company fosters an active community for marketplace participants and has worked with numerous companies, including Google, Meta, Microsoft, AWS, and Nvidia, to train talent in technologies that offer vast workplace opportunities.

The need for cloud-native developers continues to increase and a recent study by CNCF revealed that almost 55% of developers landed a new job as a result of training and certification courses. 

Almost 7 in 10 (67%) said it made them feel more engaged and fulfilled in their work. However, 8 in 10 (81%) also said cost prevented them from completing certifications. 

“As a non-profit focused on growing open source and cultivating the IT talent needed to sustain it, partnerships – like this one with Andela – help us train and certify underrepresented groups, which is crucial to both our long-term success and amplify our impact,” said Clyde Seepersad, senior vice president and general manager of Linux Foundation Education.

SoftBank Vision Fund is one of the world’s largest venture capital funds with investments in global startups including Nigeria’s Opay and Andela. Rajeev Misra’s position saw both commendable successes and notable setbacks. 

His departure is the latest in a series of changes for the Vision Fund, following his earlier exit from SoftBank Group’s executive roles in 2022.

Misra was a key figure in the establishment of SoftBank Vision Fund in 2017, a fund that quickly attracted an extraordinary $100 billion in investments from high-profile backers such as Saudi Arabia, the UAE, and Apple. 

His vision alongside SoftBank’s founder, Masayoshi Son, boosted the Vision Fund to become a top player in global venture capital. 

However, the fund’s aggressive bets on the startup sector did not always pay off. High-profile failures, including the implosions of WeWork, Zume Pizza, and Wag, marked the fund’s later years, raising questions about the sustainability of its approach.

But then, Misra’s tenure also saw some successes. Vision Fund 1, for example, reaped good returns from investments in companies like Coupang and Didi Global, bolstering the fund’s reputation in technology investment. 

However, Vision Fund 2 faced greater challenges, with a number of its investments failing to achieve the anticipated growth.

In addition to overseeing the Vision Fund, Misra also clashed with senior colleagues, including Nikesh Arora and Marcelo Claure, both of whom left SoftBank under contentious circumstances. 

Despite these tensions, Misra remained a central figure at SoftBank for years, steering the company’s investments in key sectors such as artificial intelligence, robotics, and the Internet of Things.

After stepping away from his executive duties at SoftBank Group in 2022, Misra founded One Investment Management, a fund backed by Abu Dhabi with $6.8 billion in assets. 

This was a new chapter in his career, but now, with his official departure from SoftBank, he will no longer hold any formal role within the company.

The Vision Fund, which remains a critical component of SoftBank’s investment strategy, will now be led solely by Alex Clavel, who will take on the role of CEO of SoftBank Investment Advisers and SoftBank Global Advisers. 

This leadership change reveals a new direction for the Vision Fund, one that will look to build on its successes while addressing the challenges that have arisen under Misra’s leadership.

Throughout his time at SoftBank, Misra helped the Vision Fund make strategic investments across a broad range of industries. 

The fund’s involvement in Africa has been key, with investments in companies like OPay, a Nigerian fintech platform, and Andela, a talent outsourcing company.

These investments reiterate SoftBank’s focus on supporting emerging markets and ensuring technological growth globally.

However, a growing number of professionals are choosing to stay and invest in local entrepreneurship ventures. They gain experience globally, then come back to build locally.

This change could be said to have been influenced by personal ambition, economic opportunity, and a deep desire to positively impact local communities. 

But why are more Nigerians embracing entrepreneurship over migration, and how is this choice impacting the country’s economic industry?

The Lure of Migration and Its Challenges

Historically, skilled Nigerians migrated to escape limitations in career progression, infrastructure, and standard of living. 

While the allure of developed nations is strong, many discover that living abroad is not without its challenges. Migrants often face cultural adjustment, high living costs, and complex legal systems. 

The struggle to integrate into new environments has caused many to reconsider their decisions, sometimes leading to disillusionment.

Net Migration to UK Fell 10% in 2023 [GRAPH]

The Rise of Local Entrepreneurship

In contrast, local entrepreneurship is becoming a more attractive option for skilled Nigerians, driven by multiple factors:

1. Economic Opportunities: Despite Nigeria’s challenges, its local markets continue to grow, offering lucrative business opportunities. Entrepreneurs are increasingly identifying and capitalizing on untapped niches that address local needs.
2. Social Impact: A strong desire to contribute to Nigeria’s development is another driver. Entrepreneurs see themselves as agents of change, creating jobs and enabling community development in ways that migration cannot achieve.
3. Innovation and Technology: Technological advancements have helped local entrepreneurs to compete on a global scale. The rise of digital platforms and tools has made it easier for businesses to start and grow without needing to leave Nigeria.

Several Nigerian entrepreneurs are examples of this change

Iyinoluwa Aboyeji, co-founder of Andela and Flutterwave

Take Iyinoluwa Aboyeji, the co-founder of Andela and Flutterwave. Aboyeji chose to stay in Nigeria, where he has built platforms empowering African talent and businesses. 

His work with Andela, which focuses on training software developers, and Flutterwave, a payment solutions company, has greatly impacted the African tech space, with his current venture, Future Africa, which funds mission-driven innovators across the continent. 

Aboyeji believed in Nigeria’s ability to solve its own challenges and he remained focused on directly contributing to building the infrastructure and ecosystem necessary for sustainable growth.

Funke Opeke, CEO, MainOne

Similarly, Funke Opeke, who returned from the US to found MainOne, has helped in improving West Africa’s internet infrastructure. 

MainOne is a leading provider of telecom services and network solutions in the region, and under Opeke’s leadership, it has bridged huge gaps in digital access. 

After a successful career in the United States, Opeke returned to Nigeria driven by a desire to address the country’s urgent need for better internet infrastructure. Her vision for reducing the digital divide continues to drive her entrepreneurship goal and focus.

Olugbenga Agboola, co-founder of Flutterwave

Olugbenga Agboola, co-founder of Flutterwave, has simplified payments for businesses across Africa, helping them grow and operate efficiently. 

Flutterwave has become an essential pillar of the African fintech sector. Agboola remains in Africa because of his zeal to create solutions targeting the challenges faced by African businesses. With this, he ensures that Flutterwave continues to meet the dynamic needs of its users.

Temie Giwa-Tubosun, founder of LifeBank

Temie Giwa-Tubosun, founder of LifeBank, uses technology to connect hospitals with essential medical supplies, effectively saving lives. 

Her inspiration for LifeBank came from her personal experiences with the healthcare system in Nigeria, and her mission is to improve healthcare delivery in her home country. Giwa-Tubosun is deeply determined to use her platform to address healthcare challenges in Nigeria.

Shola Akinlade, co-founder of Paystack

Shola Akinlade, co-founder of Paystack, has simplified payments for businesses across Africa, allowing them to scale and thrive. 

Paystack’s acquisition by Stripe accentuated its global impact. Akinlade believes in the prospects of African businesses to compete globally. He has helped in building the infrastructure that supports the growth of businesses.

Odunayo Eweniyi, co-founder of PiggyVest

Odunayo Eweniyi, co-founder of PiggyVest, has made a huge impact in promoting financial inclusion and literacy in Nigeria. 

PiggyVest helps Nigerians to save and invest money, enabling them to adequately control their finances. Eweniyi’s decision to stay in Nigeria is driven by her vision to build people with the right mindset and her belief that local entrepreneurship can drive economic development.

Tayo Oviosu, founder of Paga

Tayo Oviosu, founder of Paga, has made financial services accessible to millions of Nigerians through mobile payments. Paga has become indispensable in the Nigerian fintech sector, bolstering how people handle financial transactions. 

Oviosu’s decision to stay in Nigeria allows him to remain close to his customers and better understand their needs, ensuring that Paga continues to deliver solutions that make financial services accessible to all.

The Patriots Who Build with Blistered Hands: Any Hope in Sight?

There is no gainsaying that the success of businesses in Nigeria has a profound impact on the economy and society. They contribute around 60% to the GDP, which equals approximately $295 billion annually, and are responsible for over 80% of jobs, whilst employing more than 52 million Nigerians (National Bureau of Statistics, 2024).

The  Foreign Direct Investment (FDI) reached $3.8 billion in 2023, with significant investments in telecommunications, oil, and renewable energy (UNCTAD, 2024).

Thus business activities continue to drive infrastructure improvements and urbanization, while the fintech sector has further transformed financial transactions, with digital payments reaching $670 billion in 2023 (Central Bank of Nigeria, 2024). 

Despite substantial CSR investments and economic contributions, challenges such as regional disparities and environmental issues remain prevalent (Nigerian Business Coalition for Sustainable Development, 2024; Environmental Rights Action, 2024).

An alarming statistics from the Nigeria Medical Association (NMA) indicate that over 1,000 doctors leave Nigeria annually for better working conditions and opportunities abroad, with popular destinations including the UK, the US, Canada, and Australia. 

Moreover, the media has been awash with reports of a massive exodus of engineers, technology experts, academics, researchers, and other professionals seeking opportunities in countries with thriving tech and engineering sectors. Despite this, there are still many who believe their contributions could help realize the Nigeria of our dreams.

It is important to state from the outset that the decision to stay in Nigeria or leave the country may be based on personal, professional, economic, social, and political reasons. This choice should not be judged as either good or bad. 

This is because, over the past two years, the Nigerian diaspora has made significant contributions to the economy, primarily through remittances, investments, and the transfer of skills and knowledge.

According to the World Bank and the Central Bank of Nigeria (CBN), remittances from Nigerians living abroad were estimated at around $20 billion in 2022. This substantial increase underscores the growing importance of remittances to Nigeria’s economy. 

For 2024, remittances are projected to be between $22 billion and $24 billion, reflecting a continued rise driven by the growing number of Nigerians abroad and advancements in financial technology.

For entrepreneurs who choose to stay, and build businesses over emigration,  they might have benefited largely from hindsight, insight, and strategic analysis. In Nigeria,  key entrepreneurial opportunities lie in technology and fintech, which attract significant investment and create jobs. 

The same can also be said of  Agriculture which is contributing 25% to GDP and supporting millions, presents other opportunities. 

In Nigeria also, Renewable energy, with projected investments of $2 billion by 2025, aims to address energy deficits and generate jobs. The healthcare sector, valued at over $5 billion, can reduce import dependency and improve health. 

E-commerce and retail can drive consumer spending and modernization, while education and edtech can enhance learning and create employment.

Additionally, Nigeria’s real estate offers opportunities for urban development, and tourism and hospitality support local businesses. The fashion industry generates significant revenue, and entertainment contributes not less than $7 billion annually. 

Each sector drives economic growth and job creation. Drawing parallels with H.W. Brands’ classic “The Men Who Built America,” which explores the lives and legacies of key industrialists like Andrew Carnegie, John D. Rockefeller, J.P. Morgan, Cornelius Vanderbilt, and Henry Ford, who transformed America through their innovations and philanthropy, it is clear that entrepreneurship, despite challenges, has the potential for significant impact.

However, when considering the chains of challenges faced by entrepreneurs in Nigeria, the question arises: is their patriotism worth it? While it can not be jettisoned that entrepreneurs play an important role in building the economy, the prevailing socio-economic and political climate in Nigeria can be said to be harsh, discouraging, and potentially stifling business success. 

According to Mr. Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of Economy, over 800 companies folded due to market instability, unfulfilled promises, breaches of contracts, foreign exchange market issues, and general economic instability. 

We opined that many of these challenges are avoidable with people-centred policies and well-thought-out actions, reflecting failures in leadership and governance.

Adding to these challenges are escalating interest rates, security issues, and unplanned subsidy removal, which leave entrepreneurs at a disadvantage. Alhaji Dangote’s refinery dubbed the “6th Wonder of the World,” serves as a reference point for the potential impact of well-managed projects.

In light of the questions posed by one of Jesus Christ’s apostles, “We have left everything to follow you! What then will there be for us?” It is essential to ask what the future holds for entrepreneurs who choose to build businesses amid challenging conditions. 

For us, we are of the opinion that the government needs to enhance entrepreneurship in Nigeria by improving access to funding, addressing the fact that only 8% of startups receive venture capital, and improving infrastructure, as Nigeria’s electricity meets only 45% of demand and internet penetration is at 50%. 

Furthermore, simplifying the business registration process, which currently averages 19 days, and providing tax incentives can also alleviate challenges.

With over 40% youth unemployment, supporting skill development is essential. Expanding market access, given that only 1% of SMEs export, and encouraging innovation with R&D investments (currently 0.5% of GDP) are vital. 

Also of importance is the promotion of public-private partnerships and celebration of entrepreneurship, which can further strengthen the ecosystem, potentially increasing its contribution to GDP, which was approximately 20% in 2022.