While Nigeria remains a titan of African VC – contributing significantly to a digital economy projected to hit $18.3 billion by the end of this year – the metrics for success have fundamentally shifted.

The Data: A Tale of Concentration and Survival

To understand the current stakes, one must look at the 2025 funding data. Last year, Nigeria secured approximately $572 million in total capital.

While the volume suggests stability, the distribution tells a story of extreme selection: just 11 startups captured nearly 83% of all capital inflow.

For mid-stage and early-stage founders, the funding winter is less a chill and more a deep freeze. Equity funding plummeted by 21% recently, as investors swapped speculative bets for businesses with ‘unit economic’ integrity.

In this environment, the ICT sector’s 9% contribution to real GDP isn’t driven by hype, but by essential services: Fintech (holding 47% of all funding), Energy-Tech, and the emerging ‘AI Utility’ pivot.

It is against this backdrop of high-interest rates and capital concentration that The Gathering on 100 – a youth movement – has launched its high-stakes Pitchathon at the National Stadium, Surulere.

The Hustle: ₦45 Million and the 10-Customer Rule

In a market where traditional VC is concentrated at the top, the Pitchathon’s ₦45 million prize pool represents a vital lifeline of non-dilutive capital. However, the organisers are mirroring the market’s new discipline.

The Filter: To even breathe the air on the Pitchathon stage, startups must prove they have survived the first contact with reality.

The ‘10-customer rule – requiring a registered Nigerian entity with at least 10 paying customers or three months of active user data – is a brutal, necessary filter.

It reflects the 2026 mandate: Product-Market Fit (PMF) is the only currency that matters.

The Crucible: 480 Seconds Under the Lights

The 100-hour non-stop event goes beyond lifestyle link-up; it’s a test of technical grit. The competition format is designed to strip away the ‘audacity’ and reveal the architecture:

• The 5-Minute Walkthrough: Founders must perform a live product demo. In an era of ‘AI-washing, showing the code and the interface in real-time is the ultimate truth serum.
• The 3-Minute Grill: Judges aren’t asking about vision; they are digging into Customer Acquisition Costs (CAC) and Lifetime Value (LTV).
• The Crowd Factor: In a nod to community-led growth, the audience holds 25% of the voting power. If you can’t convince the 20-somethings in the stands, you likely can’t scale in the Nigerian retail market.

Beyond Fintech: The Sector-Agnostic Shift

While Fintech remains the ecosystem’s heartbeat, the competition highlights the diversification of the New Nigerian Hustle.

By giving equal billing to AgriTech, HealthTech, IoT, and DefenceTech, the event acknowledges that the next billion-dollar opportunities lie in solving infrastructure gaps, not just digital payments.

As the 100-hour timer counts down in Surulere and registrations continue for the Pitchathon, the competition stands as a microcosm of the entire ecosystem.

It’s a high-pressure demonstration that while the ‘audacity economy’ got them into the stadium, only data, traction, and a working prototype will get them the check.

The event is slated to hold from April 22 to 26 at the National Stadium, Surulere, Lagos. See how to apply here.

It’s a remarkable paradox: Artificial Intelligence is making hiring more human.

Through my experience building AI-driven interview and remote-hiring infrastructure, I’ve seen firsthand how technology, when designed with intention, can repair long-standing inequalities in the hiring pipeline, especially for talent across Africa, Latin America, and Southeast Asia who have historically been overlooked.

Why Hiring Needed to Change

Traditional recruitment processes have long been burdened by inefficiencies. Recruiters are overwhelmed by high application volumes. Strong candidates slip through unnoticed. Early screening is often influenced by bias, personal familiarity, or performance under pressure rather than true competence.

Remote work unlocked access to global talent, but it came with new challenges: timezone gaps, inconsistent interview formats, unpredictable assessment quality, and overwhelming demand on hiring teams.

It became clear that the world needed a new hiring infrastructure, one designed to scale fairly, consistently, and globally.

Building AI That Scales Equity

In working on conversational AI interview systems, my focus has been creating experiences that allow every candidate, regardless of location or background, to demonstrate their abilities on equal footing.

These systems use structured questions, competency-led scoring, and consistent evaluation frameworks to minimize bias and increase fairness.

The goal was never to replace recruiters, but to extend their capacity. AI-powered interview tools allow hiring teams to evaluate thousands of candidates efficiently without sacrificing depthorquality.

Just as importantly, they empower candidates to tell their stories in their own words, on their own time, without the anxiety or logistical barriers of traditional interviews.

The results have been compelling:

• Significant reductions in time-to-hire
• Improved diversity across candidate pipelines
• Increased confidence in cross-border hiring without lowering assessment standards

These outcomes are a direct result of shifting early screening from subjective impressions to evidence-based evaluation.

Transforming the Global Talent Supply Chain

Conversational AI is only one part of the broader shift. Equally important is the creation of remote-work infrastructure that supports global hiring end-to-end.

This includes compliant contracts, onboarding systems, readiness assessments, and performance insights, everything needed to help companies hire confidently across borders and help candidates integrate successfully into distributed teams.

By embedding AI-led interviews into this ecosystem, companies can move beyond résumés and connect with high-potential talent who would otherwise remain invisible in traditional hiring funnels.

In one example from my experience, a mid-sized European tech company successfully hired an entire engineering team from West Africa in just a few weeks. They conducted no initial live interviews.

Early evaluation was handled entirely through structured, conversational AI assessments. Only shortlisted candidates met hiring managers, and all hires proved to be high performers. That is what the future of work looks like, agile, inclusive, and borderless.

Humanizing AI in Recruitment

A persistent misconception is that AI dehumanizes the hiring process. My experience shows the opposite. When thoughtfully designed, AI removes friction, reduces bias, increases transparency, and gives both sides more room to make informed decisions.

This begins with design choices such as:

• Competency-based scoring models informed by diverse datasets
• Algorithms monitored with fairness, consistency, and auditability at the core
• A candidate experience that emphasizes clarity, dignity, and psychological safety

Every element of an AI hiring tool should be guided by a central question: Does this make hiring more equitable?

When the answer is yes, AI becomes a catalyst, not a threat, to human-centered hiring.

The Road Ahead

The next phase of AI-driven hiring will focus on personalization. Adaptive interview flows, contextual scoring models, career-path-aligned assessments, and integrations that connect candidates to learning or mentorship opportunities will become standard.

The goal is not just to help companies find talent faster, but to help people discover roles they might never have considered.

Final Thought

AI will not replace recruiters. But it will redefine excellence in recruitment. It will shift hiring from a subjective, overburdened process to one that is structured, fair, scalable, and truly global.

Talent is everywhere. Opportunity is not. Conversational AI, when built with integrity and empathy, is one of the most powerful tools we have to close that gap.

Meet the writer:

Abisola Rachael Aderohunmu is a strategic senior product manager and AI-driven digital product leader with extensive experience building and scaling high-impact solutions across fintech, healthtech, and HR technology.

She currently leads AI product strategy at BorderlessHR, driving innovation across BorderlessHR.com and InterviewHQ.ai, where she built and launched the globally adopted AI-powered interview simulation platform that improves recruiter efficiency by 40% and enhances hiring accuracy.

Previously, she shaped fintech adoption at Fundall, delivering measurable gains in onboarding, virtual card retention, and product-led growth, and contributed to digital health and micro-insurance expansion at Heala Tech through AI-enabled and user-centered product initiatives. With a background spanning HR tech, financial services, health insurance technology, and early work in digital learning and games development, Abisola combines technical fluency, ethical AI leadership, and strong execution to build scalable products that improve user trust, experience, and business performance.

She holds a Bachelor of Technology in Microbiology with multiple global product and AI certifications and is also an active mentor committed to empowering the next generation of African product leaders.

The company envisions the Hub as a launchpad for future unicorns and a magnet for young innovators from Kwara State and the surrounding regions.

Speaking during a virtual town hall session organized by the Ilorin Innovation Hub with the theme “From Ilorin to the World: Building a Globally Recognized Technology Hub,” Mr. Kazeem Oladepo, senior vice president & chief operating officer, IHS Nigeria, emphasized the importance of collaboration, mentorship, and community engagement in nurturing the next generation of entrepreneurs.

“We see the Ilorin Innovation Hub as a platform to attract top talent—not just from Ilorin, but from across the region’s tertiary institutions and tech ecosystem,” Oladepo said. “This is an opportunity to build globally impactful companies by harnessing local brilliance with global insight.”

Mr. Temi Kolawole, managing director/CEO of the Ilorin Innovation Hub, described the town hall as a homecoming for top minds with roots in Kwara State.

“This is a convergence of visionaries—people who’ve built, scaled, and invested in world-class companies—now giving back to shape a collective future,” Kolawole said. “Our partnership with IHS Nigeria exemplifies what’s possible when public sector ambition meets private sector expertise.”

Responding to a participant’s question on how individuals could contribute towards the growth of the hub, Mr. Oladepo encouraged industry experts present to engage directly with the Hub’s program managers – future Africa and Cc-Hub, provide mentorship, and help in aligning the training modules with local and global market realities.

“IHS is already investing financial, technical, and intellectual resources into the Hub. But to truly thrive, we need champions within the ecosystem—mentors who’ve built real businesses—to guide young people as they develop transformative ideas,” he noted.

Highlighting long-term sustainability, Oladepo called for the inclusion of successful professionals and entrepreneurs in the Hub’s activities to ensure relevance and adaptability.

“Let’s bring in those who’ve succeeded in fields like e-commerce, logistics, Healthtech, and Data Mining. Their insights can help refine the Hub’s programs and ensure participants extract real value,” he added.

Other speakers at the session included Ms. Anu Adasolum, founder & CEO of Sabi, and Mr. Chris Folayan, Founder of Founder Centered.

The virtual townhall was well attended with participants including tech enthusiasts, founders, startups drawn from both within and outside Nigeria.

The NIGCOMSAT Accelerator Programme is a gateway to leveraging space technology for real-world change.

The organisers aim to empower startups leveraging satellite technology to address everyday challenges across various sectors, including but not limited to spacetech, agritech, fintech, edtech, healthtech, and cybersecurity.

“If you’re a bold innovator aged 18 or above, ready to solve critical challenges in Nigeria using space technology, then this programme is for you. We’re here to mentor and support you on your journey to success in the space sector”, said NIGCOMSAT.

Why Join the NIGCOMSAT Accelerator Programme?

• Expert Mentorship: Learn from industry leaders like Google and AWS who will guide you every step of the way.
• Global Exposure: Access opportunities to showcase your startup on the global stage.
• Networking: Connect with investors, space-tech experts, and like-minded entrepreneurs.
• Funding Opportunities: Compete for funding to scale your innovative solutions.

Who Can Apply?

The organisers are looking for early-stage startups passionate about transforming challenges into creative solutions using space technology.

Eligibility Requirements:

• Must be 18 years or older
• Must be a registered Nigerian Startup
• Must have a Minimum Viable Product
• Your solution must incorporate Space-Based Technology alongside other innovations

“But beyond these, there’s a space where unicorns, those billion-dollar minds of the business world, are no longer imaginary but tangible outcomes of Africa’s entrepreneurial determination.”

Tech unicorns are the new celebrities, and Africa is no longer in the shadows but birthing top global startups. From Lagos to Nairobi, Cairo to Cape Town, entrepreneurs are tackling local and global challenges with scalable, tech-driven solutions.

Investors are finding their new billion-dollar obsession on the continent, but really, “Who knew the next Silicon Valley would be in Africa?”

In the past few years, we’ve seen companies like Flutterwave, Chipper Cash, and Jumia, which have achieved unicorn status and also created ways for others. 

Entrepreneurs like Olugbenga Agboola of Flutterwave have attributed their success to understanding local challenges and translating them into global solutions. Agboola shared during an interview: “I personally believe in just doubling down and getting the work done which is why I’ve been busy building the infrastructure, the technology.” 

These companies are solving problems for Africa; and creating models that can work anywhere in the world. The focus is on scalability. 

According to data from Partech, African tech startups raised over $3.5 billion in 2023. As of September 2024, these startups had already crossed the $2.1 billion mark, according to Weetracker—an increase compared to $1.7 billion in funding for the same period in 2023. Though 2024 started slow, the pick-up was commendable.

One of the outstanding deals of the year was Moniepoint’s $110 million Series C funding round in October 2024. This raise, led by Development Partners International, with participation from Google’s Africa Investment Fund, Verod Capital, and Lightrock, made up 43% of the total $250 million raised by African startups in just one month.

The capital boosted the startup funding sector in Africa and also asserted the strength of the growing fintech sector on the continent.

Globally, unicorn startups typically come from a mix of sectors, youthful populations, and market demands. Africa has all three in abundance. 

The continent has the youngest population in the world, with a median age of just 19.6 years, and is home to over 1000 active tech hubs. Combined with a rapidly expanding digital economy—projected to reach $712 billion by 2050—Africa’s startup sector is a bubbling cauldron of opportunity.

Sectors on the Go for Unicorn Growth in 2025

While fintech has topped the African startup sector, 2025 looks to be a year with more diversified unicorn companies. These industries will be driven by innovative solutions and increased investment.

1. Fintech: The Reigning King
   Fintech remains Africa’s most funded sector, accounting for over 40% of venture capital inflows. With an unbanked population estimated at 57%, digital payment solutions, credit access, and blockchain innovations have huge prospects. Startups like Yellow Card and Paystack are leading advancements in decentralised finance and SME lending. Africa’s mobile money market, according to McKinsey, is expected to reach $40 billion by 2025, thanks to the increasing smartphone penetration. Mobile money solutions like M-Pesa and Chipper Cash are bolstering financial access, and the fintech ecosystem is not showing any signs of slowing down.

1. Climate Tech and Renewable Energy
   Africa’s energy challenges—over 600 million people lacking electricity—have led startups to innovate with renewable solutions. Companies such as Kenya’s BasiGo, which focuses on electric buses, and solar startups like M-KOPA and d.light are enhancing access to energy and enhancing sustainability. Investments in the sector are projected to hit $44 trillion by 2030, with $35 trillion allocated to transition technologies such as efficiency, electrification, grid expansion, and flexibility, according to the International Renewable Energy Agency (IRENA)
2. HealthTech: Building Resilient Healthcare Systems
   The pandemic uncovered gaps in healthcare systems, but also stimulated innovation. Startups are leveraging telemedicine, AI-driven diagnostics, and affordable healthcare solutions. Helium Health is digitising patient records, while mPharma is tackling medication accessibility. The healthcare market is projected to grow to $259 billion by 2030, with startups addressing challenges through technology.
3. AgriTech: Feeding a Billion People
   Agriculture employs over 60% of Africa’s population but faces inefficiencies along the value chain. Companies like Kenya’s Twiga Foods are connecting farmers to markets using technology, reducing waste and increasing profits. The agritech market is expected to grow 12.2% annually, reaching $26.27 billion by 2025.
4. EdTech: The Future of Learning
   With a young population and increasing internet penetration (currently at 43%), edtech is a natural growth area. Startups like Nigeria’s uLesson are delivering affordable, high-quality education to millions. Africa’s edtech sector is projected to grow at a compound annual growth rate of 16.3% through 2025.
5. Logistics and E-Commerce: The Amazon of Africa?
   Fragmented logistics have historically limited e-commerce, but startups like Sendy and Jumia are bridging the gap with efficient delivery systems. Africa’s e-commerce market is expected to reach $56 billion by 2029, driven by improved infrastructure and increasing trust in online shopping.

The Growth Drivers

Several factors will influence the rise of African unicorns:

• Investment Trends: More diversified funding, with international venture capitalists and local investors betting on startups. Cities like Ibadan, Kigali, and Alexandria are emerging as investment hotspots.
• Infrastructure Improvements: Expanding 5G networks and cheaper smartphones are driving connectivity.
• Talent Pool: Africa contributes 10% of the world’s tech talent, with Nigeria and Kenya leading in developer resources.

Challenges to Overcome

The challenges cannot be ignored and African startups are sometimes hit hard by these. Funding gaps, regulatory complexities, and infrastructure deficits are some of the issues that limit growth, with over 75% of startups failing within their first five years.

Geopolitical instability in certain regions causes risks for both startups and investors. Added to this, the lack of mature exit strategies, such as IPOs, has raised questions about long-term returns for VCs. 

Again, Africa’s brain drain phenomenon—where top talent migrates abroad—is a big issue. Addressing these challenges will require innovative public-private partnerships.

Predictions for 2025

By 2025, Africa is projected to double its unicorn count, hosting at least 10 billion-dollar companies. Startups like Egypt’s MNT-Halan (fintech), Kenya’s Wasoko (retail supply chain), and Nigeria’s Moove (vehicle financing) are likely prospects.

Emerging hubs like Kigali and Accra are joining established centres such as Lagos (Yabacon Valley), Nairobi (Silicon Savannah), and Cape Town. These hubs are promoting innovation and creating a favourable environment for Africa’s next unicorns.

While cities like Lagos, Nairobi, and Cairo are usually in the spotlight, emerging hubs like Kigali and Alexandria are proving their mettle. For instance, startups in Rwanda are benefiting from government-backed innovation programs, like the Kigali Innovation City project, which provides incentives for tech companies. Alexandria, Egypt, is also promoting a growing community of entrepreneurs through its proximity to top universities and access to global markets via the Mediterranean.

Flutterwave, Africa’s highest-valued fintech, became one of the unicorns through a combination of strategic partnerships and relentless focus on market scalability. Its partnership with global payment platforms like Visa and Mastercard enabled seamless cross-border transactions, while its early focus on SME solutions gave it a strong foothold in untapped markets. 

The company’s $250 million Series D round in 2022 and its subsequent expansions into Latin America and Asia showed how African startups can become global competitors.

For Africa’s unicorns to thrive, stakeholders must play their part. Governments need to create clear and consistent policies to support innovation, investors must take risks beyond the usual hubs, and entrepreneurs must focus on sustainable growth rather than quick exits. 

“The future of Africa’s innovation is in the hands of those willing to stay the course—because unicorns aren’t built overnight.”

Increasingly, it sits at the intersection of product design, regulation, user behaviour and trust.

For Joba Ojelabi, whose work spans both healthtech and fintech, this evolution has been practical, not theoretical. Campaigns may attract attention, but alignment sustains growth.

In healthtech, the stakes are immediate. During his time working with Advantage Health Africa, a company focused on improving access to genuine medicines and strengthening pharmaceutical distribution, Ojelabi approached marketing as a credibility engine rather than merely a promotional tool.

The World Health Organization has consistently highlighted the risks posed by substandard and falsified medicines in parts of sub Saharan Africa. In such a context, communication cannot rely on aesthetics alone.

At Advantage Health Africa, his work centred on translating complex healthcare messages into a language that pharmacies, healthcare providers and last mile users could understand and trust. Rather than positioning the platform with aggressive growth rhetoric, he aligned communication with compliance realities and the guiding principles of the organization with respect to medications- access, quality and affordability.

The transition into fintech introduced a different but equally sensitive terrain. Nigeria remains one of Africa’s most active fintech markets, attracting significant venture funding while operating under regulatory scrutiny.

Advisories from the Securities and Exchange Commission and ongoing debates around digital assets reinforce the need for disciplined financial communication. Consumer skepticism, shaped by past disruptions and policy shifts, remains strong.

At FlashChange, where Ojelabi leads marketing, this environment required a recalibration of growth strategy.

Instead of optimising solely for downloads and impressions, his campaigns prioritised funded accounts, active transactions and repeat usage.

Initiatives such as structured referral programmes and community driven content were designed to link storytelling with measurable product interaction. The focus was not merely awareness but activation.

This approach aligns with broader global fintech insights from firms such as McKinsey, which highlight retention and customer lifetime value as more reliable indicators of sustainability than acquisition spikes.

At FlashChange, product marketing was structured to support these deeper metrics. Messaging around speed, transparency and cross-border convenience was tied directly to demonstrable product performance, reducing the gap between promise and experience.

Another defining feature of Ojelabi’s work at FlashChange has been the integration of community validation into growth strategy. DataReportal’s 2024 digital report underscores the expansion of social media usage in Nigeria, particularly short form video platforms. Consumers increasingly evaluate financial services on platforms like TikTok, where comment sections function as informal review systems.

Across both Advantage Health Africa and FlashChange, a consistent pattern emerges in Ojelabi’s perspective. Product marketing is not an isolated communications function. It is connective tissue between engineering, compliance, operations and growth. In emerging markets where infrastructure gaps, regulatory flux and economic volatility coexist, misalignment between product reality and marketing narrative can quickly erode trust.

By aligning communication closely with product capability in healthtech, and by structuring fintech campaigns around measurable engagement and community validation, Ojelabi’s work reflects a broader maturation within Nigeria’s startup ecosystem.

As the ecosystem grows more disciplined, moving beyond campaigns becomes less about reducing marketing activity and more about redefining its role. In emerging markets, sustainable growth depends not on louder messaging but on credible execution.

For Ojelabi, product marketing is not setting up ads and campaigns. It is strategy anchored in the principles the product itself embodies.

However, while the opportunities are abundant, challenges such as infrastructure gaps, regulatory hurdles, and the need for targeted investments in education remain.

Nigeria’s large, youthful population is its greatest asset. Young Nigerians are driving innovation, creating groundbreaking solutions in fintech, e-commerce, and healthtech, among others. Our nation is brimming with entrepreneurial energy, but to unlock the full potential of this sector, strategic and sustained investments are crucial.

Addressing the Infrastructure Gap

A critical challenge facing Nigeria’s ICT growth is the existing infrastructure gap. While mobile penetration is remarkably high, broadband connectivity remains inconsistent and inaccessible in many rural areas. Closing this digital divide is imperative to driving inclusive growth and ensuring that everyone, irrespective of location, can benefit from the digital economy.

To address this, there must be a concerted effort from both public and private sectors to expand broadband infrastructure. Improving data connectivity, establishing data centres, and enhancing power supply are foundational steps to ensure Nigeria is equipped for the digital future.

Our national broadband penetration target of 70% by 2025 is ambitious but attainable. It will require not only financial investments but also public-private collaborations, fostering partnerships that prioritise long-term solutions over quick wins.

The more connected Nigeria becomes, the more the ICT sector can serve as a catalyst for national economic growth.

Regulatory Reform: Creating an Enabling Environment

Equally critical to Nigeria’s tech advancement is creating a regulatory framework that fosters innovation and protects entrepreneurs. Overregulation can stifle the very creativity that drives growth, while under-regulation risks leaving vital sectors exposed to risks like cyber threats.

To build a thriving tech ecosystem, Nigeria needs clear, forward-thinking policies that simplify doing business and enable startups to scale.

Regulatory clarity on issues like data protection, intellectual property rights, and foreign investments will encourage both local and global players to operate within Nigeria’s digital landscape confidently.

This requires that the government and regulatory bodies continuously engage with the tech ecosystem to remain adaptive to evolving technologies and business models. Fostering this mutual understanding will encourage innovative approaches to regulations that support startups without suffocating their potential.

Investing in Human Capital for the Digital Economy

Beyond infrastructure and regulation, the future of Nigeria’s ICT sector rests on its people. Our youth are at the forefront of Africa’s tech innovation, but there’s a pressing need to bridge the gap between potential and readiness.

To position Nigeria as a tech hub, education must become a priority.

Currently, there is a mismatch between the skills required in the digital economy and what is being taught in our schools. Investments in tech education—whether through universities, coding academies, or vocational training—must be scaled.

Empowering young Nigerians with skills in coding, artificial intelligence, data science, and cybersecurity will prepare them to thrive in the future workforce.

This emphasis on tech education is more than just an economic necessity; it is a moral imperative. By equipping our youth with the tools to lead in the digital age, we ensure that no talent is wasted and that every young Nigerian has a shot at success in a fast-changing global market.

The Role of Startups in the Nigerian Digital Revolution

Startups are the heartbeat of Nigeria’s tech scene. Across sectors like fintech, healthtech, and agrotech, startups are solving Nigeria’s most pressing problems. Yet, despite their remarkable innovations, many struggle with scaling due to a lack of access to funding, mentorship, and infrastructure.

To strengthen the startup ecosystem, there needs to be a focus on creating a supportive environment where entrepreneurs can thrive. Access to early-stage funding, government-backed grants, and a network of investors willing to take long-term views on returns are key to enabling these businesses to grow.

Additionally, establishing tech hubs and accelerators across Nigeria can foster community among tech entrepreneurs, providing a space for ideas to be nurtured and connections to be built.

The role of government, again, is essential here. By creating incentives for venture capital firms and fostering collaboration between local and international tech investors, Nigeria can create a tech ecosystem that truly supports growth at scale.

Becoming Africa’s Leading Technology Hub

As Africa’s largest economy, Nigeria has the potential to become the continent’s foremost tech hub. This isn’t just about boosting the ICT sector—it’s about how technology can power growth across other critical sectors like agriculture, healthcare, and education.

For example, agrotech solutions can transform farming practices, making agriculture more efficient and sustainable. Healthtech platforms can address the gaps in Nigeria’s healthcare infrastructure by providing digital healthcare services to underserved areas. E-learning platforms can revolutionise education, providing opportunities to young Nigerians even in remote areas.

By positioning itself as a hub for tech innovation, Nigeria can become a model for how technology can drive inclusive, sustainable development. The African Continental Free Trade Agreement (AfCFTA) presents a unique opportunity for Nigerian startups and tech companies to expand across Africa, tapping into new markets and scaling their solutions continent-wide.

The Future of Nigeria’s Digital Economy

The road to becoming a tech leader is not without its challenges, but Nigeria is uniquely positioned to take advantage of this moment in time. Our youth are innovative, our market is large, and the demand for digital solutions is growing.

What is needed now is a unified, long-term vision that brings together government, private sector, and educational institutions to align their efforts toward a common goal.

If we can address the current challenges—by improving infrastructure, creating clear regulatory frameworks, investing in education, and supporting startups—we will unlock an era of unprecedented growth. Nigeria has the potential to become Africa’s digital powerhouse, driving innovation that will shape the continent’s future.

The time to act is now. The future of Nigeria’s digital economy is not a distant dream—it is a present reality waiting to be realised.

With the right strategies and investments in place, Nigeria’s ICT sector can be a beacon of hope for the rest of Africa, showcasing how technology can be leveraged for inclusive growth, economic prosperity, and sustainable development.

The revolution has begun, and Nigeria is poised to lead. Let’s make sure we seize this moment.

*Oluwole Asalu is a thought leader in the tech field in Nigeria, dedicated to advancing the nation’s tech ecosystem and fostering innovation and growth.

Through the collaborative efforts of AstraZeneca through the A.Catalyst Network, and co-funded by Bristol Myers Squibb, the initiative aims to tackle immediate healthcare challenges while also devising strategies for fortifying resilient healthcare systems.

With participation from 12 countries and collaboration with 22 leading universities, Fuel Africa 2024 has united over 1200 students and professionals in 95 teams to tackle Africa’s most pressing challenges.

Embracing a spectrum of themes, spanning from disease detection and management to enhancing healthcare accessibility and climate resilience, Fuel Africa 2024 marks a significant stride towards holistic healthcare solutions combined with environmental sustainability endeavors.

Deepak Arora, Country President of African Cluster at AstraZeneca said; “Fuel Africa 2024 embodies the spirit of innovation and collaboration that is essential for driving positive change in healthcare across Africa. We are proud to support initiatives that leverage technology to address critical healthcare challenges while promoting environmental sustainability.”

The programme’s highlights include over 30 hours of tailored learning experiences, including masterclasses, workshops, and mentoring sessions. At the end of the virtual demo day, three pioneering teams were granted pre-seed funding and committed to ongoing mentorship, propelling their innovative solutions towards implementation.

Among the winning innovations are; Tulivu.AI: A revolutionary wearable device for expectant mothers, enabling early detection of prenatal complications, SOTE.AI: an innovative diagnostic and treatment guidance system powered by AI algorithms to combat hepatocellular carcinoma (HCC) and MedLab Diagnostics: a groundbreaking diagnostic tool leveraging serological markers and AI for early detection of cervical cancer.

Rhea Singhla, CEO of Futurize, expressed her excitement, stating;

“At Futurize, we’re excited to pave the way for a healthier, more sustainable Africa. By integrating cutting-edge healthcare innovations with strategies to address climate challenges, Fuel Africa 2024 is laying the groundwork for positive transformation. However, our commitment doesn’t cease with the programme’s conclusion. Through the FuturizeU Incubator, we remain steadfast in nurturing these innovative projects to ensure they make the greatest impact possible.”

Looking beyond the program, participants can apply for the FuturizeU Incubator program in May 2024. This initiative aims to nurture and support innovative projects with mentorship, funding, and networking opportunities, ensuring their maximum impact in the market and building the next generation of startups.

Closely followed by the cleantech sector with $18.1 million, healthtech comes next with a $13.5 million infusion of funds. This distribution emphasizes the investors’ growing interest in sustainable and innovative solutions addressing agricultural challenges, environmental concerns, and healthcare advancements.

The funding sector reveals a broader trend of sectoral preferences amidst global funding dynamics, where investors increasingly prioritize startups with proven track records of traction and growth. This approach leaves fewer resources available for sectors experiencing declines in funding, such as fintech, highlighting a recalibration of investment strategies in response to evolving market responses.

Delving deeper into specific sectors, logistics startups witnessed a decline in funding throughout 2022, marking a nearly 50% drop compared to the preceding year. This decline can be attributed to multifaceted factors including a challenging macroeconomic environment, deceleration in e-commerce growth, and escalating interest rates. Despite this short-term setback, the long-term trajectory of logistics startup funding remained upward, buoyed by the enduring demand for innovative supply chain solutions.

The supply chain tech startup ecosystem, in particular, has been a focal point, amassing over $200 billion in venture funding since 2016, reaching its zenith in 2021. However, 2023 revealed a notable downturn in investor enthusiasm for supply chain startups, as indicated by Crunchbase data. This shift pointed to the dynamic nature of investor sentiment and the need for startups to adapt to evolving market changes and investor preferences.

Interestingly, the regional dynamics within the startup ecosystem merit attention. In January 2024, three out of the four logistics startups—Bosta, FriendlyM, and Roboost—that secured funding came from North Africa, with Egypt featuring prominently. This surge in interest coincides with Egypt’s growing success in the mobility sector, exemplified by Swvl, a mobility startup that achieved its first-ever net profit of $2.1 million in the previous year, following significant losses in 2022.

Reiterating the broader implications, the 2024 startup funding sector notes the importance of resilience and adaptability for startups scaling through challenging market conditions. While certain sectors flourish, others face obstacles, necessitating strategic attention and huge value propositions to secure investor confidence. Moreover, regional dynamics play a key role, with emerging markets like North Africa seizing opportunities in the midst of evolving investment trends.

The 2024 startup funding trends of January highlight the investor sentiments, and regional growth directions shaping the startup sector. With a global funding environment, startups must focus on what makes each sector unique, innovative, and responsive to emerging opportunities to thrive in an increasingly competitive atmosphere.

In this interview with Techeconomy, Sodeeq highlights how his desire to solve societal problems and friend’s influence facilitated his journey into the tech space. He also hints on the challenges he faced and how he was able to scale through. 

Can you tell us how you delved into tech?

My name is Muritadoh Sodeeq a Software Engineer (backend). I have 5 years of experience and I’ve worked across multiple industries such as Fintech,Edutech,and Health tech .

What led you into software Engineering?

Curiosity, my initial plan wasn’t Software Engineering, but being surrounded by individuals who could code and build mobile calculators intrigued me. Seeing their abilities influenced my decision to explore and understand how such applications are created.

Why software engineering?

I love solving problems, so it just resonates deeply with me. I look forward to contributing to the creation of systems that have real life impact on lives, businesses, and the world as a whole.

How has your tech journey been so far?

The journey has been challenging, but I firmly believe nothing good comes easy . One of the difficulties lies in adapting to evolving industry trends, where the technology stacks we use to solve problems often change overtime . It demands the ability to continuously learn, unlearn, and relearn to stay relevant.

What about Software Engineering motivates you?

Solving real-life problems and Seeing the impact of what is built in people’s life makes me happy and motivated. That’s what keeps me going.

How much did you make from your first project as a Software Engineer?

I made 50k from my first project. This was 5 years ago

That’s a lot, how did you feel about it?

I felt so happy and motivated about the job. It was a joy to get paid for what I love doing. I knew if I put more effort I could earn more.

What challenges did you face when you started software engineering?

I struggled with deciding on a specific area within software engineering, but ultimately, I went for the enjoyable and fundamental realm of software engineering, which is backend development.

How did you overcome them?

I made research and consulted with senior people in the industry.

What’s the biggest project you’ve worked on?

Cowry bus payment system for Lagos is the biggest project I’ve worked on.

Wow, How did you feel about that?

Being part of the team that constructed the foundational card payment transportation infrastructure for Lagos State, utilized by millions of people, was an exciting opportunity.

What advice would you give someone going into software engineering?

My advice to the person would be : Have  patience because it’s quite challenging and also to have good communication skills because you cannot work on a project alone.

What suggestions would you give to enhance their knowledge?

Reading basically, I’d advise them to read engineering blogs, engineering books, other people’s code on GitHub and read articles.