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 newly elected representatives, Iyinoluwa Aboyeji (South West), Charles Uchenna Emembolu (South East), Abba Ibrahim Gamawa (North East), and Victoria Ojoagefu Manya (North Central), will bring the perspectives of founders, innovators, and digital entrepreneurs directly into policy discussions that shape the country’s startup sector.

The election, coordinated by the Office for Nigerian Digital Innovation (ONDI) under the National Information Technology Development Agency (NITDA), followed a transparent nomination and voting process involving members of the Startup Consultative Forum from all six geopolitical zones. 

The Forum was inaugurated earlier in 2025 to ensure that the startup ecosystem had a voice in government-led innovation policymaking.

The NCDIE, created under the Nigeria Startup Act, serves as the main governance body responsible for driving the country’s innovation and entrepreneurship agenda. It brings together representatives from the private sector, government, academia, and investors to oversee and coordinate the Act’s implementation. 

For the first time, elected startup founders are joining the NCDIE Council, revealing a goal to boost inclusive governance and stronger collaboration between policymakers and the innovation community.

This development is seen as an important milestone in bridging the gap between Nigeria’s startup sector and government institutions. With direct representation, founders can now contribute meaningfully to conversations around policy design, funding structures, and innovation support frameworks. 

It also reflects the government’s commitment to engage the private sector in shaping Nigeria’s digital future.

According to NITDA, the inclusion of startup representatives “underscores the commitment of ONDI and NITDA to strengthening collaboration among government, innovators, and industry stakeholders.” The agency reaffirmed its resolve to “build a thriving digital economy, nurture startups, and foster the type of collaboration that ensures innovation becomes a cornerstone of national development.”

The new Council is expected to effectively integrate startup perspectives into national strategies and ensure the collaboration influences long-term growth in the tech sector. 

The election has already been commended by experts as a positive indication that Nigeria’s innovation policy is beginning to reflect the voices of those driving real change from the ground up.

However, even the most skilled graduates still find themselves endlessly job hunting. Lagos, the supposed land of opportunities, is overcrowded, and the dream of building a successful startup in Nigeria sometimes feels like chasing shadows.

But what if the next big thing in African tech wasn’t from Lagos or Abuja—but from Ilorin?

Well, the Ilorin Innovation Hub, a 13,000-square-metre tech centre is coming to change the story. Driven by the Kwara State Government in partnership with IHS Nigeria, this facility is not another government project that looks good on paper—it’s designed to create 10,000 jobs, incubate startups, and provide young innovators with the tools they need to build global businesses.

With the commencement of incubation and acceleration programs announced on Thursday, 27 February 2025, the hub has been described as the largest of its kind in West Africa, with a 3,000-square-metre indoor workspace capable of accommodating over 1,000 concurrent users. 

For a state that has long been overshadowed by bigger commercial hubs, we hear the message—Ilorin is getting ready to compete globally.

With innovators like CcHub and Future Africa appointed to lead incubation initiatives, and the government slashing internet costs to attract digital businesses, Kwara State seems serious about becoming a tech giant.

So, could the next Nigerian unicorn be born in Ilorin? If this hub fulfils its promises, the answer might just be yes.

“Why Not a Tech Unicorn from Ilorin?” – IHS Nigeria CEO Challenges Innovators

In his address, Mohamad Darwish, CEO of IHS Nigeria, explained the technological growth and economic opportunities the hub will bring:

“This hub represents a bold step towards fostering innovation, entrepreneurship, and digital transformation, not only in Kwara State but across Nigeria as a whole,” Darwish stated.

He noted IHS Nigeria’s focus on digital infrastructure development, stressing that the hub is not just an edifice, but an ecosystem designed to promote creativity, train young innovators with skills, and provide access to funding and mentorship.

“Unicorns are emerging globally, so the question to ask is ‘Why not from Ilorin, Kwara State?’” Darwish stressed.

With a vision to generate over 10,000 direct and indirect jobs across sectors such as digital skills, agricultural technology, and energy innovation, Darwish affirmed IHS Nigeria’s goal to empower young entrepreneurs to build globally scalable solutions.

Government Endorsement: “The World Will Soon Hear of Kwara State”

Representing the Kwara State Government, Dr Mary Ayinde, commissioner for Tertiary Education, spoke on the prospects of the Ilorin Innovation Hub.

“This is another giant stride of His Excellency, Mallam AbdulRahman AbdulRazaq. Kwara State is going places, and the world will soon hear of Kwara State,” she said.

The state government had slashed the cost of right-of-way fees for fibre optic installations, reducing limitations for internet service providers (ISPs) and making connectivity more affordable for residents. 

As a result, Kwara now has a low-cost, high-speed internet infrastructure, making it attractive for businesses and technology-driven enterprises.

Ayinde stressed the importance of connectivity in driving economic development, adding that the state is committed to ensuring that the hub serves as a launchpad for the next generation of Nigerian innovators.

Future Africa and CcHub to Lead Implementation of High-Impact Initiatives

IHS Nigeria has partnered with two renowned programme managers—Co-Creation Hub (CcHub) and Future Africa—to implement incubation and accelerator programmes designed to groom startups, businesses, and young innovators.

Iyinoluwa Aboyeji, co-founder of Andela and Flutterwave and founding partner at Future Africa, described the hub as the “seed of a new generation of billion-dollar businesses.”

“I recruited Kwara State as my top recruiting ground for Andela, a company that builds and deploys talent all over the world,” Aboyeji noted.

He affirmed that the Ilorin Innovation Hub would help in creating sustainable infrastructure, with a focus on agriculture, energy, and digital connectivity.

“We are here to work with entrepreneurs to build globally scalable businesses. The billion-dollar businesses of the future will move up from here,” he added.

Stephanie Okpere, design lead at CcHub, reaffirmed the organisation’s focus on supporting the hub’s research and entrepreneurship initiatives.

“In the last 15 years, CcHub has worked with over 50,000 startups, and we have the expertise to drive innovation at this hub,” she said.

She outlined plans for mentorship, talent development, and partnerships with universities, ensuring that the hub will serve as a pipeline for young innovators into the global tech space.

Ensuring Technological Advancement and Sustainable Infrastructure

The Ilorin Innovation Hub is being built with cutting-edge infrastructure designed to support innovation at a high scale. Features include:

• 13,000-square-metre campus with a 3,000-square-metre indoor work and event space
• Capacity for over 1,000 concurrent users
• Dedicated co-working spaces, conference halls, and an IHS Lounge
• High-speed connectivity for seamless digital collaboration

With a focus on sustainability, the hub will be powered by a solar energy system comprising 681 units of 5-kilowatt solar panels, generating approximately 584 megawatts of energy—enough to power 200 three-bedroom flats.

Added to these, the facility will include 600 kilowatt-hours of battery energy storage, ensuring an uninterrupted power supply. This solar-powered system is projected to save over ₦2 billion in energy costs over time.

The hub’s cooling system, featuring 96 DS cooling units, will be solar-powered, with the capacity to sustain up to eight four-bedroom flats, significantly reducing its carbon footprint.

Recognising the challenge of infrastructure maintenance in Nigeria, the project team has developed a solid facility management strategy to ensure the hub remains in pristine condition for years to come.

Measures will include:

• Regular audits and assessments
• Comprehensive cleaning and equipment servicing
• Long-term sustainability planning

The official commissioning of the Ilorin Innovation Hub is scheduled to take place later this year.

This groundbreaking production has already garnered global attention with an international teaser screening at the 2024 Global AI Summit in Riyadh, Saudi Arabia, a private stakeholders’ viewing at the Kenya Innovation Week 2024, and an exclusive screening at the residence of the U.S. Consul General in Lagos leading up to the Global Inclusivity and AI Africa Conference.

Now, Nigerian audiences will be the first to experience its full cinematic debut after its nationwide cinema release on the 18th of April 2025, followed by an international rollout across other African countries, U.S., Europe and the Middle East, in May 2025.

Featuring an unconventional and exciting mix of Nollywood’s brightest stars, tech industry experts, public officials and emerging talents from the social media space, Makemation is a four-quadrant family drama that distinctively blends pop culture, research and AI into a high-tension, inspiring and comedic masterpiece.

The coming-of-age film takes audiences on an emotional, thought-provoking, and hilarious journey, highlighting how young Africans are leveraging world-class technology to tackle some of the continent’s most wicked problems.

Produced by a gifted and vibrant team of young creatives, many in their 20s and 30s, Makemation goes beyond entertainment to explore critical themes such as STEM education, digital skills, financial literacy, and gender equality.

The film also advocates for greater accessibility to technology, inclusion of disadvantaged populations, and equitable healthcare driven by locally developed solutions.

“Makemation is more than just a film; it’s a movement. We want to spark conversations, drive policy changes, and engage young minds—students, teachers, parents—on the transformative power of AI and the technologies of the fourth industrial revolution. As Gen Zs and Gen Alphas shape the future, this is Nigeria and Africa’s moment to take the lead in the global digital revolution. Through this film, we invite the world to see the intersection of Nigeria’s creative and digital economies through our ambitions and traditions – and co-create the best of AI tools that will serve the interest of humanity,” says Toyosi Akerele-Ogunsiji, the renowned AI for Development expert and global thought leader who created and produced Makemation. The Film is directed by the young, multi-award-winning Filmmaker, Michael “AMA PSALMIST” Akinrogunde.

Shot across diverse, visually stunning locations – including newly built sets in rural, riverine communities, as well as some of Lagos’ most exclusive highbrow areas and never-before-seen spaces —Makemation stands out with its exceptional storytelling, original score, striking production design, humor, and deeply insightful themes. It’s a culturally fit movie created to captivate audiences of all ages, ethnic groups and religions, combining entertainment with education in an unprecedented way.

As Makemation prepares for cinemas worldwide, audiences are invited not just to watch but to immerse themselves in a cinematic experience that will redefine Africa’s future through art and technology.

Produced by Rise Interactive Studios & Rise Networks, two visionary sister organizations dedicated to showcasing Africa’s innovation potential, the film sends a clear message: It’s tomorrow already here in Africa, and Nigeria’s youth will not be left behind in the technological transformation reshaping the world.

Makemation is exclusively distributed by Nile Entertainment, led by consummate film entrepreneur, Moses Babatope. When it starts showing in cinemas worldwide, don’t just watch it with your Family, Work Colleagues and Friends – hold on tight to the laughter and lessons, join the conversation on makemation.com and follow @makemationfilm across all social media platforms.

This initiative, part of Nigeria’s goal to build a competitive digital economy, seeks to train three million Nigerians in technical skills, addressing the digital skills gap and enhancing employability nationwide.

With expert oversight from the advisory committee, the program aims to ensure effective implementation, driving Nigeria toward a digitally-driven future. 

The committee, led by Emeka Afigbo, senior director of Developer Success at Okta, is comprised of industry leaders with solid experience in technology and innovation. 

As chair, Afigbo, a respected figure in developer relations with a background at Meta and Google, will bring his expertise in building developer ecosystems across Africa to the 3MTT program. Alongside him are renowned figures including:

• Iyinoluwa Aboyeji, founder of Future Africa and co-founder of Andela and Flutterwave, brings deep insights into Africa’s startup ecosystem and investment industry.
• Ope Bukola, CEO of Kibo School, whose experience in edtech aligns with 3MTT’s mission to scale up tech education across the continent.
• Oji Udezue, former chief product officer at Typeform, Calendly, and Twitter, whose expertise in product management will help shape the program’s structure and outreach.
• Joy Omoregie, GTM Acceleration lead at AWS, offers a strong understanding of go-to-market strategies essential for digital transformation in emerging markets.
• Bola Lawal, CEO of PremiaBN, with a background in digital finance and business development, provides insights into aligning training with market needs.
• Amal Hassan, CEO of Outsource Global, a leader in the outsourcing sector, who brings experience in job creation and talent development, particularly within Nigeria.

Dr Bosun Tijani, Minister of Communications, Innovation, and Digital Economy, extended a warm welcome to the committee members, stressing the importance of their combined expertise and insights, which will be essential in guiding the 3MTT program’s mission to prepare millions of Nigerians for tech-based careers.

“A warm welcome to the members of the 3MTT Nigeria Advisory Committee, which has been set up to provide oversight and guidance for the continued successful implementation of the program. I want to sincerely appreciate these exceptional individuals for volunteering their time and support as we look forward to benefiting from their diverse expertise and experience,” said Dr. Tijani.

The 3MTT program aims to train young Nigerians with technical skills in areas such as AI, Machine Learning, Cloud Computing, UI/UX Design, Data Analysis, and Cybersecurity. 

This initiative aligns with President Bola Ahmed Tinubu’s vision to create 2 million digital jobs by 2025 and support the nation’s goal to become a global leader in the digital economy.

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.   

These events are taking place in key global locations including the US, UK, Nigeria, Kenya, Ghana, Rwanda, Egypt, Brazil, and Pakistan, attracting over 550 key stakeholders. 

Participants include Andela’s six visionary founders, as well as former and current employees, talent, investors, clients, and industry players, highlighting a decade of the company’s significant influence on Africa’s tech landscape and its growing global impact.

Founded in Lagos, Nigeria in 2014 by Jeremy Johnson, Iyinoluwa Aboyeji, Nadayar Enegesi, Brice Nkengsa, Ian Carnevale, and Christina Sass, Andela was built on the belief that ‘brilliance is equally distributed, but opportunity is not’. 

This guiding principle has propelled Andela to the forefront of matching exceptional technologists from traditionally overlooked regions like Africa and Latin America with companies seeking to bolster capacity and skill sets. 

After successfully trialling a remote-first model in Ghana and Egypt, Andela fully adopted this approach in 2020, transitioning into a global, remote-first talent marketplace that now spans over 135 countries.

Watch Andela’s 10 years of Impact Video

Over the past decade, the company has achieved remarkable milestones, including:

• Assembled one of the world’s largest tech communities with over 5 million members
• Andela has a 98% client satisfaction rate with their quality talent
• 110,000 technologists have been trained through Andela’s programs, exceeding the original 10-year goal of 100,000 
• 15% of Africa’s estimated 716,000 engineers were skilled through Andela 
• Andela’s talent marketplace in Africa spans 49 countries
• Andela’s talent pool in Africa has grown 179% a year on average for the past 10 years 
• Since January 2020, technical talent from Nigeria has grown 791%, from Kenya has grown 451%, and from Ghana has grown 955%

“Building a great company is fundamentally an exercise in hiring great people. At Andela, I have been unbelievably blessed to work with extraordinary humans on this now decade-long journey,” shares Jeremy Johnson, Co-Founder and CEO at Andela.

“Bringing people together and fostering a sense of community in our marketplace has been part of our secret sauce. As we look to the future, Andela will continue to show why we are the most trusted tech talent marketplace for enterprises. Our customers will continue to experience the world as a hiring pool, and technology will continue to enable us to extend that reach.”

Backed by prominent investors such as Chan Zuckerberg Initiative, Softbank, Google Ventures, Serena Ventures, and Generation Investment Management, Andela is the first talent marketplace to become a unicorn company and one of the seven unicorn companies founded in Africa. 

Andela is adeptly responding to the accelerating digital transformation and the insatiable demand for tech talent driven by generative AI. 

Through its rigorously qualified global marketplace of skilled technologists, Andela’s adaptive hiring model has emerged as a future-proof solution, empowering businesses such as MasterCard, GitHub, and Tawi Fesh to rapidly scale world-class teams on demand to meet their evolving needs. 

By tapping into 60% of Andela’s qualified tech talent pool from largely untapped markets like Africa and LATAM, these businesses gain access to cost-efficient tech expertise and diversity of thought, while also benefiting from hiring speeds up to 70% faster than traditional recruiting methods.

“Celebrating our 10-year milestone with hundreds of industry players across the world, including former Andelans, is a testament to the strong community we have built and the leaders we have nurtured who are making significant impacts in the tech space across Africa and globally,” says Mike Ndimurukundo, Managing Director of Andela Rwanda. 

“As pioneers in building a distributed workforce, our success is proof that opportunities can be effectively distributed, enabling technologists from Africa or anywhere in the world, to drive innovation. The journey doesn’t end here; together, we will continue to push boundaries and redefine the future of work.”

As Andela enters its second decade, the company remains committed to advancing the borderless future of work now embraced by 58% of companies. 

Moving forward, Andela plans to train more world-class technologists, further enhance its AI-powered platform, and drive transformative impact with partners across various sectors, including climate tech and healthcare. 

This strategy highlights Andela’s role as a key player in leveraging technology to tackle some of the world’s critical challenges.

But it’s not just another accelerator; it’s a bold vision to strengthen the continent’s tech talent sector and clear the way for African-born tech giants.

These two figures are no strangers to success. Aboyeji co-founded two African unicorns: Andela, the global talent company connecting Africa’s developers to the world, and Flutterwave, the pan-African fintech leader. Koschitzky-Kimani, alongside Aboyeji, leads Future Africa, a venture capital firm investing in tech businesses across the continent. Their combined expertise, network, and vision are the driving force behind Accelerate Africa.

Accelerate Africa goes beyond the typical model. It focuses on early-stage, pan-African ventures, nurturing high-growth startups across diverse sectors and facilitating a strong community of founders. The ambition is an explosion of successful African tech companies creating jobs, solving African problems, and competing on the global stage, as the founders envision.

The initiative emphasizes diversity and inclusion. Unlike other accelerators, Accelerate Africa strives to empower women founders, encourage participation from francophone countries, and ensure representation from all corners of Africa. The accelerator believes in providing an environment where talent can thrive, not just find jobs abroad, as Andela demonstrated.

Accelerate Africa isn’t a one-size-fits-all program. It offers bespoke support, catering to the specific needs of African founders. This includes workshops across core areas like tech, legal, and finance, along with clinics, office hours, and in-person meetings in Lagos and Nairobi. The program entails a demo day where founders showcase their ventures to the world.

Unlike most accelerators, Accelerate Africa does not take equity or offer funding as part of the program. However, the Future Africa fund may invest $250,000-$500,000 in pre-seed or seed stages after the program based on merit, following their standard investment process. This unique approach focuses on pure mentorship and empowerment, allowing founders to retain full control of their ventures.

Accelerate Africa isn’t an isolated player. It joins an ecosystem with diverse visions like Jumia’s focus on scaling existing models and TLcom Capital’s emphasis on talent development through Andela. Aboyeji and Koschitzky-Kimani, however, see themselves as part of a bigger movement, collaborating with other players to build a thriving African tech ecosystem.

With their proven track record and deep understanding of the African tech sector, Aboyeji and Koschitzky-Kimani are well-prepared to enhance the future of African tech and talent. 

Accelerate Africa is a bet on the potential of millions of young Africans to create solutions for their continent and the world. While the success of the ambitious vision remains to be seen, the solid optimism and commitment to building from the ground up are already creating a ripple of transformation across African tech.

His eye-opening tweet ‘I am buying a lot of IHS stock in 2024’ has got X users talking about one of the largest telecommunications infrastructure providers in Africa, Latin America and the Middle East by tower count and the fourth largest independent multinational tower company globally.

Iyi, as he is popularly called among the Tech BROs and SISs, tweeted with his verified X handle:

“I am buying a lot of IHS stock in 2024. That company is going to be the infrastructure backbone of Nigeria’s digital Revolution. I just need them to list on NGX so I can buy more in Naira”.

https://twitter.com/iaboyeji/status/1738197940215165228

Iyinoluwa Samuel Aboyeji is a Nigerian entrepreneur. He co-founded Andela, and Flutterwave. These are globally renowned startups.

Aboyeji was cited as one of the Top 100 most influential Africans by New African magazine in 2019. He has eyes for investments hence his tweet about buying IHS Towers stock in 2024 sparked conversations:

Talking about IHS, the group has nearly 40,000 towers across its 11 markets, including Brazil, Cameroon, Colombia, Côte d’Ivoire, Egypt, Kuwait, Nigeria, Peru, Rwanda, South Africa and Zambia.

The company began operations in the Nigeria telecommunications space in 2001, and remains the group’s largest market today.

The company started as a provider of site build services for mobile network operators in Nigeria, but has gone on to develop deep expertise in all aspects of telecom towers.

Today, IHS and its subsidiaries in Nigeria manage over 16,700 sites. The company operates from its head office in Lagos but have regional offices in Abuja, Ibadan, Enugu, Asaba, Kano and Port Harcourt; and controls estimated 65% tower market share in Nigeria, as at December 2020.

IHS Towers delivers innovative solutions to its customers, including making use of Greenfield and rooftop sites, and developing rural telephony projects to connect the most remote communities in Nigeria.

It provides colocation for Telcos and managed services which helps to drive broadband penetration in the country.

Aside that, IHS Towers runs fibre optic infrastructure connected to Data centers as it operates two datacenters – in Lagos and Abuja – enabling the company to support the Network Operating Centers with a high-quality IT infrastructure, robust security and a reliable network.

IHS’ footprint and commitment to the development of science, technology, innovation, digital skills and entrepreneurship also include a one-year partnership with Limitless Space Institute (LSI), a non-profit education and research organisation.

The programme, which will commence in January 2024, is designed to help broaden access to space education in the company’s two largest markets, including Nigeria.

Through this collaboration, 20 science, technology, engineering, and mathematics (STEM) educators from Brazil and Nigeria will be invited to join the 12-month Limitless Global Educator Program and access a carefully curated space education curriculum delivered by experts from LSI.

Also IHS Nigeria and the Kwara State Government have also signed a Memorandum of Understanding (MoU) to establish technology innovation hub to stimulate and deepen the alignment of technology, innovation, entrepreneurship, investment, and job creation for young people aged 18 to 35 years old.

Under this partnership for the establishment of Ilorin Innovation Hub, IHS Nigeria will provide financial and technical support to complete the build of the Ilorin Innovation Hub, in addition to operating and managing it for the Kwara State Government. IHS Nigeria will also deliver various training programmes including on digital skills enhancement, and accelerator programmes for start-ups at the Hub.

Over the past two decades, Nigeria’s tech ecosystem has undergone a transformative journey, evolving from a non-visible state to a bustling hub of innovation, drawing global attention and investments. 

This growth has been driven by pioneering leaders, innovative startups, and a supportive infrastructure that has collectively impacted the continent and beyond. 

Visionaries like MainOne’s founder/CEO Funke Opeke, who transformed West Africa’s telecom industry; CcHUB’s Bosun Tijani, now Nigeria’s minister of Communications, Innovation and Digital Economy, Flutterwave’s founder/CEO Gbenga Agboola; and others have committed to growing Nigeria’s tech sector. Along with successful companies like Interswitch, Flutterwave, Andela, and Paystack, these entrepreneurs have leveraged technology to solve local problems with global impact, leaving an enduring legacy.

However, as the ecosystem rapidly evolves, new entrants have a limited understanding of key historical events and contributors that have contributed to its development over time. This knowledge gap stems from inadequate documentation of earlier events and their impact on the ecosystem. It is on this basis that Peace Itimi, the host of Founders Connect, attempts to bridge this gap through the Innovating Africa documentary. According to her, the film conveys the ecosystem’s cumulative growth holistically, offering timely insight.

“After interviewing a couple of founders on Founders Connect, I just started seeing patterns and feeling like there was a bigger story.” – Peace Itimi

For Peace, the documentary resulted from the realisation that there was no single, coherent story about the Nigerian tech ecosystem and the need to investigate the journey of transformation that had fascinated her since her initial foray into the industry. To achieve this, she interviewed over 20 pioneers, like Jason Njoku, Tomi Davies, Olumide Soyombo, Odun Eweniyi, Iyinoluwa Aboyeji, and Kola Aina among others, who shared experiences on the ecosystem’s early days and evolution.

Putting the team together

Although Peace and her Founders Connect team had familiarised themselves with shooting YouTube videos, making a documentary was a different ball game entirely. Telling a story of this magnitude needed a comprehensive team of skilled personnel. According to her, she needed to bring the best hands on the board, and people she trusted could understand the vision and have the expertise to execute it. 

In assembling the team, she says, “After I told Joyce, who was probably the first person I told about the idea, I started thinking about people who could help me bring it to life outside of Joyce. For filming, Nora Awolowo came to mind first. She was the first person I reached out to, mostly because, at the time, she had just put out her Baby Blues documentary trailer.” – Peace Itimi

Joyce recalls being awed by Peace’s bold idea amid their ongoing Founders Connect journey. Her desire for a more cohesive story about the ecosystem was the motivation she needed to join the team. When Nora was approached with the idea, she was receptive to it, having been a keen admirer of Peace’s work. “I was very happy to come on the board,” she says.

However, what began as a brilliant idea was just the beginning of a rollercoaster of unplanned events, resources, and timelines they never imagined would span over two years. Peace details this period as witnessing time gaps due to not finding rhythm and enthusiasm at some points, reconciling disjointed stories, low responses to requests for support, and many more.

“There were many times I felt mentally blocked, unsure how to progress,” she says. “We reached a point where it became clear that our current approach wasn’t yielding results, and it took a while to regroup and regain our momentum.” – Peace Itimi

Dealing with the challenges of producing the documentary

And then came finance, which, of course, was the major resource needed to execute the project. Having not properly understood the financial implications of producing a documentary of this sort, Peace banked on a grant from an anonymous benefactor for a separate endeavour. 

She explains this succinctly: “If I knew how much time, stress, and money the documentary would cost me, I most likely would not have done it,” she says. “I severely underestimated the effort required. The seed funds were quickly exhausted, forcing me to self-finance three times that initial amount just to see it through to completion. It became a significant financial drain, but I was determined to finish what I started.” – Peace Itimi

Just like taking your first driving lessons, many firsts come with their disappointments and struggles; this was the same for Peace and her team. She even recalls that there were times she felt like shelving the idea and giving up.

“Every time that I stalled from story to research to production, it was just me doubting that maybe this was not going to be quite good.” – Peace Itimi

Joyce recounts that there were moments when they second-guessed the process, considering different strategies. This introspection, which led to self-criticism, was prompted by multiple rejections, too. She reflected on their initial disappointment, recalling several attempts made to secure grants for the project and the subsequent absence of feedback, which proved to be disheartening. Additionally, there were days during the production when the team became overwhelmed, adding to the challenges faced.

However, Peace claims she later found solace in the positive responses she and her team received during the first private screening of the documentary in Lagos, from people who were invited to watch it.

“I remember during the screening in Lagos, I didn’t watch the documentary. I was anxious and waited outside the entire time. That’s probably the most anxious I’ve been in a long time. Because again, I just didn’t know if people would like it. So when we did the screening in Lagos, everybody was like, this is amazing. It felt reassuring, and we thought it was okay to put it out there for more people to see it.” – Peace Itimi

Reflecting on the journey: No regrets

Despite the rollercoaster of emotions and financial constraints, the team remained relentless. The drive to unveil this untold narrative of Nigeria’s tech ecosystem superseded monetary considerations. This unwavering commitment shone through moments of distress, bringing them to a realization—an acceptance of the project’s status as an MVP, a pioneering attempt at something previously unexplored. 

“This is the first time something like this has been done in Nigeria around this kind of story, the ecosystem, and the individuals, with many of the people featured being able to show their impact. This is an MVP.” – Peace Itimi

Following the conclusion of the documentary’s production phase, Peace Itimi reflects on several lessons she learned and basks in the unquestionable joy the finished product has brought her and her team. Additionally, she emphasised that carrying stakeholders along from the project’s inception turned out to be significant for the outcome of the film.

The success of the documentary stands as evidence of the collective perseverance, dedication, and commitment to documenting the stories behind Africa’s tech evolution. According to Peace, the documentary stands tall, not just as a piece of work but as a stepping stone to more comprehensive narratives and future projects.

“Genuinely, I have no regrets. Others might feel differently, but I would do it again, maybe differently, but I would still do it. It’s a story that needs to be told, a proof of work that needs to be out there.” – Peace Itimi

For Joyce and Nora, the pride in the work supersedes the challenges experienced while making the film.

“No regrets on my end. I think we did a brilliant job with this, even though, between ourselves, we feel like we could have done it better. This MVP is a very solid one, especially because nobody has done this before and it can only get better.” Joyce Imiegha

“No regrets,” Nora says. “This will spur people to tell their own stories properly. The story had to be told and needed to be told by us,” she adds.

The documentary, Innovating Africa: The Rise of Tech in Nigeria was officially premiered on YouTube on December 20, 2023. As Peace and her team bask in the euphoria over the body of work that has been made, they acknowledge that it requires bravery to pull off a project of this magnitude, recognising it as the start of more things to come.