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.

Speaking about the challenges the independent SVOD (Subscription Video on Demand) platform faces, the founder of IrokoTV revealed the struggles, setbacks, and determination that have characterised the company’s fight for survival in the competitive streaming industry.

The journey began in 2019 when IrokoTV faced a critical decision: to continue the struggle or exit the market. Despite the option to close the company and distribute remaining cash to shareholders, Njoku chose to reinvest in IrokoTV, pouring a significant portion of personal funds into the venture to pursue the vision of building a massive, independently black-owned SVOD service.

“Anyhow, when Iroko exited ROK in 2019, I had the opportunity to exit too, and at the time, even Bastian asked if it made sense to continue struggling away. After all, wasn’t it always about liquidity? I could close IrokoTV down, distribute the remaining cash to shareholders and walk out into early semi-retirement. The story could have ended there. Maybe it was a mid-life crisis (I was 39 then). For some strange reason, I still felt I had plenty of fight left. I knew what I knew, and I knew who we wanted to become.

“Ultimately, to soften things, the board approved $5m in special dividends for shareholders, and the remaining capital went all in SVOD again. To go again, to build the big vision I had all those years ago – a massive, independently black-owned SVOD service. I used 70% of my cash windfall to reinvest in Iroko. I didn’t want cash. I wanted increased equity – which I bought from an exiting investor – and to go again. This was September 2019. By March 2020, COVID-19 happened, and the Nigerian maco-challenges, always lurking, exploded. Our international business boomed. Our local business evaporated. Our cost basis was wholly unsustainable. The subsequent Naira devaluations rendered our entire investment and business planning for Nigeria in shambles. But this isn’t news.”

The road ahead was far from smooth, with the emergence of COVID-19 in 2020 and the challenges in the Nigerian market posing significant hurdles. Between 2015 and 2020, IrokoTV invested $30 million in Nigeria, facing losses and devaluations that threatened the company’s stability. Despite these difficulties, Njoku persisted, implementing cost reductions, exiting leases, and refocusing efforts on survival.

The struggle for sustainability could have led to tough decisions, including layoffs and changes in the company’s culture, but it remained steadfast. Njoku emphasized the importance of responsible financial management in startups, highlighting the burden of burning money without a clear path to profitability.

One of the significant shifts in strategy was the decision to prioritise international markets over local ones. With a focus on North America and Western Europe, IrokoTV navigated challenges and successfully reduced losses from -$4.9 million in 2020 to an expected -$0.5 million in 2023. To support sustainability, IrokoTV increased prices, aligning with global trends in the streaming industry.

Addressing recent controversies surrounding IrokoTV, Njoku clarified misunderstandings and emphasized the importance of accuracy in media reporting. He acknowledged the challenges of maintaining an independent SVOD platform, especially in the face of rising content costs. 

He further pointed to the need for prioritisation of startups and their ability to scale in challenges, Njoku said: “With what I am going through, although I would prefer to complete the turnaround more privately, I think it’s essential that the wider community get a sense of what happens in startups. It’s not pretty; the culture will change, no matter how much you attempt to retain the culture; as the team moves to pure sustainable output focus, it changes.”

As IrokoTV approaches its 12th anniversary on December 1st, Njoku is confident that the company will keep thriving, not giving in to setbacks, but sustainability of the company’s future, showcasing resilience in the face of adversity.

Jason Njoku is a Nigerian entrepreneur and businessman who is best known as the Co-founder and CEO of iROKOtv, a popular Nigerian entertainment company that specializes in providing digital content distribution of African movies and TV shows. Born on December 11, 1980, in London, United Kingdom, Njoku’s journey to entrepreneurship is marked by innovation and perseverance.

Apart from his work with iROKOtv, Jason Njoku has been involved in other ventures and investments. He is a co-founder of Spark, a technology investment company that supports tech startups in Africa. He also ventured into the education sector with ROK Studios, creating educational content for African students.

iROKOtv’s Genesis

Jason Njoku initially pursued a career in the finance sector, working in various roles, but it was his entrepreneurial spirit that eventually led him to found iROKOtv in 2010. The company aimed to address the challenges of distributing Nollywood movies—Nigeria’s prolific film industry—by creating an online platform that allowed users to stream movies and TV shows legally and conveniently. iROKOtv quickly gained traction, becoming a significant player in the African entertainment scene.

In a region where Nollywood thrives as a powerhouse of creative expression, Jason Njoku saw a gap that needed bridging. He understood that African content was highly sought after, yet lacked adequate distribution channels. The birth of iROKOtv was the culmination of his vision to provide an easily accessible platform for African movies and TV shows.

Challenges 

Njoku’s journey was not without challenges. He faced initial difficulties in securing content licensing and attracting investors. However, his determination and belief in the potential of African entertainment eventually paid off. He secured funding from investors like Tiger Global Management and Kinnevik, which propelled iROKOtv’s growth.

Under Njoku’s leadership, iROKOtv expanded its reach beyond Nigeria, becoming available in multiple countries with a substantial user base. The platform offered a mix of free and subscription-based content, providing viewers with a range of options. Njoku’s success with iROKOtv earned him recognition as a prominent figure in the African tech and entertainment sectors.

The iROKOtv Business Model

At the core of iROKOtv’s success lies its niche business model. Unlike generic streaming platforms, iROKOtv is unapologetically African-centric. This distinct approach has enabled Njoku to focus on curating content that celebrates the richness of African storytelling and has fostered an emotional connection that goes beyond mere entertainment.

Partnerships: Empowering Local Creators

Njoku’s genius extended beyond content curation. He understood the power of collaboration with local filmmakers and content creators. Through partnerships, iROKOtv not only provided a platform for creators to showcase their work but also empowered them financially, contributing to the growth of the African film industry.

Inspiring Niche Entrepreneurship

Jason Njoku’s journey has left an indelible mark on Nigeria’s tech landscape, inspiring a new wave of niche entrepreneurs. His success with iROKOtv demonstrated that catering to a specific audience’s needs and preferences could yield remarkable results. Entrepreneurs across industries began recognizing the potential of niche markets and the value of creating tailored solutions.

Njoku’s entrepreneurial journey and contributions have made him a noteworthy figure in Africa’s business and tech ecosystem. He is celebrated for his role in promoting African content, fostering innovation, and demonstrating that African startups can achieve global recognition and success.