In this space, companies like MainOne (now Equinix), Rack Centre, and WIOCC through its Open Access Data Centres (OADC), are investing heavily to strengthen Nigeria’s digital backbone. 

But which of them is best positioned to ensure growth across the Nigerian startups sector?

MainOne (Equinix): The Global Reach & Certification Anchor

MainOne has leveraged its submarine cable system, fibre optic network, and its acquisition by Equinix to offer reach and certified reliability. Its data centre arm, MDXi, holds the Uptime Institute Tier III Constructed Facility certification (TCCF), among several other certifications (PCI-DSS, SAP Infrastructure Services, ISO 27001 & 9001). 

Its Network Connect and Cloud Connect services link local branches or clouds with global infrastructure. For example, by routing traffic via its submarine cable and leveraging Equinix Fabric, it offers predictable performance and connectivity from Lagos to key global hubs.

Power reliability, a common pain point in Nigeria, is one of MainOne’s standout strengths. Its Lagos data centre integrates multiple power redundancies, utility partnerships, and high-capacity generators to maintain near-continuous uptime. That’s essential for startups whose businesses can’t afford downtime.

Still, MainOne’s premium-grade services usually come at higher prices. For small or growing startups, that might make it more suitable at later stages of expansion rather than at the beginning.

So, MainOne offers scale, high certifications, international interconnect, and relatively lower risk from interruptions.

Rack Centre: The Nimble, Neutral & Efficiency-Driven Option

Rack Centre carved its reputation as Nigeria’s first carrier-neutral Tier III certified data centre. Unlike most competitors, it is not owned by any telecom or internet provider, which gives clients the flexibility to interconnect with over 70 different carriers and ISPs. That neutrality is one of its biggest competitive edges.

Its location in Oregun, Lagos, provides direct access to all the major undersea cables serving Nigeria, including WACS, MainOne, Glo-1, SAT-3 and ACE. The result is low latency, strong redundancy, and smooth interconnection between local networks.

Rack Centre’s new LGS2 facility represents a huge step forward. The 12MW hyperscale and AI-ready centre is designed for exceptional energy efficiency and sustainability, with advanced cooling systems and a lower Power Usage Effectiveness (PUE) ratio. This reduces operational costs and aligns with global sustainability standards, an important factor for modern tech companies.

Its approach appeals particularly to startups seeking flexibility, local performance, and freedom from vendor lock-ins. However, Rack Centre’s challenge is scale: it has a solid local presence but lacks the global integration that Equinix offers through MainOne.

One of its strongest propositions is neutrality: Rack Centre is not owned by a telco, ISP or cloud provider; it does not compete with its tenants; therefore, there is less risk of vendor lock-in or conflict. 

For startups, especially those scaling fast, Rack Centre tends to offer strong locality benefits: low latency within Nigeria, strong peering via IXPN, predictable interconnects, and usually more flexible arrangements for rack space or interconnection.

WIOCC / OADC: The Pan-African Connector, Big Capacity Incoming

WIOCC, via its Open Access Data Centres (OADC) arm, is scaling aggressively. Its strategy is open access, hyperscale capacity, and linking regional networks. 

OADC’s expansion plan is one of the biggest in the sector. The company has committed over $240 million to expand its Lagos data centre to 24 megawatts by 2027, starting with a 12MW first phase. The facility is designed to support cloud providers, hyperscale clients, and growing tech firms that need capacity and cross-border connectivity.

WIOCC also launched OAfabric, its cloud interconnection platform, which allows businesses to connect directly to international cloud services through a simplified interface. Combined with its wide fibre and submarine network, it aims to provide both affordability and regional reach.

That said, OADC’s infrastructure in Nigeria is still relatively new, with much of its full capacity under development. The scale and potential are enormous, but the market will need to see consistent delivery over time.

Its strength is scale (once the full capacity is live), strong peering potential across borders, and an open access model that benefits ISPs, cloud providers and telcos who need wholesale connectivity.

Comparing Strengths and Trade-offs

Each company brings something unique to Nigeria’s digital economy. MainOne is on top when it comes to global integration and enterprise-grade reliability, backed by Equinix’s global standards. For Rack Centre, it’s in neutrality, local performance, and energy efficiency, making it ideal for startups prioritising flexibility and cost control. WIOCC, meanwhile, is building a network that could redefine cross-border connectivity and scale for Africa’s data economy once fully realised.

In terms of reliability, both MainOne and Rack Centre already provide strong uptime backed by Tier III certifications. MainOne’s international connectivity gives it an advantage for startups with global vision. Rack Centre provides a more accessible, locally optimised alternative for startups that value independence and direct peering with multiple providers. WIOCC is the long-term investment, its pan-African fibre network and future 24MW capacity could make it the infrastructure giant to watch.

What I Think Startups Should Care About Most

If I were advising a startup today, I would tell them:

• Get your foundation right: data sovereignty, uptime, and latency are not optional. Pick a provider with strong certifications and multiple power/fibre redundancy.
• Think about the cost-to-scale: what looks affordable at 10 racks may be expensive at 100. Check how interconnect charges, cross-connects, and peering fees scale.
• Be wary of lock-in. Providers that are carrier-neutral and open access give more flexibility to mix and match cloud, network, and hosting providers.
• Monitor sustainability and total cost of ownership. Facilities that waste energy or have unreliable back-up power may cost more when things go wrong.

Who’s Best Positioned?

Each of these providers has a part. If I had to pick:

• For startups already serving international customers or aiming to scale globally, MainOne/Equinix remains ahead because of its global interconnection, submarine cable reach, and certifications.
• For startups focused on Nigeria or nearby countries and needing lower latency, predictable interconnect and flexible arrangements, Rack Centre looks like a strong option.
• For companies needing wholesale capacity, cross-border reach, or anticipating rapid growth in cloud usage, WIOCC/OADC will likely pull ahead once their full capacity is available and stable.

In short: there is no single perfect choice. But the competition among these three is powerful for our ecosystem. Startups will benefit as they force better reliability, lower prices, and greater innovation. And I’m positive the fate of Nigerian startups looks brighter if we build this backbone well.

There has also been a significant shift in traffic distribution on the exchange. Previously, Nigeria accounted for 85% of the total traffic, while the region contributed only 15%.

However, regional traffic has now surged to 45%, reflecting remarkable growth and success in building a dynamic digital ecosystem that delivers faster, more efficient connections across West Africa.

AMS-IX Lagos has focused on attracting a diverse range of global and regional peers and bringing more content to the region.

This exchange has accelerated regional interconnectivity, driven substantial traffic growth, and streamlined traffic flow across the region by enabling diverse ISPs, telecom carriers, and content providers to interconnect at a centralized platform.

The growing network includes new peers such as Zenlayer, Cedarview, China Telecom, AirtelTigo, Afribone, Virtual Technologies and Solutions, as well as major mobile network operators and internet service providers across West Africa, all joining global peers on the exchange. Talitha Mensu-Bonsu, Packet Core and Backbone Network Engineer at Airtel Tigo confirms; “Joining the exchange has unlocked tremendous value for our business by providing seamless access to content our customers demand”.

“Joining AMS-IX Lagos has enabled CDN77 to achieve a balanced and efficient network spread across West Africa,” added Jiri Prochazka, Head of Network Infrastructure at CDN77.

Oluwasayo Oshadami, director, Solutions Architecture for Equinix Nigeria states,

“As a Data Center Operator in West Africa, our goal is to create a platform where everyone can connect and interact with each other easily. Out of Equinix’s data center in Lagos, AMS-IX Lagos Internet exchange has transformed connectivity into a competitive advantage for operators in West Africa thereby reducing latency, cutting costs, and fostering a thriving digital ecosystem where businesses and communities can interact and grow together.”

“It is truly remarkable to witness the ecosystem’s continuous growth monthly and the increasing value it brings to the region” says Wouter Ensing, global business development manager at AMS-IX.

AMS-IX Lagos Internet Exchange remains focused on advancing the region’s interconnection infrastructure, aiming to serve an even broader range of network participants by functioning as a true regional hub.

This partnership will continue to drive digital transformation, positioning AMS-IX Lagos as the preferred hub for CDNs, NSPs, ISPs, and MNOs across the region.

While Funke Opeke, who founded MainOne in 2008, will no longer oversee day-to-day operations, she will remain influential within the company, transitioning into a strategic advisory role that will extend through to March 2026. 

MainOne is entering a new chapter under the leadership of Wole Abu, a well-known figure in Nigeria’s telecommunications industry.

Formerly CEO of Liquid Intelligent Technologies Nigeria, Wole Abu has been appointed as Opeke’s successor and his extensive experience includes leadership positions at Pan African Towers and Airtel Nigeria, making him a fitting choice to guide MainOne through its next phase of growth.

In his new role, Abu will focus on expanding MainOne’s internet service offerings and data centre operations across the region.

Sources close to the matter report that Equinix, which acquired MainOne in April 2022, plans to undertake several major infrastructure projects, including three new data centre facilities and an increase in fibre capacity.

MainOne’s brand will continue under Equinix’s ownership, preserving its identity while benefitting from the resources and global expertise that Equinix brings. 

Since the acquisition, MainOne’s operations have been bolstered by Equinix’s industry footprint, making it one of the largest exits in Africa’s tech ecosystem. 

The acquisition of MainOne, valued at $320 million, shows the growing interest in Africa’s digital infrastructure as global players aim to capture the expanding demand for internet connectivity and data services across the continent.

Under Opeke’s leadership, MainOne deployed the first private submarine cable on Africa’s West Coast in 2010 and extensive fibre-optic expansion efforts in Lagos. 

In 2013, MainOne installed a 27-kilometre fibre optic cable network covering Lagos’ Yaba area, known as Nigeria’s Silicon Valley. This investment attracted numerous tech startups to the area, facilitating the growth of Nigeria’s tech ecosystem and supporting firms like Andela, CcHUB, Paga, Hotels.ng, and Flutterwave.

The leadership transition occurs at an important time, as Equinix strengthens its efforts in the region following the recent inauguration of a data centre in Johannesburg. 

With Abu’s appointment, Equinix is focused on advancing connectivity and supporting West African enterprises with cutting-edge digital infrastructure. 

Elated about the role, Abu shared the vision of expanding digital access across Africa to facilitate economic inclusivity and support regional development. 

Equinix stated that Abu’s leadership would be key in facilitating partnerships with both local and international businesses, driving the growth of digital services throughout West Africa.

MainOne did not immediately respond to requests for comments on the leadership transition.

A common factor in their success is the presence of a solid telecom infrastructure, providing the essential backbone for communication, data transfer, and technological innovation.

Silicon Valley’s explosive growth in the late 20th century wasn’t just about having innovative, smart and goal-driven entrepreneurs but also by access to early internet technologies and reliable broadband connectivity.

Similarly, Bangalore’s transformation into India’s Silicon Valley was closely tied to investments in IT and telecom infrastructure that enabled seamless global communication. 

Tel Aviv, now a global leader in cybersecurity and digital technologies, owes much of its success to government initiatives that prioritised telecommunications infrastructure, creating a fertile ground for tech-driven growth.

Hence, we can say cutting-edge telecom infrastructure is a non-negotiable foundation for any region aiming to become a global tech hub. It is the conduit through which innovation flows, enabling startups to scale, research to advance, and industries to thrive. Without this foundational infrastructure, even the most talented tech sectors are limited in their potential for global competitiveness.

The Connectivity Foundation for Nigeria: What Has Been Achieved?

The journey of Nigeria’s telecom industry began with the deregulation of the sector in 2001, which brought about private investments and competition. This led to the introduction of the Global System for Mobile Communications (GSM), bolstering mobile telephony in the country. 

Companies like MTN, Glo, and Airtel capitalised on this deregulation, quickly expanding their networks and making mobile telephony accessible to millions of Nigerians.

The launch of the first submarine cables, such as MainOne and Glo-1, further enhanced Nigeria’s connectivity by providing a strong backbone for internet services, enabling high-speed data transmission across continents. This development was a game-changer, allowing businesses, startups, and individuals to participate in the global digital economy.

The proliferation of Internet Service Providers (ISPs) and the subsequent increase in internet penetration was another achievement. By 2019, Nigeria had moved from 270,000 cellular subscriptions in 2001 to 185 million. 

The deployment of 5G technology is the latest leap forward, ushering in a new phase of ultra-fast internet and advanced digital services. This technology is expected to enable great innovations such as smart cities, IoT, and edge computing, supporting Nigeria’s mission to gain global competition when it comes to Africa’s digital growth.

Current Achievements

Today, Nigeria has a mobile penetration rate of over 90.7%, with more than 200 million active mobile connections. Internet access has also grown, with approximately 50% of the population now online, a great improvement in digital inclusivity. 

Federal government Initiatives to improve rural connectivity, such as the National Broadband Plan and Universal Service Provision Fund (USPF), have yielded positive results, bridging the digital divide and ensuring that even remote areas benefit from modern telecom infrastructure.

However, while connectivity is an important component of a thriving tech industry, it is not the sole determinant of global competitiveness. 

There remain issues related to the quality of service—high data costs, relatively low average internet speeds, and frequent disruptions—that need to be addressed for Nigeria to compete effectively with global tech hubs. 

Beyond the infrastructure, other factors such as a supportive regulatory environment, access to capital, and the availability of a skilled workforce are equally of importance.

Beyond Connectivity: The Competitiveness Prospects

The Digital Economy Shift

Transitioning from basic connectivity to a globally competitive digital economy demands more than inclusive internet access. It involves leveraging digital technologies to facilitate economic growth, innovation, and global partnerships. 

Nigeria, with its steadily growing tech industry, stands on the brink of this digital boom, bringing huge opportunities in sectors like financial technology (Fintech), e-commerce, and digital payments.

The Fintech sector, in particular, has been one of Nigeria’s most dynamic success stories. Startups like Flutterwave and Paystack are leading a financial advancement, offering seamless digital payment solutions for both local and international markets. 

Flutterwave has facilitated over 140 million transactions worth more than $9 billion, revealing its enormous potential for digital financial services. Likewise, Paystack’s $200 million acquisition by Stripe reiterates the global recognition of Nigeria’s Fintech sector and its ability to attract major international players.

In addition to Fintech, the e-commerce sector is ripe for growth. Digital marketplaces like Jumia have bolstered access to goods and services, allowing businesses to reach customers beyond geographical limitations. 

This growth doesn’t just boost economic activity but also ensures innovation and entrepreneurship, as more Nigerians leverage online shopping and digital payments. The proliferation of e-commerce platforms, combined with the ease of digital transactions, is changing Nigeria’s retail sector and building a more connected, digital environment.

However, the true competitive edge for Nigeria lies in its ability to move beyond digital access and become a hub for digital innovation, data-driven industries, and scalable tech solutions. This involves a coordinated effort to integrate artificial intelligence, cloud computing, and blockchain into the entire economy, driving productivity and helping the nation gain global recognition in the tech industry.

Talent Development & Retention

To fully attain a successful digital economy and the prosperity it brings, Nigeria must prioritise talent development and retention. While there’s potential in the tech sector, there’s also a m growing risk of losing skilled professionals to international opportunities if local prospects are not sufficiently attractive.

Building a competitive digital workforce starts with strengthening educational frameworks that emphasise STEM (Science, Technology, Engineering, and Mathematics) disciplines. Programs like Andela have already taken good steps in training software developers and building them with the skills needed to thrive in global tech markets. 

However, retaining this talent requires more than just technical education. Nigeria needs to build a supportive ecosystem that includes access to capital, mentorship, and a regulatory environment conducive to innovation.

Preventing brain drain is essential to sustaining long-term growth. The telecom and tech sectors must create pathways for local businesses and startups to thrive, ensuring that skilled professionals see opportunities to grow and innovate within Nigeria. 

Initiatives that connect young talent with investors and seasoned entrepreneurs could be essential in building a thriving local ecosystem. Building innovation hubs, startup incubators, and public-private partnerships will help Nigeria create an environment that incentivises its brightest minds to remain and contribute to the country’s digital acceleration.

Key Pillars for Competitiveness: What’s Missing?

Reliable Infrastructure

Despite progress in expanding connectivity, the country’s prospects as a global tech hub is constrained by the lack of reliable infrastructure. 

One of the most pressing issues is the inconsistent power supply. Frequent power outages, which are a routine occurrence across the country, severely disrupt both business operations and daily activities. 

For telecommunications and internet services to function optimally, reliable electricity is indispensable. Without it, the effectiveness of digital infrastructure is diminished, leading to inefficiencies that affect everything from data centres to mobile towers.

Again, rural areas remain under-served, with limited broadband access increasing the urban-rural digital divide. This lack of inclusion causes a huge barrier to growth in regions outside of major cities. 

Comparatively, Nigeria’s average internet speeds lag behind those of other emerging tech hubs. According to the Speedtest Global Index, as of 2024, Nigeria ranks 99th in mobile internet speed globally, with an average download speed of around 20 Mbps. In comparison, other emerging markets like India are averaging over 35 Mbps. This gap in speed and reliability limits productivity and innovation, making it harder for businesses to compete on a global scale. To fully leverage the possibilities of its connectivity, Nigeria must address these infrastructure shortcomings, particularly in power and broadband accessibility.

Innovation Ecosystem

While Nigeria is known for its entrepreneurial spirit, the country’s innovation ecosystem is still developing and lacks the necessary comprehensive support to facilitate large-scale technological advancements. 

Telecommunications companies must go beyond just providing internet access. They should play a key role in building the foundational infrastructure necessary for innovation—such as investing in data centers, cloud infrastructure, and establishing more innovation hubs.

Data centres, in particular, are essential for supporting the growth of emerging technologies like artificial intelligence (AI), blockchain, and the Internet of Things (IoT). Currently, Nigeria has a few key data centres, such as Rack Centre and MainOne, among others, but the country needs far more to meet growing demand. Without these facilities, Nigeria risks falling behind as other African countries, like Kenya and South Africa, aggressively expand their digital infrastructures.

Moving further, ensuring an innovation ecosystem requires collaboration between the private sector, government, and academic institutions. The success of tech hubs like Silicon Valley and Israel’s Startup Nation has shown the value of building an environment that encourages experimentation, provides funding opportunities, and connects startups with industry mentors. Nigeria can replicate such success, but it must scale up its innovation initiatives, particularly in areas such as AI, health tech, and fintech, to remain competitive.

Policy Frameworks & Regulation

Nigeria’s regulatory sector determines the direction and growth of its telecom sector. The Nigerian Communications Commission (NCC) has taken steps to create an enabling environment, but more needs to be done to keep up with the pace of technological advancement. 

A well-defined, forward-thinking regulatory framework is essential for ensuring innovation, encouraging investment, and protecting consumer rights.

The success of other nations are useful models. For example, India’s Digital India initiative—aimed at making the country a digitally empowered society—has resulted in an explosion of internet access, digital payments, and e-governance. 

Estonia’s e-Residency program is another prime example of how visionary regulatory frameworks can attract global investors and entrepreneurs by providing seamless digital services.

For Nigeria to thrive, the NCC must continue promoting fair competition, especially in the face of emerging technologies. Regulations need to be adaptive to developments in 5G, AI, and fintech, ensuring that the country stays at the fore of digital innovation. 

Policies that encourage private sector participation in building tech infrastructure, while also ensuring consumer data protection and cyber security, will be essential. 

Can Nigeria’s Telecom Sector Set the Pace for Economic Prosperity?

As we reflect on the subject matter at hand, we are inspired by the nostalgia, enthusiasm, challenges, and opportunities that Nigeria has encountered through its telecom industry in recent years.

This inspiration is reiterated in the words of Dayo Oketola, the former Editor of The Punch Newspaper, in his newly launched book, “The Catalyst: Nigerian ICT Evolution Through a Journalist’s Lens.” Oketola emphasizes that Nigeria’s telecommunications sector has attracted over $70 billion in investments and generated over 500,000 jobs in the country.

President Olusegun Obasanjo, who played a key role in the sector’s inception, chronicled the leapfrog development brought forth by this industry. His insights align with the huge opportunities that lie ahead.

Again, the Bill & Melinda Gates Foundation’s report, “Innovating to Zero!” highlights the essential role of digital technologies, including telecom, in tackling global challenges such as poverty and climate change. 

The publication underlines how leveraging innovation can drive sustainable development and economic growth, while improved connectivity enhances access to education, healthcare, and financial services, empowering underserved communities. Continued investment in technology is essential for facilitating solutions that combat inequality and promote progress.

With this context, we must examine the ripple effects of Nigeria’s telecom industry on the economy, particularly in the following areas:

1. Connectivity and Economic Growth

Improving telecom infrastructure can significantly boost economic development in Nigeria. With a growing mobile phone penetration rate—over 195 million active connections—enhanced connectivity enables businesses, particularly small and medium enterprises (SMEs), to access markets, streamline operations, and optimize supply chain management. This connectivity drives productivity and innovation across various sectors, from agriculture to manufacturing.

2. Education and Health

Telecommunications are important in enhancing education and healthcare delivery, especially in rural areas. A significant portion of the population still lacks access to quality education and healthcare services. Mobile technology can bridge this gap; e-learning platforms and telemedicine services provide vital resources, allowing students to learn remotely and patients to receive medical consultations without extensive travel.

3. Financial Inclusion

Nigeria is home to one of the largest unbanked populations globally. Telecom can improve financial inclusion through mobile banking and digital payment systems. Initiatives like mobile money services empower individuals to conduct transactions, save, and access credit, lifting many out of poverty and stimulating local economies, particularly where traditional banking infrastructure is inadequate.

4. Innovation and Entrepreneurship

The telecommunications sector has ignited a wave of innovation and entrepreneurship in Nigeria. Access to the internet and mobile services empowers startups to develop solutions tailored to local needs, such as e-commerce platforms, fintech applications, and agricultural tech solutions. This entrepreneurial ecosystem creates jobs and drives economic growth, positioning Nigeria as a burgeoning hub for innovation in Africa.

5. Global Collaboration

Telecommunications facilitate Nigeria’s integration into the global economy. Improved connectivity allows Nigerian businesses to collaborate with international partners, share knowledge, and access global markets. This interconnectedness is key for attracting foreign investment and addressing challenges such as health crises and environmental issues, where collaboration is vital.

However, considerable concern remains — how can Nigerian universities drive change within the telecommunications industry’s framework when there is a lack of sophistication in curricula and insufficient practical steps toward embracing the 21st century?

Countries like South Korea and Singapore ensure widespread high-speed internet access, enhancing innovation in education and healthcare. Estonia’s e-government model offers nearly 99% of services online, improving efficiency and transparency. 

In Kenya, M-Pesa has revolutionized financial inclusion for millions, while Singapore’s smart city initiatives integrate IoT for improved urban living. India’s Digital India initiative promotes digital literacy, and public-private partnerships in the UAE enhance service delivery.

What about Nigeria? Where do we stand in this global context?

This challenge extends to 5G innovation, where Nigeria has yet to fully capitalize on available opportunities. This issue mirrors the current lack of foreign direct investment, highlighting a pressing need for leadership to act decisively and harness the potential of the telecommunications sector as the “new oil industry.”

Addressing these gaps and leveraging the power of telecommunications will help Nigeria set the pace for economic prosperity.

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.   

Despite ongoing demolitions of properties and recreational centres in Lagos to expedite the construction of the highway, telecom operators have stated they had not been consulted on potential risks or mitigation measures.

The lack of dialogue with the government has prompted telcos to caution Hitech Construction, the firm handling the project, to exercise vigilance to prevent damage to critical national infrastructure along the coastal lines.

Punch report quoted the Gbenga Adebayo, the chairman of the Association of Licensed Telecom Operators of Nigeria, saying,

“There hasn’t been any damage done or any incident, and we haven’t been consulted as well. I think the message is clear: caution has to be taken while working in that quadrant. So, so far, no notice and no consultation.”

The coastal corridor of the Lagos-Calabar highway plays a pivotal role as a landing site for several submarine cables linking Nigeria to Europe.

These cables, such as the West Africa Cable System, MainOne, Glo1, ACE, and NCSCS, are essential for facilitating international communications and data transmission within the country.

Also commenting, Tony Emoekpere, the president of the Association of Telecommunications Companies of Nigeria said that while there was no official invitation, there was a publication indicating the government’s invitation for stakeholder consultations.

However, he stressed the importance of proactive engagement to address potential risks and ensure the protection of vital infrastructure.

“I got the information that the coastal highway may not really impact or disrupt some areas. However, I have seen a publication indicating that the Federal Government invited stakeholders for consultation,” he said.

He allayed fears that some areas along the coastal corridors may not be impacted by the highway construction.

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NetBlocks, in a post on its verified X hande, stated,

“Network data show a disruption to Internet connectivity in and around multiple East African countries.”

It was noted that Tanzania and the French Island of Mayotte were experiencing a high impact on Internet connectivity, while Mozambique and Malawi were seeing a medium impact.

https://twitter.com/netblocks/status/1789660992902730235

Another Internet firm, Cloudflare, also confirmed on X that connectivity disruptions were ongoing in Tanzania, Malawi, Mozambique, and Madagascar.

Earlier, Safaricom, Kenya’s biggest telecoms operator, announced that it had activated redundancy measures to minimise service interruption and keep subscribers connected as they await the full restoration of the cable.

The telecom operator, however, said subscribers would experience reduced Internet speeds.

In March 2024, internet disruptions were reported in West African countries including Nigeria, Ivory Coast, Liberia, Benin, Ghana, and Burkina Faso, as well as South Africa.

The outages were attributed to damage to four sub-sea cables off the west coast of Africa, which disrupted connectivity across the continent.

The affected cables included the West Africa Cable System, MainOne, South Atlantic 3, and ACE sea cables, which are critical for telecommunications data.

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The outage affected banks and telecommunications organizations that depend on the impacted cables for internet services.

Major undersea cables close to Abidjan, Côte d’Ivoire, were reportedly damaged, and this caused internet outages in West and South African nations.

The West Africa Cable System (WACS), the Africa Coast to Europe (ACE), MainOne, and SAT3 are the undersea cables that were impacted hence the disruption of services.

However, Glo1, which is owned by Globacom, was unaffected by the damage and has continually been running.

Industry observers are of the view that Glo1 International Submarine Cable’s resilient construction and durability are the reasons the damage did not compromise the cable.

Glo1 -powered financial institutions, internet service providers, and data consumers have been carrying on with business as usual and have continued to provide service to their customers.

This development has been commended by a cross section of Nigerians, hailing the company for its commitment to delivering efficient services to millions of its subscribers.

WIOCC, the parent company of Open Access Data Centres (OADC), said 35 networks across West African countries, Nigeria inclusive, have been restored to full capacity resilience.

Mr. Chris Wood, WIOCC’s CEO, who gave the update via a virtual press conference, explained that it will take another four weeks to fully restore internet services to all network operators that are connected to the affected four submarine cables that came from Europe, with landing points along the West African coast.

WIOCC ’s highly resilient network, with hyperscale capacity on every major system is the largest in Africa and ideally placed to swiftly deliver restoration solutions to hyperscalers, fixed and mobile carriers, internet service providers and other clients, enabling them to quickly re-establish key traffic routes into, within and out of Africa, thereby minimising performance degradation for their end-customers.

According to Wood, it will cost a total of about $2 million to achieve full restoration to a single subsea cable, depending on the extent of the cut on the cable.

This brings it to a total of about $8 million to fix the affected four submarine cables that were affected by the cut.

Wood however said the owners of the affected cables would bear the cost of restoration of the individual subsea cables.

Affected Subsea cables:

1. MainOne Cable,
2. West African Cable System (WACS),
3. African Coast to Europe (ACE) submarine cable and
4. SAT3 subsea cable systems.

All four subsea cables came from Europe and they all have landing points at the coast of West African countries, including Nigeria.

Wood who ruled out the possibility of sabotage or any other factor that have been speculated to be the cause of the multiple cuts on the affected four submarine cables, said from the ongoing restoration exercise, he suspected that the cables were affected by heavy landslides from the coast of Cote d I’ voire, where debris from landslides effect may have rolled down into the ocean to cause the damages.

He however said ships have been deployed to the affected areas to carry out repairs on the affected cables, and that until the ships arrive in few days time to effect repairs and investigate the real cause of the submarine cable cuts, it would be difficult to ascertain the real cause of the multiple cuts on the affected submarine cables.

“Since the subsea cable cut, we have restored internet services to 35 networks across West Africa, amounting to 2.5 Terabytes capacity with over 100 links. We recently deployed equipment worth $100 million in accessing new cuts on undersea cables. What we did was to use our capacity on the Equiano cable that was not affected by the cut to restore services to other facilities and operators currently suffering outages in Lagos and elsewhere on the continent.”

• Recall that the Nigerian Communications Commission (NCC), had called for a coordinated and multilateral approach by the region to protect shared telecommunications infrastructure, and diversify connectivity to ensure uninterruptible connections.

Dr. Aminu Maida, the executive vice chairman of the  Nigerian Communications Commission (NCC), made the submission in a statement delivered at the 21st West Africa Telecommunications Regulatory Assembly (WATRA) Annual General Meeting (AGM), which held in Freetown, Sierra Leone, from the 19th to 22nd March 2024.

Dr. Maida, whose message was delivered at the WATRA AGM by the Deputy Director, Public Affairs of the Commission, Nnenna Ukoha, stated that the recent submarine cable cuts that resulted in nationwide outages on multiple networks in 12 African countries has raised the urgent need for the sub-region to establish a mechanism to protect itself from damage to submarine infrastructure and its attendant impact on the sub-region.

In his reaction, Wood said subsea cables all over the world could get cut for various reasons, which could be as a result of landslides, propeller from ships, among other reasons.

“What Nigeria and other West African countries need are more cables landing at the shores of the country that will lead to huge redundancy. The idea of physical security may not work because the cables are laid on the bed of the sea and no one can see exactly their locations to warrant physical protection. So having more cables is the best security measure and not physical security,” Wood said.

Although Wood said it would cost about $1 billion to berth a subsea cable from Europe to West Africa, he however insisted that multiple cable system remained the best form to address cable cuts that occur all over the world.

The WIOCC CEO further said the company’s policy of strategic deployment of converged, open-access digital infrastructure at a hyperscale level and delivery of unrivalled resiliency, enables it to meet and anticipate the needs of Africa’s wholesale community with sufficient scale and network diversity to address even the most challenging situations.

He said WIOOC was established 15 years ago to provide backbone services to organisations and their networks across West Africa.

WIOCC’s highly resilient network, with hyperscale capacity on every major system is the largest in Africa and ideally placed to swiftly deliver restoration solutions to hyperscalers, fixed and mobile carriers, internet service providers and other clients, enabling them to quickly re-establish key traffic routes into, within and out of Africa, thereby minimising performance degradation for their end-customers.

According to Chris Wood, group CEO of WIOCC, “Immediately the four subsea cables were severed off the coast of Cote d‘Ivoire our engineering, operations and field teams swung into action.

“They have been working tirelessly for the last 48 hours with our strategic network partners and equipment suppliers and will, within the next 24 hours, have activated an unprecedented additional 2 Terabits per second (Tbps) of capacity across the unaffected cables in our network to support the capacity needs of other network operators and hyperscalers. Our clients connected directly at Open Access Data Centres (OADC) data centres in South Africa and Nigeria are already protected from the impact of the subsea outages due to the unique levels of redundancy and scale of the WIOCC core backbone. In Lagos, the Equiano cable, in which WIOCC owns a fibre pair, has not been affected by the incident off Cote d‘Ivoire. WIOCC lands the cable directly into the OADC data centre, establishing the most resilient digital ecosystem hub in Lagos and offering the most direct connectivity to Europe and South Africa. As a result, OADC’s data centres and WIOCC’s hyperscale network are playing a key role in restoring services to other facilities and operators currently suffering outages in Lagos and elsewhere on the continent.”

“Our priority is to ensure minimal disruption and maximum resilience for our clients,” added Ryan Sher, Group Chief Operating Officer at WIOCC. “We have invested heavily in deploying diverse, highly scalable national and international connectivity to support the uptime requirements of our wholesale client base. Investing at scale means that we consistently carry extra capacity, ensuring we are able to rapidly turn up or re-route capacity to address unexpected network disruptions. It also enables us to deploy short-term restoration solutions for other operators on a case-by-case basis. Any service provider affected by these outages, whether an existing WIOCC client or not, is encouraged to contact us to explore options.”

He said that WIOCC’s policy of strategic deployment of converged, open-access digital infrastructure at a hyperscale level and delivery of unrivalled resiliency, enables it to meet and anticipate the needs of Africa’s wholesale community with sufficient scale and network diversity to address even the most challenging situations.