Tech Will Power Nigeria’s Empires of the Future

By 2030, I expect 80% of the richest Nigerians to have made money from technology. For all the paralysis in the land, Nigeria is having one of its finest cambrian moments on the formation of enduring companies. The last time we were this bold, on entrepreneurial capitalism, was in the early 1990s when some of Nigeria’s current leading banks were established.

The 1990s gave us the new generation of banks. The 2000s brought voice telephony. The 2010s ushered mobile internet. The 2020s would deliver the era of application utility across industry sectors and market territories.

Here is the deal: most companies are expiring or have expired as new technology vectors penetrate into the nation. AI (artificial intelligence) has taken out many SaaS products in the nation.  Upon this AI domain, many things will happen. We will see technology systems change the ordinances in markets by fixing frictions at scale. From education to healthcare, from financial services to logistics, and beyond, it would be exciting. The empires of the future are being built – get ready, Nigeria is a promise!

Yet, I challenge the government to do more by building platforms of commerce. These platforms are built by governments and entrepreneurs build companies on them. The platforms include road, clean water, security, postal systems, and amenities which enable companies to grow and thrive. For these emerging wealth creators to drive a more equal abundance of the future, Nigeria must build these platforms. Otherwise, many of the citizens will not benefit because no matter what happens, tech will “collect” from the economy.

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