The early 1990s defined Nigeria’s banking as the new generation banks were established therein. Those banks are the leading financial institutions in the nation today.
The early 2020s defined Nigeria’s telecommunication sector as the leading telcos of today were created therein. The 2010s saw the shift from voice telephony to data.
The decade of 2020s will be about application utility where that data will power many sectors like education, logistics, financial services (fintech), etc, as young people build the stacks on the layer.
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By 2030, I expect 80% of the richest Nigerians to have made money from technology. Nigeria is having its finest entrepreneurial cambrian moment. However, Nigeria will become super-unequal with pockets of crises everywhere if things are not well managed. The next phase will not create many jobs for the vast majority of the citizens. Yes, most of the citizens are not even trained for the opportunities therein.
Now is the time to plan for that future. Watch this video.
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Creating tech billionaires does diminish or invalidate latent opportunities in all the known and yet to be created sectors of the economy, the only problem is the narrowness and one dimensional way we think here. Jobs don’t magically appear, rather you have to be intentional about it, and once we become more thoughtful, we will create abundance everywhere.
How will creating rich people in tech resolve the immense work we need to do in education, mining, agriculture, transportation, housing, tourism, energy, manufacturing? The people we haven’t trained to function in tech space due to their limited education and abilities can function in any of the sectors mentioned, but you have to create the conditions, which we obviously don’t seem to understand.
Our naira is not rich in value, we neither have dollars in abundance here, so why do we keep deluding ourselves that we are anywhere near optimal performance? This economy is always hovering below $500 billion, despite all the great things we think we have been doing, why is that the case?
If we want to build an economy that works and still create tech billionaires, there’s a way around it, both are not mutually exclusive. We just need to ask the right questions and get to work.