Experts Canvass Local Investments in Nigeria’s Tech Industry

Experts in the technology sector have emphasised the need for more participation from local investors, in addition to the foreign-driven investments for the tech industry to scale.

The experts shared more insights at the recent DETAIL Private Equity and Tech Business Serieswith the theme, “Insights: Legal Reforms in the Tech Ecosystem,” in Lagos.

Nigeria is said to be the top destination for technology startup capital in Africa, cornering 20 percent of about $5 million invested in tech startups in the continent in 2022.

The country is poised to continue making progress in the digital space with tech entrepreneurs dotting the landscape.

The experts, including Yvonne Johnson, Co-Founder of Indicina; Olufemi Shobanjo, Head, Broker Dealer Regulation Department, NGX Regulation Limited; Mobolaji Adeoye, Managing Partner, Consonance Investment Managers; Tomiwa Aladekomo, CEO, Big Cabal Media; and Ladi Asuni, Partner, Emerging Technology, Data & Analytics, KPMG, highlighted the major trends that have impacted and continue to reshape Nigeria’s tech landscape.

These, they said, include funding and capital cycles, evolving customer expectations, and regulatory reforms. 

In addition, they said the implementation of the naira redesign policy also created an in-road for agency banking among other global trends.