If you haven’t been in the West African airspace recently, you may not know of the ecstatic new buzz of the town- it’s got everyone talking and investors listening.
It’s the catchy innovations of Nigeria’s finest interpreneurs.
Nigeria in the past decade or two has gradually been losing its predominance as an investment hub due to the tight competition of her West African neighbors, but now, the 160 million strong nation is coming back with very interesting investment opportunities for new and invigorated investors, and she is doing it in her information technology sector.
To restate the potency the internet has accrued in the past decade or two would be to belabor the point. However, not many nations of the world have deemed it fit to invest in the development of the information technology sector. The same could be said of Nigeria, but very quickly, the state of that is changing.
The government of Nigeria has steadily and consciously been involved in the research and development of the countries telecommunication industry, leaving it in the hands of the most competitive and profitable telecommunication conglomerates in the region. As a result, there has been a steady development and improvement in the quality of data services being offered to the Nigerian populace.
Consequently, the economies of scale kicked in and soon more and more Nigerians were able to connect to the internet. This progress has seen a staggering growth in the scale of smartphones in the country, RIM technologies being the biggest benefactor in the surge.
With more Nigerians connected, a growing number of them spent their time on the internet. The keen among them soon realized the potency of the web, and soon, the internet started producing millionaires in Nigeria.
As of 2012, the blogging business produced green for almost all bloggers in Nigeria. Top of those earners were those involved in the Entertainment sector, followed by Fashion and then of course technology. Bloggers in these sectors have kept their readers glued and coming back for more. Indeed, investors in most blog businesses are still laughing to the bank. The industry grew so large that soon, the advent of the Nigerian Blog Awards came to the fore. On that platform bloggers from different sectors are nominated on the Nigerian Blog Awards portal, and then the readers pour in to vote for their favorite blog site. As can be expected, gradually the amount of traffic on the voting site grows, thus increasing the advertising potency of the website. That way, the organizers of the Awards have their own share of the joke on the way to the bank.
The next set of interpreneurs grinning green in Nigeria are those in the service sector. Online shopping tops this category. With the development of the banking sector and more innovative financial products, Nigerians can now shop online from the convenience of their homes and even their mobile phones. Trust me; very few people love to shop more with such ease than the average Nigerian. Traffic on most popular online shopping sites is very respectable, even by international standards.
Other services rendered vary from finding a job, to doing your research online, to finding a hotel or any business for that matter within the central business directory.
Even with these, many Nigerian investors know that the best is still to come.
Foreign investors that do not know this however, can easily check. The information that shows the amount of traffic generated by Nigerians is very promising, and ready for sizeable investments. And the future is looking very bright indeed.