START-UPS
Nigeria's start-up ecosystem thrives on collaboration and partnership to promote innovation, entrepreneurship, and growth.
Nairabox is a lifestyle wallet application that allows users to make payments for different services. We have been able to add many services to the application, for example buying mobile airtime and paying bills, such as satellite television, utilities, and toll fees. We are also the only aggregator for major cinemas across Nigeria, and users are able to buy cinema tickets online. We use this same technology to sell tickets to events through the application. We are plugged into all the premium events taking place, especially over the holiday periods. Nairabox is the preferred choice for event promoters because our technology allows for crowd control and has other features. Customers can show up at an event with their phone or just their phone number and redeem their digital ticket. Many start-ups in Africa are looking at Silicon Valley and believe they have to proceed in a certain way and find Series A investors to fund their ideas; however, it is not always the case. Before the whole technology boom and the popularity of Silicon Valley, there were companies in Nigeria that grew from small shops without the whole co-founder and investor network concept. Start-ups need to understand that it is all about getting partnerships: that is key.
Amplified Payment Systems started in 2015 but was officially registered in 2016. We are a financial technology company that works in the electronic payments space. We help businesses that accept regular payments to automate the entire process, from collections to disbursements and management of their payments. When we launched, our target segment was mostly Internet or technology businesses. Over time, we realized that many non-bank financial institutions needed what we were offering. Now, many of our clients are finance houses and credit companies. These include micro-finance institutions, consumer loan companies, insurance companies, asset management companies, mortgage firms and internet companies such as e-commerce companies, subscription businesses, and entities that do bill payments. The opportunities for collaboration have significantly improved; there is now an ecosystem of developers, designers, engineers and business people that is being stimulated by these tech hubs. The tech hubs have also brought positive media attention to the sector and country as a result of some of their impactful works in developing technical skills and harmonizing the tech ecosystem. Tech hubs are creating a central point where not just web developers but also other stakeholders, such as investors and corporates, can come in, mix, and collaborate. Collaboration is the way to grow the tech industry in Nigeria.
Iam one of the co-founders of Jobberman, which was set up in 2009. Since then, we have grown to be the biggest online recruitment platform in West Africa in terms of revenue, traffic, and number of subscribers. The employment market in Nigeria changes every year. In the beginning, with the problems of online scams in Nigeria, it was difficult to convince Nigerians that our website was not a scam and that we are here to stay and redefine the market. In terms of the Nigerian jobs market as a whole, we have had great successes as well as our own share of challenges. We work with the government at different levels to help solve unemployment. With Lagos and Kaduna states, for example, we are working to build a database of unemployed candidates considering the fact that this is important for policy direction. At the federal level, we have a partnership with the National Bureau of Statistics where we give access to our dataset. One of the things that we seek to do is further focus on extending our reach within Nigeria, West Africa, and Africa as a whole. For example, Jobberman is based in Nigeria and Ghana; however, we also have investment-type partnerships with BrighterMonday in East Africa.
START-UPS
TABLE OF CONTENTS
Interview
Yewande Sadiku, Executive Secretary, Nigerian Investment Promotion Commission (NIPC)
TBY talks to Yewande Sadiku, Executive Secretary of Nigerian Investment Promotion Commission (NIPC), on combining the benefits of the private and public sectors, creating a broad range of skill sets, and improving the ease of doing business.
read articleInterview
Muda Yusuf, Director General, Lagos Chamber of Commerce and Industry (LCCI)
TBY talks to Muda Yusuf, Director General of Lagos Chamber of Commerce and Industry (LCCI), on the importance of public policy advocacy, creating an enabling environment for investors, and supporting capacity building for small businesses.
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Mohamad Darwish, Co-Founder & CEO, IHS Nigeria
TBY talks to Mohamad Darwish, Co-Founder & IHS Nigeria CEO, on switching to innovative green hybrid energy solutions, protecting consumers without deterring investors, and getting the private sector to help tackle the biggest challenges.
read articleReview
The Delta Skelter
A recent uptick in the price of Brent crude to more than USD60 for the first time in two years was a widely welcome development, but threats of renewed attacks on the country's oil infrastructure by the Niger Delta Avengers threaten to undermine these gains before they can be enjoyed.
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Chief Tunde J. Afolabi, Chairman & CEO, Amni International Petroleum Development Company,
TBY talks to Chief Tunde J. Afolabi, Chairman & CEO of Amni International Petroleum Development Company, on its current efforts to attract investment, the importance of monetizing gas, and partnerships within the sector.
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Tayo-Adiatu Adeyemi, Managing Director, Tulcan Energy Resources Limited
TBY talks to Tayo-Adiatu Adeyemi, Managing Director of Tulcan Energy Resources Limited, on the evolution of the company's operations, the need to develop a robust downstream sector, and the opportunities in the sector.
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Ado Oseragbaje, Vice President Sub Saharan Africa, Baker Hughes
TBY talks to Ado Oseragbaje, Vice President Sub Saharan Africa of Baker Hughes, a GE company, on the problems with inefficiencies across supply chains, using technology to minimize inconveniences, and making offshore profitable again.
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Amy Jadesimi, Managing Director, Lagos Deep Offshore Logistics Base (LADOL)
TBY talks to Amy Jadesimi, Managing Director of Lagos Deep Offshore Logistics Base (LADOL), on the key sectors based in the free zone, using sustainable options for power, and the company's fully integrated support model.
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Babatunde Raji Fashola, Minister , Power, Works, and Housing
TBY talks to Babatunde Raji Fashola, Minister of Power, Works, and Housing, on the ongoing initiatives to increase power generation and distribution across the country and the need for distribution companies to provide reliable power.
read articleFocus: Diaspora Cities
No Place Like Home
With one of the largest diasporas in the world, Nigeria is trying to charm its citizens overseas to invest into the country's property market through the Nigerians in Diaspora Housing Programme, through which “diaspora cities” will be created across the country.
read articleFocus: Outbound Medical Tourism
The Business of (Health) Caring
Nigeria's healthcare sector is suffering from significant brain drain due to workers' unfavorable conditions, while failure to invest in medical facilities is encouraging patients to seek treatments abroad with significant economic consequences.
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