A Tech Role Model for Nigeria
India has proved that three policies – lowering the cost of mobile data, implementing a national identification program with an open-source API, and embracing digital payments – are essential to enable tech companies to innovate and grow. As Nigeria attempts to capitalize on its own tech boom, it should pursue a similar approach.
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LAGOS – In 2018, African start-ups were celebrating: they had raised nearly $1.2 billion in equity – a 108% increase from the previous year. And last year, Nigerian financial-technology (fintech) companies set an even more impressive record, raising $360 million from international investors in a single month (November). Making the most of the Nigerian tech sector’s current boom, however, will take work. The COVID-19 pandemic should be a spur to action.