Nigeria Seeking Tech Investors As Young Africans Are More Connected

Written by Staff

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(Photo: Flickr)

 

With its colorful hammocks and table tennis table, a new tech hub in the Lagos metropolis would not look out of place among the start-ups on the other side of the world in Silicon Valley.

But the NG–Hub office is in the suburb of Yaba — the heart of Nigeria’s burgeoning tech scene that is attracting interest from global giants keen to tap into an emerging market of young, connected Africans.

In May, both Google and Facebook launched initiatives nearby.

This week, Nigeria’s vice-president, Yemi Osinbajo, was in California to court US tech investors for what he said could herald a “fourth industrial revolution” back home.

From Business Live.

But it isn’t just Nigeria that is piquing the interest of tech giants. In June, Google said it would open Africa’s first artificial intelligence lab in Ghana’s capital, Accra.

Demographics are a key factor behind the drive: Africa’s population is estimated to be 1.2-billion, 60% of them under 24 years. By 2050, the UN estimates the population will double to 2.4-billion.

“There’s a clear opportunity for companies like Facebook and Google to really go in and put a pole in the sand,” said Daniel Ives, a technology researcher at GBH Insights in New York.

“If you look at Netflix, Amazon, Facebook, Apple, where is a lot of that growth coming from? It’s international,” he said.

Facebook is operating from the NG–Hub as it doesn’t yet have a permanent office in Nigeria.

Read more at Business Live.