In recent years, the world has witnessed an unprecedented surge in technology, with innovative startups and tech giants captivating global markets and imaginations. This tech frenzy has sparked hope for many developing economies, like Nigeria, seeking solutions to their unemployment woes. However, beneath the façade of success, it becomes clear that the entire tech boom is more of a bubble than a long-term solution to unemployment in these areas.

Without question, technology has revolutionized sectors and created various job opportunities around the world. Yet, the notion that technology alone can sustainably solve unemployment in developing economies like Nigeria is fundamentally flawed. Several things contribute to this challenging situation

Limited Inclusivity
The tech industry, particularly in Nigeria, favours a chosen few with specialized skills, leaving the majority of the workforce out. The demand for a highly educated and competent workforce creates a huge hurdle for people who lack access to decent education, aggravating inequality and unemployment rates.

Automation Threat
Rapid advances in artificial intelligence and automation technology may streamline business operations while also displacing traditional jobs. In nations like Nigeria, where many people rely on labour-intensive jobs, the automation wave could result in massive job losses due to a lack of alternative employment opportunities.

Infrastructure Gaps
While technology has enormous potential, it is primarily reliant on sturdy infrastructure and a consistent power supply, both of which are frequently missing in many emerging economies. Nigeria's IT sector confronts problems such as inconsistent internet connectivity, frequent power outages, and inadequate digital infrastructure, limiting its ability to have a long-term influence on unemployment.

Vulnerability to Market Fluctuations
The tech industry is no stranger to market fluctuations, and developing economies like Nigeria may find themselves exposed to the volatility of the global tech market. Dependence on this industry as a primary solution to unemployment leaves these countries prone to economic shocks when the tech bubble inevitably bursts.


As a response to these factors, developing economies must adopt a more comprehensive and diverse approach to address unemployment sustainably.
This includes investing in education and vocational training to equip the workforce with a broader set of skills and ensuring that these skills are relevant to the local job market. Additionally, governmental policies that nurture traditional industries and encourage entrepreneurship in non-tech sectors can provide much-needed stability and opportunities for job creation.

In conclusion, while the tech craze has indeed shown its potential to generate employment opportunities, it cannot be the sole solution to the deep-rooted unemployment challenges faced by developing economies like Nigeria. A more nuanced and multi-faceted approach is imperative to build a resilient and diverse economy, ensuring that the benefits of technological advancements are accessible to all and not just a select few. Only then can these nations safeguard themselves against the bursting bubble of the tech craze and build a more sustainable future for their citizens.

But let me know what you think, am I being pessimistic towards the possibilities of tech? Or do you have reasons to believe the tech industry can usher Nigeria into a new chapter of economic prosperity? Kindly drop your opinion in the thread below.

You are right.

Tech industry is already saturated as we speak, though I believe there is still space for any one who can persevere and distinguish himself.

Secondly, the industry is fast paced so much that a skill you learnt today can become obsolete tomorrow, no, thanks to AI.

What tech industry?

The best you can do is research skills needed abroad. And train for it.

Don't fall into the hype of local tech industry. Most depend on outsourced solutions from India. Except you want to face the same fate that the 14 Nigerian graduates in this video: the craziest job stories you've never heard are facing.


https://www.youtube.com/watch?v=rdbg7Xqg1cQ

Thank me later

lol, I'm usually surprised how most people glorify the "gig" economy being created by the tech industry.
And to be very honest how many fintech start-ups do we really need?

Also the industry is prone to trends that get hyped up unnecessarily.
From the dot-com bubble
To the era of social media
To Uber type services (Airbnb, DoorDash, Etc)
To Cryptos and NFTs
To Web3
To The Metaverse
Now we're in the era of Generative AI.


The local job market for tech talents cannot absorb all the current candidates talk less of the young ones just getting started with their first Python tutorial .

RobinRay:
lol, I'm usually surprised how most people glorify the "gig" economy being created by the tech industry.
And to be very honest how many fintech start-ups do we really need?

The local job market for tech talents cannot absorb all the current candidates talk less of the young ones just getting started with their first Python tutorial .

That's the crazy part of the whole thing. Those making money are only selling their tech tutorials. As it is, you're guaranteed to make more money installing glass scaffolding on skyscrapers than as a programmer in Nigeria

Dimaya:


That's the crazy part of the whole thing. Those making money are only selling their tech tutorials. As it is, you're guaranteed to make more money installing glass scaffolding on skyscrapers than as a programmer in Nigeria

"The surest way of making money during a gold rush is to sell shovels and pickaxes to wannabe miners"

Tech has made success stories in Nigeria no doubt, but it's been over-glamourized as a quick and easy career path to financial stability.

The tech ecosystem in nigeria is not matured. Infact there is no investment in that space. Unlike in the west.

I didn't have to read it but you are a prophet

I agree with you.

I disagree with everything except the infrastructural gaps and where you’re implying that Naija isn’t big in tech as the west and Asia.
Tech is very wide and there’s no in between. You’re either good enough or not, and you’re not limited to Nigeria. Decent tech guys in naija are not that much. Tech skills take time and resources. The question is this, are you decent enough to land that tech job?!

Csami:
I disagree with everything except the infrastructural gaps and where you’re implying that Naija isn’t big in tech as the West and Asia.
Tech is very wide and there’s no in-between. You’re either good enough or not, and you’re not limited to Nigeria. Decent tech guys in Naija are not that much. Tech skills take time and resources. The question is this, are you decent enough to land that tech job?!

Your opinion is valid and correct but you're coming at it from an individualistic standpoint. Of course any tech-inclined person who knows his onions cannot complain about lack of jobs (poor pay, maybe; but a lack of jobs? nahh).

I'm just saying that tech (both domestic and foreign roles) cannot absorb the humongous number of unemployed Nigerians.
The entire nature of the tech industry is designed to only favour a select few deemed the "best of the best".

Wrong

Op, you are wrong.

Naija tech space is were it is cos we are all waiting for paid jobs and gigs..

Secondly our tech skills are not their yet...


How many tech guys in Nigeria have a working App or website?

Do you know how much too Exclusive website makes per year.

Do you know how much some bloggers make per year?

This guys are even paid by tech guys..


Just one App in the App store can change a tech guys life.


Tech is a solution to unemployment, I have benefited from it..

I am a testimony..

No be everybody wey start am go finish am. It takes time to become good and you need to be very good to land that dream gig. How many people can persevere enough to wait to become good? Guy forget am.

Vilgax:


Your opinion is valid and correct but you're coming at it from an individualistic standpoint. Of course any tech-inclined person who knows his onions cannot complain about lack of jobs (poor pay, maybe; but a lack of jobs? nahh).

I'm just saying that tech (both domestic and foreign roles) cannot absorb the humongous number of unemployed Nigerians.
The entire nature of the tech industry is designed to only favour a select few deemed the "best of the best".

How many of these unemployed Nigerians can use Microsoft words?
You’re making it sound like everyone wants to be in tech in Nigeria. Like I said, you are either good enough for the role or not, no in-between. And to be that good, you’ll have to put your time and resources, eg. money for data and electricity. Finally, Tech is all about creativity.

It baffles me how unemployed and frustrated graduate think they can hurriedly take some online courses in Coursera, Udemy, Utiva within 3 - 6 months and become programmers, data analyst etc. Tech is still paying big time but the issue is that the street is littered with mediocre self acclaimed tech people who have nothing to offer.

Tech is not a get rich quick scheme. It takes years of practice and perseverance. You can't make shishi if you just started learning stuffs three months ago. No one pays a mediocre

Tech is still paying but to the experienced ones who have been in the game for long not some newbies who started yesterday.

Okay, this is my opinion.

If you by chance a tech expert, you will agreed with me that Naija won't be your aim. Lots tech guys from India and Pakistan literally walk into UK where jobs are waiting for them. Even the US is outsourcing its tech jobs to Indians. Tech Jobs in naija could be saturated because most naija industries ain't tech oriented, so little jobs for seekers

Vgg

Tech is the solution, you just need to be at your A-Game and think out of the box.

Tech takes dedication and time, which is one thing most Nigerians lack. We need fast money.

Agro and tech is the solution to Nigeria unemployment, combine the two as a skill and the sky is your starting point

Everyone cannot jump onto the tech bubble because tech is hard! Those who excel in tech are smart, hardworking and disciplined. Those qualities are hard to come by.

Yahoo tech is what is trending now.

tech is where its at

Nice writeup sir.
Adding:

1) The market is supersaturated now.

2) 0.5% success story matching reality. 3 out of 600 make $5000+ working remotely from Ikeja. While the remaining 597 are barely getting scraps.

3) AI will change job market in 2 years. This is not bubble that will burst. Like. MM Or crypto.

While it's okay to be a techy, you might start showing respect for plumbers, carpenters and other laborers. They are more shielded than suit and tie wearing folks

f

Ok

It's always been very funny to me when people come with pitchforks to attack the tech industry in Nigeria like it's a bubble or other nonsense.


Electrical, mechanical and petroleum engineering jobs that have been seriously bastardized with barely any job openings except being a maths teacher for private secondary schools, where are the articles?

Law as a course where over 70% of the graduates end up selling imported goods from china, where are the articles?

Aside from the healthcare, every field that was once lucrative has little to nothing to offer new graduates and no one talks about it


But for tech every ekuke with internet connection go dey open their silly little mouth dey shout "it is overrated".

Ogbeni shut the fûck up and do whatever it is you want to do. Una body odor dey disturb the environment.

Louder.

Unemployment is not a new thing in Nigeria,but it has not stopped people from getting good jobs in Nigeria or outside.

Go and get yourself a good sleep,since you think getting tech knowledge or ideas is no longer needed because employment market is saturated

OP you're right. Tech has not created as much jobs as agriculture. It was a hype beyond its ability. It did a short cut by hijacking the media unlike sectors like agriculture.

Csami:


How many of these unemployed Nigerians can use Microsoft words?
You’re making it sound like everyone wants to be in tech in Nigeria. Like I said, you are either good enough for the role or not, no in-between. And to be that good, you’ll have to put your time and resources, eg. money for data and electricity. Finally, Tech is all about creativity.

Yep. Very true. A creative problem solving mindset is required, not a cookie cutter / cut and paste approach that the average man on the street prefers to take.

P.S - OP appears to be a pessimist. For those ready to distinguish themselves, there are opportunities out there.