Office Of The Vice President

Press Release

Fact Sheet: Global Opportunities In Nigeria's Technology Hub

*As VP Osinbajo leads roadshow to showcase growth of Nigeria’s technology & entertainment sectors

Vice President Yemi Osinbajo, SAN, will be leading a public-private sector collaborative investment roadshow to the United States, where he will be speaking to global industry leaders in information technology and entertainment at the Silicon Valley in San Francisco and Hollywood in Los Angeles, California, from Monday, July 9 to Wednesday, July 11, 2018.

It would be recalled that in recognition of the central role of innovation and technology in the Federal Government’s Economic Recovery & Growth Plan, the Vice President has spoken extensively about the commitment of Government to supporting the growth of technology and creative industries in the country through its policies and reforms.

Find below highlights of the growth of technology, creative industry in Nigeria
Lagos is one of Africa’s largest markets, with GDP of over $136 billion and significant young population
Lagos startups are also building to serve the entire African market, with high quality and relatively lower cost talent
Startups like Andela, NESA, and Data Science Nigeria are training developers and Data Scientists
Strong community and support system through incubators, accelerators & dev communities
Nigeria has recorded significant progress made in recent years with local and international VC funds emerging with over $100 million invested in 2017.

Over $100 million raised from VC investors by Nigerian startups.

Over $ 40 million raised each by Flutterwave and Andela, and SureRemit recently raised $7 million in an ICO.

Government led initiatives (LSETF, Startup Mambilla etc) also providing early stage capital
Nigeria’s young population have strong entrepreneurial and risk taking culture, evident in the growing number of innovative companies leveraging technology to solve locally relevant problems
Several global technology leaders have launched initiatives aimed at Nigeria, including:
Google Launchpad for Nigeria, the first ever Launchpad outside San Francisco
Facebook recently launched physical hub space in Lagos
GE operates a GE Lagos garage for startups

Growth of technology hubs in Lagos has attracted gloabl attention with recent visits by CEOs of Google, Facebook, Microsoft
Significant growth in number of Nigerian startups accepted into global accelerators- Y-Combinator, 500 Startups
FinTech’s with significant Nigerian operations also raising major funding e.g. Cellulant raised $47.5 million
NEW FRONTIERS: Significant strides made by Nigeria’s technology startups:

Online and mobile money payment processors and gateways facilitating web payment through different payment methods (card, bank accounts etc.), e.g. Flutterwave processed over $1.2 billion in transactions in 1 year;
Paga has acquired 8 million customers since inception
Several startups leveraging alternative data sources and data science to lend to the underbanked, e.g. Paylater issuing over 1,000 loans daily with 5-minute disbursements
Players leveraging web payment channels to create alternative automated savings products, e.g. Piggybank grew deposits over 3000% in 2017
NIGERIA’S E-COMMERCE CHAMPIONS
Jumia has emerged as Africa’s first unicorn acquiring over 1 million customers
Innovative players creating new channels in entertainment and media consumption such as Adtech players like Twinpine which has created a mobile ad network for Africa leveraging telco data
IrokoTV is the largest distributor of Nollywood content globally
Players digitizing an offline health industry and increasing access to healthcare for the mass market e.g. Lifebank, which recently raised $1m to help hospitals better access blood & other health supplies
Companies leveraging technology to serve small holder farmers and increase funding for agriculture, e.g. FarmCrowdy has raised over $1 million to build a crowd-funding platform for agriculture and bring Nigeria’s farmers online
Startups solving the problem of easing access to physical goods in Nigeria leveraging tech solutions, e.g. Kobo360 has built the ‘Uber for trucks’- matching truck drivers to companies who need their services, and recently raised $1.2M from Western Technology Investment
Andela is creating the next generation of tech developers across Africa and providing opportunities for global firms to leverage African talent. Has raised over $80 million from several investors including Chan Zuckerberg initiative
Several innovative players building solutions across off grid solar solutions, recycling and environmental protection, e.g. Rensource is building the largest off-grid solar network in Nigeria

Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
9th July 2018

They should give us some credits.... We have produced MPS for laptop and TV, Phone



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Osinbajo is making all effort to transform Nigeria into a great economy nation .....good work sir

The VP showing NIgeria to the world!!!!!! This is an avenue for Nigeria to be be put in the global map and tap into the advantage of ben globally know an recognised. May the Lord continue to bless and up hold the VP.

This our Amiable VP is doing well in the area of encouragement, He do value anything He sees that it can helping thing positively cus entertainment is money and innovations brings progress

ABSAO:

The working VP is there to make a way forward for the boost in our economy and market Nigeria to the international community. I believe this will go a long way in revamping our economy as well as our image. God bless PYO....God bless Nigeria

Innovation of this government is what makes it differ from the previous one.technology is a bed rock to a national building. God bless PYO,God bless federal republic of Nigeria.

This is the part of the responsibility of the Government under the leadership of the imminent threat of an economy Mr Vice President is at work again...keep working and keep Nigeria growing, may God Almighty continue to strengthen you and your household, My believe is that the trip is going to be fruitful.

THE ACTIVE VP OSINBAJO IS WORKING ROUND THE CLOCK AND MAKING GREAT EFFORTS TO BRING FOREIGN INVESTORS TO NIGERIA, TO CREATE JOBS FOR THE CITIZENS, TO BOOST THE ECONOMY, AND TO MAKE NIGERIA BE AMONG THE WORLD BEST COUNTRIES. GOD BLESS THE OSINBAJO

Nigeria on the part of greatness under Buhari ? Osinbajo administration...Foreign investors are welcome to our land....Save trip back to Nigeria

There are a lot of avenues to generate capital and funds for the country outside crude oil and the VP has been working on such avenues which include; entertainment, innovation and technology which will bring about a massive boost to the economy of the country.
Holllywood alone generates millions for the USA annually and Nigeria though the genius of the VP is walking the same lane and will soon become a global household of economic boost.

I strongly believe that the nation will be well-represented by the vice president. God bless Nigeria

Osinbajo is truly a blessing to Nigerians,we can see how the man is working day and night for the betterment of Nigeria.Its time for Nigeria to move forward in terms of technology....nice move Mr vice president

The working VP is there to make a way forward for the boost in our economy and market Nigeria to the international community. I believe this will go a long way in revamping our economy as well as our image. God bless PYO....God bless Nigeria

Well done Sir, My hard working Vice President is moving Forward.........Thank God we have someone like VP Osinbajo

It is an opportunity to have a knowledgeable and hardworking leader like Osinbajo in Nigeria...he is taking Nigeria to a next level...Good job

Very active Vice President, as far as this administration is concern is the Vice President. Keep the good working sir, We believe in your leadership. God bless my Vice President, God bless Nigeria

This is an avenue to sell Nigeria to the world and as well let the world know that Nigeria is a country blessed not only with natural resources but with abundant human resources, talents, creativity and innovation. It is also an avenue for the country to look into other means of generating revenue and increase her GPD based not only on crude oil.
Most developed countries of the world are countries that develop and invest in their technology and also encourage innovation and creativity. Nigeria to the world!!!!!!!!!

Just with a little more patient. Nigeria will become a great nation. I believe in PMB/PYO ticket.

From the first to last poster, they are like clones of each other.


If we didn't know better, we would actually be led to believe osibanjo is decent.

Osinbajo is on the verge of fixing Nigeria economy

CSTR1005:
From the first to last poster, they are like clones of each other.


If we didn't know better, we would actually be led to believe osibanjo is decent.

He that is valueless will never value a valuable person....

OK

fake thread with fake comments ,some of the accounts were either opened on the same day or same months .
Nigeria yoots is this how you want this country to progress?

lalastic lala come and see cloned accounts. this one weak me