₦airaland Forum

rvp20182:
Nigeria Tech scenes - on it's infancy!

However, if those growth rates are met, Nigeria’s gaming industry will still be worth just $85.6m in annual turnover by 2021. [b]That is smaller than the gaming market in Kenya, whose population is around a quarter of Nigeria’s, and a drop in the ocean of the $116bn global indus[/b]try

https://www.ft.com/content/0d4a9852-17df-11e8-9c33-02f893d608c2

l can't read anything in your link, you are talking about the gaming market, I'm talking about the entire tech scene. You Kenyans should go compete with your mates.

rvp20182:
There many such article and we can paste here & there - private equity deals? How about public equity deals - already Nairobi Stock Exchange is bigger than Nigeria Stock Exchange. How about public investment - the amount of money Chinese are investing in Kenya is staggering.

Outside oil - Nigeria cannot beat kenya in FDI. And that despite kenya being a smaller country. Obviously nobody is buying Nigeria's 500B dollar economy BS.

Where do you get your data from? These are the top stock exchanges in Africa.

JSE – $3.7 Billion
Nigeria SE – $116.9 Million
Nairobi SE – $44.1 Million
Stock Exchange of Mauritius – $ 10.4 Million
Zimbabwe SE – $5.8 Million
Dar es Salaam SE – $5.7 Million
Bourse Regionale des Valeurs Mobilieres (serving Benin, Burkina Faso, Cote d’Ivoire, Guine Bissau, Mali, Niger, Senegal & Togo) – $5.6 Million
Botswana SE – $4.9 Million
Lusaka SE – $4.3 Million
Uganda Securities Exchange – $2.9Million


Even in public investment, you do not beat Nigeria, if you think you do you can provide proof. Chinese invest here too, but too much of that could be dangerous.

Africa’s largest economy recorded the continent’s highest private equity deals in five years, according to data obtained from Africa Private Equity and Venture Capital Association (AVCA).

Nigeria outperformed South Africa and Kenya to record a total of 112.14 deals amounting to $7.8 billion in the five year period of 2012 and 2017, with South Africa recording $2.8 billion while East Africa’s largest economy raked in $1.17 billion.

Although Nigeria had the most deals in terms of value South Africa recorded more deals by volume at 207.32 surpassing Nigeria’s 112.14 and Kenya’s 100.8 private equity deals.

“Nigeria attracted the highest private equity deals in the continent as a result of the business opportunities that investors see in country,” Ayo Akinwumi, Head of Research FSDH said by phone.

“It has a large market size, considering its large and young population, despite the risk, investors see the opportunity available in the diverse sectors of the economy and they take no chance in exploring from the fortune,” Akinwunmi said.

Africa recorded total private equity deals of 953 in volume at $24.4 billion in value from 2012-2017.

Out the total deals that was transacted in the continent, West Africa accounted for 267 deals by volume at a value of $10.7billion, the Southern region followed with a record of 284 deal by volume and at a value of $3.8billion and the Eastern Africa region also recorded one of the highest deal in the continent at a volume of 180 with valued at $2.4billion, among others.

The key area that attracted the most private equity deals in the period under review were the consumer goods sector, information technology, financial services, industrials and information technology.

The number of reported private equity deals that transacted in West Africa stood at 267 between 2012 and 2017, with a total value of $10.7 billion and a median deal seize of $6million.

Nigeria attracted 42 percent volume of the total 267 deals transacted in the region. This also accounts for $7.8 billion or 73 percent in value of the total $10.7 billion which the deals were worth.

https://www.google.de/url?sa=t&source=web&rct=j&url=http://www.businessdayonline.com/nigeria-beats-peers-private-equity-deals-five-years/&ved=2ahUKEwiLx4OiwdvaAhWQL1AKHdm6CzEQFjAAegQIBxAB&usg=AOvVaw3srzdNW10dYuEIwicRTWZd

[b]Over the past few years Kenya and Nigeria have risen through the ranks in the technology space, booting South Africa out of its previously held.

Innovations like Safaricom’s M-Pesa and Kenya’s Ushahidi and Nigeria’s fin-tech startup Interswitch, which is a few zeros away from unicorn status, have investors tripping over themselves to get to these countries.

The innovation-friendly legislature contributed greatly to the success of the ICT sectors in both countries. This said, the competition between the two countries is undeniable. Both are competing for the same investment opportunities.

However, in the recent past, Kenya, has for some reason or other, been receiving the shorter end of the stick. Big names like Google and Facebook have passed the country over when selecting places to place their innovation hubs, in favor of Nigeria. This begs the question, why was Kenya second choice?

“Over the last couple of years, Nigeria has been coming up and has now overtaken us. I love all things Kenyan but having interacted with some of our clan mates from the Nigerian tech community,” explains Frank Tamre, co-founder Early Camp.

Tamre adds that Nigerians seems to be more serious than Kenyans in terms of determination due to limited chances in the big competitive market.
[/b]
“They have an advantage of market economics, he says. “A start-Up in Nigeria VS Kenyan each with one percent of the population as size of market are two very different numbers, ‎the percentage number of serious developers in Nigeria VS Kenya is distinct. If they have a 4 Million developer pool, we have a 400k it would mean that for a 1% of each to get the serious developers, theirs amounts to really huge figures. How do we compete: Be more serious and focused. We can do it if we decide to be focused as Kenyans. Of course comparison is a game of fools, but learning from your neighbor is wisdom. If we do not realize how fast they are progressing, we only need to see how many tech MNC are setting up shop in Nigeria and how many Nigerian Start-ups are deciding to take on ‘global’ companies. Their mentality is different. Nigeria is becoming the Silicon Savannah hub of Africa.” he concludes.

This is a view shared by another tech entrepreneur. Bitsoko COO, Frank Deya is of the opinion that most of the newer industry players are in it for the hype and the pomp not for business.

“Most Kenyan tech startups are obsessed with replicating Silicon Valley, which unfortunately is not what we need here,” he says. “We ride high on publicity, soliciting investments with no tangible outcomes to show; coming up with cool concepts and apps that generate little to no value whatsoever on the ground. We need more manufacturing plants than we need social networking sites. Our transport industry is in shambles, as evidenced by the mad December rush. Why is there no reliable ticket booking or reservation platform to manage all that chaos?”

To him, entrepreneurship is a noble feat few people are able to master and excel in, but is not the solution to unemployment. Deya says there is need to build capacity locally by revamping the Kenyan education sector, strengthening public institutions to continue elevating Kenya’s status as a formidable market that has attracted and opened the country up to the outside world and contributed to a culture of innovation.

Back in 2016, Kirsten Buch of Nigerian startup accelerator, 88MpH says, (as quoted from a 2014 article by Odunayo Eweniyi) “The plan was to always cover Africa and you can’t really say you’ve got African coverage, if you’re not in Nigeria… Kenya has been destroyed by the impact of NGO funding. On the media side, it’s been well exposed and there’s a lot on the surface. Real substance, companies that are successful? There’s not a lot.

The Kenyan business community have also become discouraged by that. ”The bigger, serious investors lean more towards Nigeria. It’s mostly about market size. You can scale something down here.” A scathing remark if you look at it from the vantage point of a Kenyan techpreneur. But perhaps he makes a good point. Kenyan techpeneurs will have to go back to the drawing board.


https://www.google.de/url?sa=t&source=web&rct=j&url=https://techmoran.com/kenya-tailing-nigeria-africas-silicon-savannah/amp/&ved=2ahUKEwjthPS2vdvaAhUFsKQKHQ9cB4YQFjADegQIARAB&usg=AOvVaw2CtppDjvl8GwjrneAcyObW&ampcf=1

samsobo24:
Enter where,how do you want to thrive.when almost all the Nigerian banks are already buoyant. We have our own mobile money platforms, PAGA,Quickteller,Kongapay and many others and what's the issue with your mpesa

Speaking of Banking and finance,you can never rub shoulders beside Nigeria

This is what many Nigerians also try to tell some ignorant people on Skyscrapers.com and other internet platforms.
Who needs mpesa, when we have some mobile banking apps too, it's nothing new.
Besides oil, Nigeria is strong in finance and banking, with great potential. There is also tech, fashion and entertainment.
l visited Apapa lagos some years ago and the city never sleeps, lots of businesses, services, sales going on 24/7.

rvp20182:
- sorry again this beyond you.nollywood is crap. won't grow anybody's economy.

Nollywood is the second largest employer of labour in Nigeria besides Agriculture. lt employs over a million people already(directly and indirectly). lt has grown into a very large industry in Nigeria, and fashion/textile is growing as well with lots' of foreign interest.

NairobiWalker:
You need to see a doctor. In financial recessions, big cities are most affected while villages barely notice it. What this means is the GDP of Lagos definitely receded more than the average national GDP and that $62 billion is definitely the best it could be. Only a Nigerian would think their economic heartbeat increased in GDP by over 50% while the rest of the country reduced by 31%, lol.

The recession was largely due to the oil sector, the Lagos economy is not based primarily on oil, so it can only be affected slightly.

jason14:
lol none of these three u have .
we still have entertainment industry that contributes largely to our economy ooo (which u still don't have)

Entertainment, fashion, agriculture, even lCT.
There's nothing they claim to have contributing to their GDP that we don't have(excluding tourism),except that they have a very small economy. 70bn dollars is a joke and can't be the basis for a truly diversified economy.

jason14:
I never said it measures wealth, I said its a reflection of a country's development. if Kenya is like what they claim it to be then it shud have a bigger GDP ,not 70bn (what a joke)

To be honest, 70 Billion dollars is just too small.

jason14:
all their constant electricity (like they claim to have), infrastructure , CCTV camera , industries (all these things that RSVP and his brothers claim to have )lol , still Nairobi has no GDP. SMH




....JASON THE NAIJA DUDE

And even the one Kenya has is cooked.

rvp2018:
There is adequate power all over kenya - the last time we had serious power rationing was in drought of 1999 - then we depended on hydro - now we depend on stable geothermal power - yeah we are on of world leaders of clean power - no diesel engines here - and there is stable power in the whole of the country - apart from schedule maintenance. Just ask anybody around. 24-7. All over kenya.

I think right now we are about 50-60% of everyone having power - our target is universal electricity coverage by 2022.

Stop lying, only 55% of Kenyans are connected to the national grid.

NairobiWalker:
A city with over $88 billion GDP cannot afford constant electricity?

And yet with the so called constant electricity in Kenya and even with the cooked GDP, Kenya still struggles to surpass that city's GDP.
With all your so called development ahead of Nigeria, your HDI is still 146 in the world, while Nigeria is 152(note..you are about 3-4 times smaller than Nigeria), What then are you Kenyans bragging about?

samsobo24:
why don't you say Nigeria is nothing,I doubt if your hatred isn't more than the master of Kenyans on this thread

That one is always suffering and smiling.

mtis:
Oba I know the King is supposed to stay in the village but ya got listen to your friend sufferNsmiling.Traveling far places an interacting with people from different walks of life does shape one’s view.Dont confine ya self with mama is the best cook. Think outside Nigeria…

Why do you think he hasn't travelled? and you how far have you travelled to shape your view that Kenya like Naija is not doing well at all. For a small country like Kenya, the FDI is way way down, 146 in the world, that's not nice in my opinion.

Greenpage:
^^^ you are lieing and you know it.

Ask him if he set alarm for the sex. l never knew people look at the wall clock these days while pounding.

Bloggers sef.

1 minute men spotted.
Honestly OP l think having sex for 1 minute is even too long, 30 seconds is just okay. You go in once or twice and your milk is out.
Please nobody should quote me, I'm not feeling fine.

Danielnino00:
.

That's the funny thing... a lot of Africans not just Kenyans alone are always ready to believe the negative stats about Nigeria, but when it comes to the positives, they term it fake!!
I've never really travelled to many African countries, but I've meet and interact with a lot of Africans both on and off the cyber space, and believe me,the hate on Nigeria is real...very real!!


BTW,I don't see u much on the super eagles and super falcons thread... why?

Hmm l ran away from Super eagles thread for a while after the poor display in the friendlies, but l'll be there as we prepare to play England. Not always chanced to follow up on the thread though.

jason14:
Jesus is Lord what is this guy saying ooo I'm tired , all this ones u are saying is just to make urself feel better . don't worry ull soon say its no more 140m its now d whole population, dangote, otedola and buhari sef will be living in extreme poverty looll

Soon they would increase it to 170million living in extreme poverty. They believe the false data from NBS that 70% of Nigerians live in extreme poverty but they refuse to believe it when thesame NBS and IMF tells them Nigeria has a GDP of 405Billion dollars.

NairobiWalker:
You're here telling us how Nigeria is one hell of a disorganization and that you don't even believe the statistics of your country yet at the same time you and your brothers here in denial are claiming Nigeria's statistical capacity is up there while Kenya's is wanting. Lord have mercy.

Oh my, where did you get that from my post? Nigeria is not Kenya that has very poor statistics and figures. Many Nigerians may not be honest people, but there's no reason to cook our GDP. Politicians and the Cabals even want the outside world to believe we are poor, so they can cover their tracks.

rvp2018:
There is simply nothing to tax. Nigeria taxes are NOT low. Looking at PWC - coorporate tax is 30%. If Nigeria was 400B economy - it would easily get 50B from coorporate tax alone - by just checking at big listed and private companies.

Look at South Africa - you federal budget is 29B - South Africa budget is more than 120B dollars I think.

http://taxsummaries.pwc.com/ID/Nigeria-Corporate-Taxes-on-corporate-income

There's a lot to tax because it's not uniformly collected and not organized, go back to the post you quoted and read what l wrote about the agricultural sector as only one example.

NairobiWalker:
Dude, it's not about buying what in Kenya and what in Nigeria, it's the Budget to GDP ratio. To make it simpler for you, it's about what you produce against what you spend - this is a Nigeria v Nigeria comparison not a Nigeria v Kenya comparison. LAWD what schools do you people go to?

The budget is low because of corruption, low taxes, and a disorganised informal economy, only the oil sector is organized, and so the Government must find a way to block many loopholes and tax every sector, this all boils down to lack of credible functioning institutions but it doesn't negate the fact that Nigeria is a 400Billion dollar economy. l even believe it's more than that and there have been hints in the past from some quarters that it is way above that.
We are not like the Kenyans who cook false stats and gdp's.
ln the agricultural sector for instance, it is said that Nigeria has the 6th largest farm output in the world with the highest contribution to GDP, but this sector is so informal in Nigeria and not organized. There are so businesses with large herds of cattle, sheep, goats, etc and many business men who avoid tax and do not list their businesses in the stock exchange.

mtis:
Mr 68816419 i know you know Kenya well an ya conversant with stuff like jua kali which are informal in a way. Truth of the matter unemployment in Kenya is way down than you think unless ya just counting guys in suits an ties.That may be same scenario in Nigeria. But ya gt look at poverty level in your country. Assume that the unemployment level is such low why the extreme poverty

What do you mean by extreme poverty? lf l can afford to eat a full meal for 0.90 cents( below 1 dollar) in a place like Kebbi for instance( where cost of living isn't high), would you call me poor? Extremely poor by definition means those living below 2 dollar a day, and this is about 700 naira which is enough to buy most things you need for a good meal in many parts of Nigeria, even in places like Benin city or Kano, Kebbi, etc. For farmers in states with low cost of living they do not need to live above 2 dollars a day to survive and even take care of some other expenses in their states.
What is defined as extremely poor is usually by American standards with American currency.
Nigeria and much of Africa has so many poor people and some of the poorest in the world, but it doesn't make sense when you define poor as those who live below 2dollars a day across all countries.

mtis:
Yap it’s like saying Kenya can’t compete in Olympics coz lack of athletics…Man ya one of the biggest producers of oil in the world an something happens like this… YOU ARE DAMN POOR IN MANAGEMENT..yap I said it there

Yeah Nigeria is damn poor in management, no doubt about that.

mtis:
People are posting World Bank figures here ya naija peep is quoting blogs an ya like hooh Kenya is soo bad. People please you are making naija education look bad…

lol don't be pained my friend, the blogs are also quoting world bank charts.

rvp2018:
And poor nigeria - despite fixing usd exchange rate - look like your GDP is tanking faster than I thought. According to Renaissance Capital if the real exchange rate is used - Nigeria GDP is $327B. That is a whooping $170B dollars gone in 3yrs - and oil prices are just about to tank!
https://www.howwemadeitinafrica.com/wp-content/uploads/2017/10/Rob2.png

lol, you are really pained about this Nigerian GDP. Lagos economy is larger than that of Kenya but 90% of activities in Lagos is independent of oil.

Yet with all these comments above and the debate about Kenya cooking figures, rvp2018 and Kikuyu still come here to spew rubbish.

Another comment...


How did Kenya achieve 63bn GDP in 2015/16 to 75bn 2017, and yet they can't finance a 10km road by themselves..
They Must be cooking these Data to get more Loans.
What a stupid government.

Danielnino00:
The comments at the end of the post got me ROTFL .. That forum is the Kenyan version of nairaland

lol, here are some of the comments..


l have always suspected Kenya esp. When GDP rose from US$56 bln to 64 bln then to 70 bln while their exports to the region have been shrinking n tea n cut flowers have been not doing good either.

Worst enough Kenya has had food insecurities for the past 5 years! International communiry should punish Kenya for cooking data that in the end they use to vie for loans.

Kenyans cooking figures and data, and then they come here to say Nigeria's figures are cooked, lol.

rvp2018:
I ignore that graph because like I have demonstrated here; there[b] very many ways to cross-reference GDP/any data and tell which one is cooked and which one is over-cooked.[/b]

For instance one of best way to measure a developing world GDP is cement consumption. Nigeria is hovering around 18-20M metric tonnes (they are dropping with recession) - what a giant!!- and kenya the dwarf is around 6-7M - therefore it's rather obvious Nigeria GDP - even now at 400b dollars is way over-cooked. Nigeria GDP should at best be around 240B - or 3 times kenya - although you have nearly 4-5 times the population.

Is Kenya GDP cooked - of course not - if you check cement consumption linearly correlate with our GDP. In 2002 - our cement consumption was not even 1M metric tonnes...and we have grown it nearly 7 times...the same way we've turned a 12B dollar economy to now 80B dollar economy.

Nigeria GDP of course is totally whack!! totally cooked.

See how you contradict yourself, in this post you agree that with high population, a GDP should also be high, by admitting a supposed GDP of 240Billion dollars is not good enough for Nigeria considering her size. So you believe the population or size is an important factor boosting economic activities then?

254tobby:
These are the same same Nigerians who will stream to other online social platforms to gang up against other African nations with a heap of insults just because one has said negative statement about their country but on ground basis,they are worth facts,I've witnessed this especially in Twitter and some Facebook groups
where these peeps have been constantly attacking Uganda,Zimbabwe,south Africa,Kenya,Rwanda,malawi and many others.These proportion of Nigerians who poke online to insult other Africans are mainly youths,no wonder their president referred them to be LAZY...And to be very sincere and honest,I've never came across any African online causing nuisances and chasing dark shadows with other Africans in the name of massaging their egos,its only Nigerians,a weird achievement indeed!

Nigerian youths only insult other Africans online when those Aficans meddle in our business, a Nigerian can abuse Nigeria and give us all the insults stating all our problems, but this is no license for those outside to pocknose . lt gets problematic when other Africans try to criticize us the way we criticize ourselves. This is because when many of us begin to dig deep, we find that many of these African nations have serious issues and even worse problems on the average.