The increasing rate of technological adoption in Nigeria has opened the economy to a vista of limitless opportunities in exploring the benefits of technology. Technology has brought with it, Startups - small-scale firms that leverage technology to disrupt the modus operandi of existing industries by efficiently proffering new solutions to old problems. In Nigeria, Startups cut across various industries including but not limited to Finance, Agriculture, Hospitality, Real Estate, Fashion, Retail Food etc.

Despite the poor ease of doing business in Nigeria (at 131 of 190 in 2020 ), Startups are gaining momentum propelled by the digitization of the domestic and global economy, increasing rate of internet penetration (currently at 65.3%) and the seamlessness of its solutions. While Startups have been commended for reducing the level of unemployment in Nigeria by employing fresh graduates either as Interns or as Full-time Staff, its contribution to the growth of underemployment in Nigeria is mostly overlooked. The level of underemployment in Nigeria has grown from 18.3% as at Q2’2015 to 28.6% as at Q2’2020 and the number of Startups in Nigeria has recorded growth within the same period. While we can’t totally attribute the increase in underemployment to only start-ups, they have a role to play in reducing the level of underemployment in Nigeria.

Recent discussions with employees of some young Startups in Nigeria reveal that most startups set the remuneration of entry level employees (degree holders) between N50,000 to N80,000 monthly compared to other industries in Nigeria which is mostly a minimum of N100,000 in addition to other benefits (Pension, provision for Transportation, HMOs and others) which are usually not provided by Startups. This increases the rate of underemployment with negative multiplier effects on the lifestyle of the Startup employees and their dependents, as low-income levels coupled with the nation’s high inflation rate of 15.75% (December 2020) and its devalued currency, will drastically reduce their purchasing power. Despite the uncompetitive pay, the rate of unemployment in Nigeria leaves most employees at the whims and caprices of their employers, hence, they are compelled to accept the offer. The rate of career growth is also slow, the employees may remain on that salary scale for more than 18 months hoping for the next seed funding from new investors.

While Startups may not be entirely blamed for the poor salary structure (as they create employment), more can be done to improve their value-add not only to their external stakeholders (customers and investors), but also, to their internal stakeholders (mostly employees).


What is the way forward?

It is common knowledge that Start-ups usually have slim bottomlines which relatively justifies their poor remuneration, more efforts should be made by founders and co-founders of Start-ups to ensure that they have “a clear vision” for commensurately rewarding their employees for their efforts. 61% of Start-ups fail in Nigeria and if their employees are not efficiently rewarded during their period of existence, they are plunged back into unemployment, a fair-enough salary should provide them with savings which they can fall back to during the period of unemployment.
Is it fair to have a “Union of Start-Up Employees?”, while this may be argued against, the level of underemployment in the Tech space may lead to the creation of a Union to protect their rights.

In addition, idea-creators (founders and co-founders) can come together to aggregate their ideas to create a bigger and more rewarding Start-up as against the usual practice of the establishment of pocket firms with good ideas and little or no resources to scale or reward their employees.

Thank you.
Chinonso Osuji
An Investment Analyst in Lagos.

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It’s owned by Jowizaazaa, he bought it for himself as his birthday gift

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Hey batty, been a while. How have you been?

Battywonder:
Hello Everyone.
I am a graduate of Economics.
I stay in Igando, Lagos.
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Thanks.

please send foundation to chinonsoosuji06@gmail.com. Thanks

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FYI, do your research properly. Mark dropped out of Havard University, he had a dream bigger than the degree and most of the rich guys you made reference to are not dumbasses. Steve Jobs dropped out of Reed College in Portland. These are exceptionally smart chaps, so you don't put them on the same pedestal with ordinary peeps without a degree.

crixuss:


There are lots of people without university degrees that are smarter and more informed than majority of people with degrees. I mean no disrespect but there are people even here in Nigeria without degrees whose level of thinking are way above yours. And deciding to judge someone's intelligence or way of thinking based on the ownership of a degree is quite naive. Mark Zuckerburg doesn't own a degree. Steve Jobs didn't own a degree. Lot of the brilliant tech guys working in silicon valley don't have degrees. In fact 35% of the world's billionaires don't have a degree. Degrees are really over rated and given the present financial climate and market dynamics of today's society, I wouldn't classify anyone who decides not to have a degree as unwise.

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toogbasky:
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Vicrown:


cutthroat price o! Air force hospital Ikeja charged another N3,000 for the medical certificate after test worth N3,900. Total N6,900

Jeez... na wa oo... These guys are ridiculous, after i thought I have found a safe haven.

Vicrown:


The Air force doctors are used to issuing medical certificates. They are the ones that will also recommend what tests you should do. Just tell them you need it for NYSC

Okay bro... Thanks

Vicrown:

The tests were many o: pcv, genotype, blood group, urine analysis, HIV, dome I can't remember; about 8 in total. I will collect the medical certificate today.

Okay bro... Do well to help me with the tests you did so that I can do same too... Thanks for ur prompt response

Hi... Pls can I knw d tests you did for this amount cos i intend doing my tests in d same hospital... Thanks

Vicrown:

Nooo, the tests are 3,900 as I said but I suspect they will collect consultation fee. Just budget N4,500 - N5,000

Oga abeg, u no gree N3,310?

I hope the invisible hands that are always working against the efficient implementation of the CBN's policies do not interplay to make this well thought out policy ineffective.

really insightful

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Thanks for this opportunity. I'm really interested. Chinonso Maxwell, Lagos, Nigeria, +2347061166898

Thanks for your advice bro, i actually have that plan as a last resort... i appreciate.

FunnyDude:

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This is a practical example of how clueless some of our leaders can be without their aides drafting speeches for them. it is really a national disgrace...#ObservingFromMyRoom

Any area bro....

Battywonder:
Can U work in any area of Lagos or U're particular about the location?

Hi friends... I'm a fresh graduate of Banking and Finance frm the University of Nigeria, Nsukka with an outstanding CGPA. I'm really in need of a productive engagement before my NYSC which is around March next year. I will be super grateful if someone could help... Thanks in anticipation...

6 laptops from U.S? Thanks but no thanks. Those laptops shold be double checked to be sure they inserted no spy chip in it... U.S and their Greek Gifts

Buhari gave Amarachi the best birthday present ever; retiring Mbu... Sober Mbu, Merry Amaechi. The APC govt psychologically conquered Nigerians with their near-perfect promises, what are we seeing now? A bias anti-corruption campaign that captures politicians without the Broom, an unmatched economic recession... EFCC: 'If we see d Broom, we shall pass over'... it's so pathetic