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StartUp West Africa Report - Nigeria


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Are you interested in starting a business in Nigeria? Do you want to know the key players, the culture, challenges and opportunities that lie within? Here is a brief 15 mins guide of everything you need to know

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StartUp West Africa Report - Nigeria

  1. 1. #StartUpNigeria A 15 min guide
  2. 2. Document Explore Research Connect
  3. 3. Why Nigeria? “Nigeria has the largest economy in Africa and is the world’s 26th largest economy, bigger than Egypt, Angola, Kenya, Croatia and Lebanon combined, and 12 times the Ghanaian economy.” Seye Akinnaike (2014)
  4. 4. Nigeria at a Glance 7th most populous nation in the world with 170 + million people World Bank (2013) 83 million + internet users Among the top three emerging broadband markets ITV News (2015) Between 2000 and 2014 the middle class grew by 600% Standard Bank (2014)
  5. 5. Nigerian Mobile Market Source: gsmaintelligence (2014)
  6. 6. Tech Ecosystem
  7. 7. Key Players
  8. 8. Foreign Investment JUMIA $200M KONGA $100M Source: Fortune (2015)
  9. 9. Challenges
  10. 10. Lack of effective communication 1% Lack of access to the internet 3% Lack of support 12% Lack of funds / capital 17% Lack of necessary skills 12% Lack of knowledge 10%Inadequate institutions 5% Poor internet services 6% Expensive to access the internet 4% Lack of constant electricity 8% Lack of enabling environment 6%Lack of adoption of locally invented goods/services 2% Resistance to change 2% Limited incubation programs 1% Corruption 1% Insecurity 3% Lack of employees with the right skill 5% Poor infrastructure 1% Poor Regulations 1% Local Budding Entrepreneurs – Challenges 163 respondents across Lagos (UniLag) and Ogun State (Covenant University)
  11. 11. Challenges faced by Start-ups “People don't know how powerful their smart phones are” “Expensive to access the internet” “Electricity challenges make it more expensive to run a start-up” “Slow internet connection” Hugo Obi Co-Founder of MALIYO and Founder of Save & Buy
  12. 12. Local Budding Entrepreneurs Findings 48% stated that the number of people with the right skills to help start-up thrive are not available 96% stated that access to capital/finance is difficult 50% stated that registering a business in Nigeria is complicated 74% stated that most Nigerians are entrepreneurial 86% stated that Nigeria lacks adequate infrastructure to help start-ups and foster growth 163 respondents across Lagos (UniLag) and Ogun State (Covenant University) 80% stated that the right regulations are not in place to allow start-ups thrive
  13. 13. Regulations “Laws put in place to curb fraud could hamper monetisation for start-ups”. “No special laws to incentivise Entrepreneurs” “e.g. Start-up are not allowed to collect/store credit card details. This means start-up cannot do subscription-based services, which are more frictionless methods and well used in developed countries.” Eric Osiakwan Eric Osiakwan Tech Entrepreneur & Investor Michael Ugwu Founder of Freeme Digital
  14. 14. “There are tons of challenges, however its very rewarding when you get it right…” Raphael Afaedor co-Founder & CEO - ex-MD and Co-Founder of JUMIA The Ecosystem
  15. 15. Culture
  16. 16. 98% are religious 87% are proud of their culture 95% are social who enjoy networking and meeting new people 97% stated that family means a lot to them 75% are motivated by money and have a drive to succeed 97% stated that their appearance means a lot to them 95% have a long-term vision and know where they want to be in 5 to 10 years Local Culture 163 respondents across Lagos (UniLag) and Ogun State (Covenant University)
  17. 17. Local Culture “People don't want discounts. Word of mouth is the most powerful marketing technique” Oluseye Soyode-Johnson Lead Partner, The African Technology Foundation
  18. 18. Web Culture Online engagement prevalent among political youth Online support for Muhammad Buhari election campaign shows that the Nigerian youths are using social media to champion political causes…
  19. 19. Opportunities
  20. 20. Opportunities 40% + of the Nigerian population is under 15 years Housing Education Health Agriculture “The next big thing in Nigeria will be customer facing technology” Oluseye Soyode-Johnson Services Predicted to be in the Top 20 Economies By 2030 Source: World bank (2014) Africa’s Largest Economy with GDP standing at $521.8 billion Infrastructure
  21. 21. Opportunities – Tech Space Digital Banking / ePayments e-Commerce will continue to grow Educational Services Arnold Ekpe Former CEO of Ecobank "If I was 30 years younger I would set-up a digital bank" Digital Marketing Data Analytics
  22. 22. Advice If you chase money, it will run away from you, but if you do something you are passionate about, the money will automatically follow Think Big, Start Small, Move Fast
  23. 23. How we at GoGetters can help? Networks Knowledge Support Connections to Investors
  24. 24. Join Us
  25. 25. The End
  26. 26. Tola James-Odukoya Founder, Nari Juice Co-Founder, GoGetters @tolajamesodukoya Seye Akinnaike Founder, StartUpWestAfrica Co-Founder, GoGetters @seyeakinn Alieu Fofanah Founder, GoGetters @alieufofanah ContributorsAuthor