By Oluwole Asalu
In today’s interconnected world, technology plays a pivotal role in shaping economies and societies. Nigeria, with its vibrant tech scene, has witnessed remarkable growth in recent years. However, to sustain this momentum, we must recognise the importance of homegrown startups and invest in their success.
In recent years, foreign investments, once a cornerstone of our burgeoning tech sector, have seen a noticeable decline. This change is due to various factors, including global economic uncertainties, fluctuating market conditions, and increased competition from other emerging markets. While this reduction in foreign investment poses challenges, it also presents a unique opportunity for Nigerians to take the reins and propel our tech industry forward.
The time is ripe for Nigerians to step up and invest in our local tech startups. Our nation is brimming with talented innovators and entrepreneurs who have the potential to create groundbreaking solutions tailored to our unique challenges. However, without adequate financial backing, many of these ideas remain unrealised. By investing locally, we can provide the necessary resources for these startups to grow, scale, and ultimately succeed.
Local investment isn’t just about funding; it’s about believing in our own capabilities and fostering an environment where Nigerian ingenuity can flourish. It’s about building an ecosystem where startups can thrive, supported by a network of investors, mentors, and industry leaders who understand the nuances of our market.
Beyond investment, there is a pressing need for Nigerians to actively consume homegrown tech products. This shift in consumer behaviour can have a profound impact on the local economy. When we choose Nigerian-made products, we are not only supporting the businesses behind them but also contributing to job creation and economic stability.
Moreover, buying Nigerian fosters a sense of national pride and encourages a culture of self-reliance. It sends a powerful message that we believe in the quality and potential of our own creations. This cultural shift is essential for building a robust and sustainable tech ecosystem.
While the focus on local investment and consumption is crucial, it must be paired with a vision for global competitiveness. Our ultimate goal should be to export Nigerian tech products—both physical and intellectual—to the global market. By doing so, we can earn foreign exchange, enhance our international standing, and demonstrate that Nigerian innovations can compete on a global scale.
To achieve this, we need to prioritise quality and excellence in our products. Nigerian tech startups must strive to meet and exceed international standards, ensuring that their offerings are not only competitive but also compelling to a global audience. This commitment to excellence will help us build a reputation as a hub of innovation and creativity.
Investing in and consuming Nigerian tech products is not just about economic growth; it’s about building a sustainable and self-reliant future. By reducing our dependence on imports, we can create a more resilient economy that is better equipped to weather global uncertainties. This self-reliance will also enable us to address our own challenges more effectively, leveraging local knowledge and expertise to develop solutions that work for us.
The decline in foreign investment in Nigeria’s tech sector is a call to action. It’s an opportunity for us to take ownership of our future and build a thriving tech ecosystem that is driven by local investment, supported by Nigerian consumers, and competitive on the global stage. Investing in Nigeria’s tech ecosystem isn’t just about financial returns; it’s an investment in our future. Let’s celebrate our homegrown talent, empower startups, and build a sustainable, self-reliant economy—one that thrives both locally and on the world stage.
Oluwole Asalu is a founder, serial entrepreneur, and technology specialist writing from Lagos, Nigeria.