Why Nigerian start-ups should look beyond Fintech

Several challenges have bemoaned the Nigeria start-up ecosystem; however, it has grown over the years. Founders and entrepreneurs need more than technical skills to thrive.

Speaking at the Digital Nigeria Conference 2022, Jeffrey Williams-Edem, a business growth expert, said that startups in Nigeria had shown a huge boost in the last decade, while David Edoja of Analytics Intelligence explained that there is a huge opportunity outside the Fintech space for businesses.

Charles Okafor, CTO of Convexity, highlighted that while the blockchain start-up space has seen a massive release of products into the market, most Nigerian builders create locally useful products. We need to build for the world and not just for our local ecosystem.

Saminu Salisu, founder and CTO of Bilic.io, said that founding team members need to be trained in soft skills and not just technical skills. It is vital to teach them how to scale a product from the seed phase to IPO.

Beyond Fintech 

Nnaemeka Clinton, CEO and Co-founder of Spark Africa, emphasized that opportunities in the non-oil sector should be promoted. More products that address problems in other sectors of the economy should be developed.

Maryam Gwadabe, the founder of Blue Sapphire Hub, explained that inclusivity for women is also essential in growing the Nigerian start-up ecosystem. She also noted that local investors should be encouraged to invest in local products through the support provided by the government.

The CTO of Convexity added that the hype around using blockchain shouldn’t be the focus for start-ups in the blockchain. Strive to create solutions that will solve human problems, work on your business models, and be vigilant about cross-border regulations.

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