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Nigeria’s New Tycoons are Younger, Not Afraid to Collaborate and Disrupt Existing Systems

The change-makers in Nigeria’s new digital economy are turning today’s challenges into tomorrow’s opportunities. They are the tenacious new wealth creators in a country that celebrates its 60th anniversary in October. According to a 2019 report by the Center for Global Development, Nigeria overtook South Africa as the leading investment destination with 55 active technology hubs accounting for a total of $94.9 million in funds raised in contrast to the $60 million raised and 59 active startups in South Africa. Furthermore, the country is considered Africa’s biggest technology market and accounts for 24% of internet users in Africa with 126 million people online in December 2019, as per figures from Internet World Stats, 2020. The Nigerian Communications Commission estimated the country had the largest number of telecommunications subscribers with a tele-density figure of almost 96.76% last year. Matt Warman, the United Kingdom’s Digital Minister, in a report published by the UK’s Department of Digital Culture, Media and Sport, estimated that Nigeria’s tech sector is projected to create some three million jobs and generate $80 billion for the economy by 2021.