Nigerian startups are recession-proof!
While some are feeling the Naira pinch, startups are attracting dollars (aren’t they lucky?). But before we all become “entrepreneurs and Yaba hustlers,” let’s take a minute to rejoice with the fortunate ones.
In a nation where budget padding and all shades of corruption abide, the arrival of BudgIT was a breath of fresh air. People expect accountability and are asking more questions than social and traditional media can handle.
Since its inception in 2011, BudgIT have collaborated with several government parastatals to promote transparency and accountability in the country. Interestingly, BudgIT just recently raised over $3 million in grants from the Omidyar Network and the Bill and Melinda Gates Foundation.
Twenty four hours after the announcement that BudgIT raised $3 million in funding, nHub put pen to paper in contract for seed funding with an undisclosed local investor.
nHub is a tech innovation hub from Jos in Plateau State, Nigeria. They are unarguably the first in the region and are powering software development, training and empowerment.
R. Josh Musah confirmed Asuqu’s investment to be in the range of 5 figures in US dollars. The investment will allow the founder improve on the product and build other complimentary products; like Asuqu marketplace, Asuqu Elite and Asuqu SME.
Asuqu, is an online platform that allows people hire professional freelancers in Nigeria.
This week on Techpoint
Egomaron Jegede the data centre builder
He is the Technical Project Manager for the MainOne Capital Projects Team. Though born in Zaria, Nigeria, Egomaron grew up in three continents, sharing his childhood memories between Nigeria, Australia and the United States of America.
Top 5 commercial banks that Nigerian SMEs can bank on
According to a recent statistics from the National Bureau of Statistics, Nigeria currently has over 17 million MSMEs. While striving to remain in business, funding has been a consistent barrier to the growth and expansion of these MSMEs.
However, some Nigerian banks are beginning to shift focus from corporate banking to retail banking which supports MSMEs. Techpoint conducted a research on banks that support SMEs.
Timing and talent are two biggest obstacles that African startups face
Techpoint caught up Samuel Gikandi at Africa’s Talking Headquaters in Nairobi where he shared about how he started his company, operating it remotely, challenges he faced and lessons from entrepreneurship.
How corruption can be fought and eradicated with technology
While some entrepreneurs have been trying to fight corruption through innovation and technology. It has been highlighted that in eradicating corruption, access to information and transparency is paramount. Although, collecting major data and intelligence is laudable, creating actionable solutions with innovations to followup implementation is the way to go.
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Report: Millionaire West African startups” raised over $1.806 billion between 2010 and 2019, 97.9% of which went to Nigerian startups. Get a free overview and 50% purchase discount here.
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Writer. Photographer. Interested in African culture, history, politics and policies.