Across different sectors, Nigerian tech companies have to work within the constraints of laws and regulations from their respective governing bodies.
According to Jubril Adeojo, managing director and co-founder of SMEFUNDS Capital Limited — a venture capital firm — unless we leap-frog and disrupt the ecosystem while allowing regulations to catch-up, we will never realise our projected visions for 2030 and 2050.
He made this statement in response to questions on how companies can proactively engage the government with respect to regulations at the IHS conference on Power & Telecommunications Synergy.
Diving into the discussion during a chat with Techpoint, he insists that creativity and the use of disruptive technology, without breaking existing regulations, is key to surmounting challenges across different sectors.
With small generators currently producing a combined 42000MW of electricity, according to a 2019 report by Access to Energy Institute, all evidence points to the fact that Nigerians generate their own power.
Jubril points out that since we already generate power ourselves and the existing regulations allow us to generate up to 1 megawatt, regulations are not the problem, but rather the amount of capital available for energy companies to deploy power services to companies and households in a way that is different from usual standards.
“We can’t wait for the government to come up with favourable regulations, we just have to creatively find ways to make headway without breaking any rules,” says Jubril.
In his words, “regardless of the industry, you play in, disrupting that space will involve making sense of the mess everyone else is wallowing in.”