This 15 minute guide provides an overview of opportunities for startups in Nigeria. Nigeria has the largest economy in Africa with over 170 million people and 83 million internet users. While there are challenges like lack of infrastructure, skills, and capital, the growing middle class, tech ecosystem, and young population represent opportunities in sectors like banking, commerce, education and services. Local entrepreneurs cite difficulties but are motivated by their culture and vision for the future.

1. #StartUpNigeria
A 15 min guide

2. Document
Explore
Research
Connect

3. Why Nigeria?
“Nigeria has the largest economy in Africa and is the world’s 26th largest economy, bigger than
Egypt, Angola, Kenya, Croatia and Lebanon combined, and 12 times the Ghanaian economy.”
Seye Akinnaike (2014)

4. Nigeria at a Glance
7th most populous nation in the world
with 170 + million people
World Bank (2013)
83 million + internet users
Among the top three emerging broadband
markets
ITV News (2015)
Between 2000 and 2014 the middle class
grew by 600%
Standard Bank (2014)

5. Nigerian Mobile Market
Source: gsmaintelligence (2014)

6. Tech Ecosystem

7. Key Players

8. Foreign Investment
JUMIA
$200M
KONGA
$100M
Source: Fortune (2015)

9. Challenges

10. Lack of effective
communication
1%
Lack of access to the internet
3%
Lack of support
12%
Lack of funds / capital
17%
Lack of necessary
skills
12%
Lack of
knowledge
10%Inadequate institutions
5%
Poor internet services
6%
Expensive to access the
internet
4%
Lack of constant
electricity
8%
Lack of enabling
environment
6%Lack of adoption of locally
invented goods/services
2%
Resistance to change
2%
Limited incubation programs
1%
Corruption
1%
Insecurity
3%
Lack of employees with the
right skill
5%
Poor infrastructure
1%
Poor Regulations
1%
Local Budding Entrepreneurs – Challenges
163 respondents across Lagos (UniLag) and Ogun State (Covenant University)

11. Challenges faced by Start-ups
“People don't
know how
powerful their
smart phones are”
“Expensive to access
the internet”
“Electricity
challenges make
it more expensive
to run a start-up”
“Slow internet
connection”
Hugo Obi
Co-Founder of MALIYO
and
Founder of Save & Buy

12. Local Budding Entrepreneurs Findings
48% stated that the number of people
with the right skills to help start-up
thrive are not available
96% stated that access to capital/finance
is difficult
50% stated that registering a business in
Nigeria is complicated
74% stated that most Nigerians are
entrepreneurial
86% stated that Nigeria lacks adequate
infrastructure to help start-ups and
foster growth
163 respondents across Lagos (UniLag) and Ogun State (Covenant University)
80% stated that the right regulations are
not in place to allow start-ups thrive

13. Regulations
“Laws put in place to
curb fraud could
hamper monetisation
for start-ups”.
“No special laws to
incentivise
Entrepreneurs”
“e.g. Start-up are not allowed to collect/store credit card details. This means start-up
cannot do subscription-based services, which are more frictionless methods and well
used in developed countries.” Eric Osiakwan
Eric Osiakwan
Tech Entrepreneur &
Investor
Michael Ugwu
Founder of Freeme Digital

14. “There are tons of
challenges, however its
very rewarding when
you get it right…”
Raphael Afaedor
co-Founder & CEO - Supermart.ng
ex-MD and Co-Founder of JUMIA
The Ecosystem

15. Culture

16. 98% are religious
87% are proud of their culture
95% are social who enjoy networking
and meeting new people
97% stated that family means a lot to
them
75% are motivated by money and have
a drive to succeed
97% stated that their appearance means
a lot to them
95% have a long-term vision and know
where they want to be in 5 to 10 years
Local Culture
163 respondents across Lagos (UniLag) and Ogun State (Covenant University)

17. Local Culture
“People don't want discounts.
Word of mouth is the most
powerful marketing technique”
Oluseye Soyode-Johnson
Lead Partner, The African
Technology Foundation

18. Web Culture
Online engagement prevalent
among political youth
Online support for Muhammad Buhari
election campaign shows that the Nigerian
youths are using social media to champion
political causes…

19. Opportunities

20. Opportunities
40% + of the Nigerian population is under
15 years
Housing
Education
Health
Agriculture
“The next big
thing in Nigeria
will be customer
facing
technology”
Oluseye Soyode-Johnson
Services
Predicted to be in the Top 20 Economies
By 2030
Source: World bank (2014)
Africa’s Largest Economy with GDP
standing at $521.8 billion
Infrastructure

21. Opportunities – Tech Space
Digital Banking / ePayments
e-Commerce will continue to
grow
Educational Services
Arnold Ekpe
Former CEO of Ecobank
"If I was 30 years
younger I would
set-up a digital
bank"
Digital Marketing
Data Analytics

22. Advice
If you chase money, it will run away from you, but if you do
something you are passionate about, the money will automatically
follow
Think Big, Start Small, Move Fast

23. How we at GoGetters can help?
Networks
Knowledge
Support
Connections to Investors

24. Join Us

25. The End

26. Tola James-Odukoya
Founder, Nari Juice
Co-Founder, GoGetters
tola@go-getters.co.uk
@tolajamesodukoya
Seye Akinnaike
Founder, StartUpWestAfrica
Co-Founder, GoGetters
seye@go-getters.co.uk
@seyeakinn
Alieu Fofanah
Founder, GoGetters
alieu@go-getters.co.uk
@alieufofanah
ContributorsAuthor