#StartUpNigeria

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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)

Nigeria at a Glance

7th most populous nation in the world with 170 + million people

World Bank (2013)

83 million + internet usersAmong the top three emerging broadband

marketsITV News (2015)

Between 2000 and 2014 the middle class grew by 600%

Standard Bank (2014)

Nigerian Mobile Market

Source: gsmaintelligence (2014)

Tech Ecosystem

Key Players

Foreign Investment

JUMIA$200M

KONGA$100M

Source: Fortune (2015)

Challenges

Lack of effective communication1%

Lack of access to the internet3%

Lack of support12%

Lack of funds / capital17%

Lack of necessary skills12%Lack of knowledge

10%Inadequate institutions

5%

Poor internet services6%

Expensive to access the in-ternet

4%

Lack of constant electricity

8%

Lack of enabling en-vironment

6%Lack of adoption of locally invented goods/services

2%

Resistance to change2%

Limited incubation programs

1%

Corruption1%

Insecurity3%

Lack of employees with the right skill5%

Poor infrastructure1%

Poor Regulations1%

Local Budding Entrepreneurs – Challenges

163 respondents across Lagos (UniLag) and Ogun State (Covenant University)

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 ObiCo-Founder of MALIYO

andFounder of Save & Buy

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

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 OsiakwanTech Entrepreneur &

InvestorMichael Ugwu

Founder of Freeme Digital

“There are tons of challenges, however its very rewarding when you get it right…”

Raphael Afaedorco-Founder & CEO - Supermart.ngex-MD and Co-Founder of JUMIA

The Ecosystem

Culture

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)

Local Culture

“People don't want discounts. Word of mouth is the most powerful marketing technique”

Oluseye Soyode-JohnsonLead Partner, The African Technology Foundation

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…

#NigeriaDecides

Opportunities

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

Examples

Opportunities – Tech Space

Digital Banking / ePayments

e-Commerce will continue to grow

Educational Services

Arnold EkpeFormer CEO of Ecobank

"If I was 30 years younger I would set-up a digital bank"

Digital Marketing

Data Analytics

Examples

Advice

Know the industry, policies and the marketBuild your network

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

How we at GoGetters can help?

Networks

Knowledge

Support

Connections to Investors

Join UsUnlock your

opportunities

The End

Tola James-OdukoyaFounder, Nari Juice

Co-Founder, GoGetterstola@go-getters.co.uk@tolajamesodukoya

Seye AkinnaikeFounder, StartUpWestAfrica

Co-Founder, GoGettersseye@go-getters.co.uk

@seyeakinn

Alieu FofanahFounder, GoGetters

alieu@go-getters.co.uk@alieufofanah

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