Five Nigerians in tech to become national heroes
Sixty years after, the ICT sector is contributing more than oil to Nigeria's GDP. ICT sector contributed 18.44% to the country's GDP in Q2 2022—the oil sector contributed 6.33% within the same period.
Five Nigerian tech entrepreneurs will, on October 11, 2022, be conferred with the highest national awards, according to the Minister of Special Duties and Inter-Governmental Affairs, Senator George Akume.
Why it matters: These entrepreneurs are amongst the 437 Nigerians that are selected for the 2022 edition of the annual award that recognises notable Nigerians and friends of Nigeria who have rendered service to the benefit of the nation.
The five Nigerian tech ecosystem players are Paystack's co-founders, Ezra Olubi & Shola Akinlade; co-founder at Flutterwave & Andela, Iyin Aboyeji, Ola Brown, founder at Flying Doctors Healthcare Investment & Greentree Investments and Funke Opeke of MainOne.
This list includes other notable Nigerians (non-tech entrepreneurs) like: the United Nations' deputy secretary general, Amina Muhammed; director general of the World Trade Organisation, Ngozi Okonjo-Iweala; Zenith Bank's founder, Jim Ovia and Tony Elumelu, board chair at the United Bank of Africa (UBA).
Zoom out: Last month, Atiku Bagudu, the Governor of Kebbi state during an address at the Progressive Young Leaders Summit in Abuja claimed that the success of Paystack and Flutterwave is a reflection of President Muhammadu Buhari's efforts to stabilise the economy.
The aforementioned tech entrepreneurs all have ties with these startups.
Last Saturday made it 62 years since Nigeria became an independent nation.
Since its independence, oil has been the nation's major gross domestic product (GDP). Sixty years after, the ICT sector is contributing more than oil to Nigeria's GDP. The National Bureau of Statistics (NBS) reported that the Information and Communications Technology (ICT) sector contributed 18.44% to the country's GDP in Q2 2022—while the oil sector contributed 6.33% within the same period.
The performance of the technology sector has seen an increased desire from the government to tax the sector in order to shift their attention from oil-generating revenue. In the Finance Act 2022, Nigeria introduced a 5% excise duty on non-alcoholic beverages including, telecommunication services—which was recently suspended.
Source: BD