As the second largest economy in Sub-Saharan Africa, Nigeria stands out with its robust GDP, youthful and tech-savvy population, and extensive digital connectivity, solidifying its role as a crucial economic force in Africa.
Renowned for its resilience and adaptability, the nation's innovation industry enhances a booming technology environment that draws in foreign investors and multinational companies seeking to enter new markets.
THE NIGERIAN TECHNOLOGY LANDSCAPE IN BRIEF
Nigeria has emerged as a prominent leader in tech growth within Africa, showcasing remarkable innovation and entrepreneurship in the digital space. The country boasts a thriving and rapidly expanding tech scene, characterised by a growing number of startups, tech hubs, tech talent, and innovation centres. Lagos is the only African city ranked in the Global Top 100 Startup Ecosystems (2023), and of the 7 tech unicorns in Africa, 5 are from Nigeria. The technology industry has made significant contributions to the Nigerian economy, driving economic growth, job creation, innovation, entrepreneurship, and FDI.
The industry has been shaped by key trends such as widespread connectivity, a vibrant startup ecosystem, financial technology and digital payments, e-governance initiatives, and the rise of cybersecurity and data protection measures. These trends present opportunities for innovation and collaboration in a dynamic and promising market.
The growth of tech-related sectors such as FinTech, E-commerce, and Digital Health, alongside the promising sectors of EdTech, Cybersecurity, and Gamification, showcase Nigeria's evolving technology industry. These areas provide Swedish companies with unique prospects for investment and partnership, using Nigeria's technological breakthroughs to generate growth and innovation.
OUR REPORT & SUPPORT
Our report highlights why Nigeria should be considered by Swedish enterprises interested in exploring a vibrant market fuelled by entrepreneurial spirit and an improving technology business ecosystem.
The Swedish Embassy and Business Sweden are happy to discuss the possibilities for establishing a presence in the Nigerian market. Contact us today for a full copy of our report or to discuss your next steps.
In spring 2024, Team Sweden hosted delegations on tech, digitalisation and innovation from Nigeria to Sweden, led by Dr. ‘Bosun Tijani, Minister of Communications, Innovation and Digital Economy. The purpose was to share Swedish experiences and discuss concrete beneficial partnerships between Sweden and Nigeria in innovation and digitalisation in the growing Nigerian economy. Business Sweden is a Diamond Partner to the Global Tech Africa conference taking place 24-26 July 2024. Please contact the Business Sweden team for more information.
