In addition to South Africa and Ghana, the West African country Nigeria is one of Africa’s main markets of the future. While many European companies and investors are still hesitant about investing there, many business-minded Nigerians see the country’s problems as an opportunity and as an incentive for innovation. The technology start-up Interswitch is a good example. It was founded in Nigeria but now operates throughout Africa. The company offers various digital payment options and is tipped to become Africa’s first ‘unicorn’, in other words a start-up valued at over $1 billion.
Overcoming the resource curse and diversifying
The technology and digitalisation sectors are currently attracting a large number of entrepreneurs setting up new businesses, as reflected in the very vibrant start-up scene in these sectors – not only in Lagos, a metropolis of 20 million people, but also in cities such as Abuja, Enugu, Kano, Ogun and Port Harcourt. Other sectors also harbour potential for people with an entrepreneurial spirit. The fact that the government is devoting considerable effort to fostering innovation, diversifying the economy and manufacturing more products in the country itself is another source of hope, not least as a way of reducing the heavy dependence on oil and the negative impacts of oil price fluctuations.
Scoring high with experience from Germany
Many Nigerians who live abroad and who want to realise a good business idea in Nigeria have an edge over businesspeople from other countries – they are familiar with the country and its people, a big advantage in a vibrant, complex country like Nigeria. Nigerians living in Germany can also draw on the expertise and valuable experience acquired during their stay abroad. Business Ideas for Development aims to assist Nigerians living in Germany who have a good business idea in setting up a company in Nigeria.