dark

Breaking News: The Next Wave: Nigeria’s unemployment gunpowder

Bloomberg attributes the rising joblessness to two recent recessions, the latest one somewhat induced by 2020’s pandemic. But this steady climb is a sign that Nigeria is incubating something awful. Eggs get bad and explode for a number of reasons. Typically, it’s caused by bacteria from some source, spills from nowhere, dirt or plain old…
Breaking News: The Next Wave: Nigeria’s unemployment gunpowder

Bloomberg attributes the rising joblessness to two recent recessions, the latest one somewhat induced by 2020’s pandemic. But this steady climb is a sign that Nigeria is incubating something awful.

Eggs get bad and explode for a number of reasons. Typically, it’s caused by bacteria from some source, spills from nowhere, dirt or plain old neglect in bad temperature environments. 

When bacteria builds and permeates an egg, it forms a foul smell, kills any embryos inside and gases begin to build within. At the slightest crack… boom!!

A 33.3% unemployment rate means Nigeria’s government is failing badly at one of its three macroeconomic responsibilities. It’s not doing any better on the other two; food inflation is at a 15-year high of 21.79%, and GDP isn’t going to grow past 2% in 2021. At the slightest crack, frustrated Nigerians could go… boom!!

Incubating innovation

Nigeria is a gauge for Africa, for better or worse. 

Africa-focused investors with an eye for high-growing sectors like financial technology and e-commerce want their money to multiply in Nigeria’s 200-million-people market. But the brutal indicators mentioned above will challenge their sunny hopes.

But the clouds are not all dark. In fact, real investors are thrilled by the challenge of spotting the companies who will stop the rot. 

If we imagine the question to be, “how will your app be sticky for the 40 million unemployed and underemployed Nigerians?”, the answer is that such apps are platforms for market-creating innovations.


[ Read: How to think about consumer innovation in Africa ]

That’s the lesson from Flutterwave’s unicorn status; from Kuda’s ambitious drive; and even from Burna Boy’s calculated collaborations with artists that increase his international discoverability on Spotify. The only way to systematically reverse rising unemployment is to intentionally engineer platforms that enable new opportunities.

One would hope the Nigerian government runs with this insight, by consciously investing in initiatives that encourage rather than stifle innovation. Nigerian startups have hugely benefited from private-sector-led efforts in that regard – whether it’s Co-creation Hub, Y Combinator or Startup Bootcamp Afritech.


[ Read: Why and how African startups apply to Y Combinator ]

That means carefully curating eggs, and making sure the environment is set to the right temperature. That means not letting spillages and dirt from politics alter the ecological balance needed for growth. A steady crate, a safe space. Then watch those embryos hatch and bloom.

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published. Required fields are marked *

Previous Post
Breaking News: Brazilian Regulators Fine Apple Nearly $2 Million Over Charger-Less iPhone 12

Breaking News: Brazilian Regulators Fine Apple Nearly $2 Million Over Charger-Less iPhone 12

Next Post
Breaking News: Jumia is raising another $400 million just months after a $243 million share sale

Breaking News: Jumia is raising another $400 million just months after a $243 million share sale

Related Posts
Breaking News: Access Bank income via E-channels jumps 37% to $73m

Breaking News: Access Bank income via E-channels jumps 37% to $73m

Nigeria’s Access Bank Group made ₦29.9 billion ($73 million) in income from its channels and E-business in the first half of 2021, a 37% increase compared to ₦21.8 billion ($53 million) in the same period in 2020. The bank’s Channels and other E-business income include earnings from electronic channels, card products, and related services. The…
Read More
Breaking News: Audiomack activates its monetization program for African independent artists

Breaking News: Audiomack activates its monetization program for African independent artists

This month, Audiomack, the music streaming platform, extended its monetization program to reach more artists around the world, especially in emerging markets. Until now, the Audiomack Monetization Program (AMP) was only available in the US, UK, and Canada. It’s now open for qualified authenticated creators in Nigeria, Ghana, Kenya, Mexico, India, Trinidad & Tobago, Haiti,…
Read More
Breaking News: TechCabal Daily – Age is just a number 👀

Breaking News: TechCabal Daily – Age is just a number 👀

27 DECEMBER, 2021 IN PARTNERSHIP WITH Phew! It’s been a fun weekend of being stuffed with plenty of food, attending great shows (it’s good to see P-Square together again) and seeing the movie “Spider-Man: No Way Home” becoming the first pandemic-era movie to smash the $1 billion milestone. ️ Since I haven’t seen the new…
Read More