Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

E-Business

Startups Ecosystem Development in Nigeria

Published

on

startups.jpg
Kindly share this post

The city of Abuja is not necessarily regarded as the city for Startup Entrepreneurs, but all that is changing with the likes of Abuja Technology Village, Box Office incubator, Ventures Platform, VP, and many other incubators, providing co-working space and physical infrastructure that Startups require to turn their ideas into viable businesses.

I recently met with Kola Aina, Founder, Ventures Platform and our discussion centered on issues in the Startups ecosystem and some of the challenges facing this model of Entrepreneurship.

Speaking on how the journey has been so far with building a community in Abuja, Kola stated that it has been an amazing journey, so far. He stressed that, when he started out, he had big ambitions and he is excited that the Abuja community has received his Startup well with the size of patronage that his co-working space has received, so far.

Speaking on numbers, he said that about 175 co-workers actively use its co-working facilities everyday and these include companies that work out of the park, Startups, Freelancers, Graphic Designers, etc. He stated that there are also 18 people living within the community at any given point in time, and also using the other facilities, such as the gym facility, etc. Kola stated that, up to date, Venture Platform has invested in about 14 companies. He further said that, on the average, these companies have a minimum of 2 or 3 Founders and employ 4 or 5 other people, hence, the spiral effect of that is really something worthwhile, but not yet reconciled to place a figure on.

In terms of events, Kola said that the platform also has events that many people have benefited from. He said he is really amazed at the impact, so far, even as he sees it as just the beginning, he is excited to see what happens next.

Giving reasons why he is building an ecosystem in Abuja that is seen as a city of civil servants and contractors, Kola said, he believes that a community that relies on rent is not sustainable. This, according to him, is because, many of them had to close up because of recession. Kola said he beliefs that tons of young people, if given the right environment and empowerment, can build amazing things and solutions that can then become  sustainable businesses. He said that is what is happening now in Benue, Niger and Kano States, etc., where new tech communities are springing up with young people building solutions and the volume of applications coming up is amazing.

Kola stated that the community on his platform has developed about 900 applications to solve problems in payment, health issues, etc., so, it’s amazing what people can do when empowered.

Reacting to a question on why local investors are not interested in investing in Startups, Kola stated “it is really a sad thing and what we hear is more of talk than action in Nigeria”. He believes that, if the community is able to get the big money bags to support and invest in the Startups, it will be better for the Startups. “Startups may have the best ideas, but if they run out of money, they are dead”, Kola emphasized. “There is more foreign participation in our Startups than we have from within Nigeria and before we know it, many of our Startups are going to be owned by foreign investors” he further stated.

Kola is of the opinion that the government can utilize just between 2% to 5% of the Sovereign Wealth Fund in backing up local VC’s and accelerators, it will make a huge impact.

Kola is of the view that there is no need reinventing the wheel for wealthy Nigerian investors to invest in the tech ecosystem. All they need to do is to take a look at the existing state of the ecosystem and decide where to come in. He stated that, truly, we have enough resources within Nigeria to solve our problems, but the problem we have is that, we are used to the old ways of making money, which are real estate, oil and gas, etc., however, until local investors start to support the tech ecosystem, the nation is not likely to move forward on the continent.

One of the challenges that Startups in the tech ecosystem face is the problem of infrastructure, especially, power. Another problem he identified is the inadequacy of bandwidth. The biggest challenge, according to Kola, however, is that of getting local investors to invest in the tech ecosystem. One other challenge he identified is the quality and commitment of Nigerian Founders, who, he thinks should raise the level of their ambition.

On support from government, Kola was emphatic that Ventures Platform has never received any support from government in any form.

Kola stated that, with VP investing in 14 companies within its accelerator program, the goal is to build companies that can achieve $1 billion valuation and this is possible. This is because some foreign investors, such as Startups from Belgium and Cameroon are interested in teaming up with our Startups and doing business here in Nigeria.

Kola concluded by saying that, the training program that VP carries out has graduated about 10,000 people, so far and that there are also plans of expanding the campus across Africa.

CFA is the Founder, www.CFAtech.ng & Co-producer/Presenter,Tech Trends on Channels Television


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

E-Business

Galaxy Backbone, Rural Electrification Agency Commit to Deepening Digital and Energy Access Across Nigeria

Published

on

Kindly share this post

In a major step towards deepening Nigeria’s digital and energy infrastructure, Galaxy Backbone Limited (GBB) and the Rural Electrification Agency (REA) have signed a strategic Memorandum of Understanding (MoU) at a brief but impactful ceremony held in Abuja.

The MoU signals a collaborative effort between both agencies to enhance Nigeria’s digital transformation agenda by integrating reliable energy solutions with cutting-edge ICT infrastructure, especially in higher institutions, Government institutions, underserved and rural communities across the country.

Speaking at the event, the Managing Director/CEO of Galaxy Backbone, Professor Ibrahim A. Adeyanju, described the partnership as “a landmark moment in Nigeria’s journey towards a digitally empowered, sustainably powered, and inclusively connected nation.”

“This partnership exemplifies what is possible when two visionary government institutions come together, united by shared goals and driven by the desire to improve the lives of Nigerians everywhere,” he said.

Professor Adeyanju emphasized that while Galaxy Backbone’s core mandate is to provide secure digital infrastructure that powers government operations, reliable and sustainable energy particularly in rural areas is essential to fully actualize digital transformation.

Major highlights of the MoU include:

  • Solar electrification of some of GBB’s Metro Fibre sites in Abuja by the REA.
  • Powering Hostels of Higher Institutions across the country through the Fibre to Hostel Project being driven by the Federal Ministry of Communications Innovation and Digital Economy (FMCIDE).
  • Support for the rollout of the 774 Local Government Digitization Initiative, beginning with six pilot Local Government Areas.
  • Provision of LANs, access points, cloud services, colocation infrastructure, and temporary connectivity to enhance REA’s operational facilities nationwide.

The Managing Director of the Rural Electrification Agency Mr Abba Aliyu, in his remarks, expressed optimism that this collaboration will further bridge the digital and energy divide across Nigeria. He noted that by combining REA’s achievements in expanding energy access with GBB’s robust ICT backbone, both agencies are poised to create lasting impact across governance, education, healthcare, and entrepreneurship.

This partnership is also in direct alignment with the Renewed Hope Digital Transformation Agenda of President Bola Ahmed Tinubu, GCFR, which envisions an inclusive digital economy powered by innovation and sustainable energy.

The ceremony was attended by top management from both organizations as well as members of the media.

With today’s signing, Galaxy Backbone and the Rural Electrification Agency have set the tone for stronger, smarter, and more inclusive public service delivery powered by strategic inter-agency collaboration.


Kindly share this post
Continue Reading

E-Business

NIMC Says NIN Services Back Online

Published

on

Kindly share this post

National Identity Management Commission (NIMC) has announced the restoration of its National Identification Number (NIN) verification services nationwide.

NIMC Says NIN Services Back Online

This, according to the commission, follows the completion of a system maintenance exercise.

In a statement issued on Friday, the NIMC confirmed that all previously disrupted services have resumed.

“NIMC wishes to inform the general public that the recent technical maintenance has been completed and all services have been restored,” the statement read.

The NIMC urged Nigerians seeking to enroll for NIN to visit the its official website to locate the nearest enrollment centers.

The agency also encouraged individuals to make use of its self-service portal for tasks such as data modification, including name changes.

To further ease the verification process, the Commission recommended downloading the NIMC NameAuth app (oath.app) from the Google Play Store or Apple App Store for quick and secure NIN authentication.

NIMC expressed appreciation for the public’s patience during the service disruption, which had impacted banks, telecom providers, and government agencies that rely on NIN verification for their operations.

 


Kindly share this post
Continue Reading

E-Business

Report Reveals African Organizations Dangerously Overestimating Cyber defences

Published

on

Kindly share this post

Many businesses are overestimating their defence against cyber attacks, which creates a significant human risk blind spot. A new KnowBe4 report exposes a worrying disconnect between what leaders think about their cyber security readiness and what employees experience.

According to the KnowBe4 Africa Human Risk Management Report 2025, based on insights from cyber security decision-makers across 30 African countries, despite high awareness, a critical gap exists in turning that awareness into actual readiness and resilient behaviour.

Key findings from the KnowBe4 Africa Human Risk Management Report 2025:

Confidence vs awareness: While cyber security awareness is high, leaders express uncertainty about their workforce’s ability to act on that awareness. Many feel employees may overestimate their capabilities in recognising, reporting and mitigating threats.

The need for adaptive and personalised security awareness training: Many companies fail to personalise security awareness training to specific roles or risk exposures.

Widespread BYOD usage: A large percentage of employees (between 41% and 80%) use their personal devices for work.

AI policy development is lagging: Many companies (46%) are still in the process of developing policies for using AI tools in the workplace.

Regional variation: Southern Africa trains more, East Africa governs AI better and West/Central Africa sees the most human-related security incidents.

This gap is significant because Africa has become an attractive target to cyber criminals, especially those that launch AI-powered attacks. A LexisNexis Risk Solutions study found 60% of South African organisations have seen an increase in AI-facilitated financial crime – above the 56% global average.

Kehinde Popoola, regional manager and key representative for West and East Africa at Rubrik, said digital transformation is gaining momentum in Africa and companies are more exposed to cyber risk. The Rubrik executive adds that amid an increase in threats, it is crucial that organisations adopt an assumed breach mindset.

The KnowBe4 research shows that cyber security preparedness and the actual structures required to support secure behaviour seem misaligned.

The report highlights that just 10% of cyber security leaders are fully confident that staff would report a phishing attack or other cyber threat, despite rating employee security awareness of cyber threats at four out of five or higher.

There is also a significant perception gap between decision-makers and general employees in Africa regarding security awareness training, with 68% of leaders believing that training is tailored to roles, compared to only a third of employees feeling adequately trained.

KnowBe4 asserts that many organisations only conduct annual or biannual training that is too generic to effectively change behaviour, contributing to uncertainty about its effectiveness.

According to another report, the KnowBe4 African Cybersecurity and Awareness Report 2025, which focuses on end-user based responses, only 43% of African respondents felt confident in their ability to recognise a cyber threat, and just one in three believed their security awareness training was adequately tailored to their role. This comparison suggests the development of a dangerous perception gap in many organisations.

“There’s a disconnect here – between what leaders think is happening and what employees are actually experiencing,” says Anna Collard, SVP content strategy and evangelist at KnowBe4 Africa. “The data shows that without procedural and cultural follow-through, awareness simply doesn’t translate into readiness.”

“The continent’s cyber security posture may be more confident than it is truly resilient,” Collard adds.

 


Kindly share this post
Continue Reading

Trending