Are you a digital native? Or a digital dinosaur? Where do you belong? As digital natives, Nigeria’s youth are deploying digital tools to solve challenges and moving into entrepreneurship. Technology has helped the youth to expand digital frontiers, going beyond the local environment. This was not possible before the advent of technology. With ready access to ubiquitous mobile devices and the internet, the pathway to economic freedom is here. It is birthing new businesses. It is opening new doors of prosperity.

On the one hand

A report by the Fate Foundation, 2024 State of Entrepreneurship, has confirmed that birthing of new business in Nigeria has declined in three years. It stated that birthing new business rate fell to 24% in 2024. Down from 30% in 2023 and 32% in 2022. This is due to economic challenges. You know the usual suspect. Inflation. Insecurity. Poor power supply. Limited access to finance.

On the other hand

Despite this, the report shows, the female entrepreneurs accounted for 47% of new businesses. Youth-led enterprises made up 44.4%. This shows a growing role for women and young Nigerians. Youth entrepreneurs led in technology adoption with 72% integrating digital tools, which supported business growth. The report confirmed that more Nigerian youth are embracing digital literacy. Innovation. Entrepreneurships.

In the long term

The report noted that female-led businesses suffered more with only 63% reporting growth compared with 74% for male-led businesses. Nigeria’s entrepreneurial index dropped to 0.46 in 2024. It was 0.52 in 2023. The report recommended government should ensure macroeconomic stability. Implement business-friendly policies. Simplify business registration. Create platforms for public-private dialogue to support entrepreneurs.

Technology has demystified the myth about starting a business endeavour with a swathe of funds. Many thriving businesses attest to this. Some of these are Precise Financial Systems [PFS]. Andela. Uber. Professor Tunde Ope-Davies, founder of the Centre for Digital Humanities at the University of Lagos, also attested to this.

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At the Lagos Spring School in Digital Entrepreneurship and Digital Culture recently Ope-Davies explained that launching innovative businesses do not require large investments. For instance, two individuals [a software developer and a chartered accountant] birthed PFS. Two persons with laptops built Uber. Andela toed a similar path.

Technology adoption plays a great role in business growth. In healthcare application. Telemedicine. Logistics. E-commerce. Many young entrepreneurs are embracing technology to drive economic growth. Without technology, many businesses would be demise. Technology is the catalyst. A fertiliser.

Many chief executives in banks, fintech, and other financial institutions have embraced technology to enhance operations. This culture has helped many businesses to bridge the digital divide gap to achieve scale. Tim Akano, CEO, New Horizons urged young Nigerians to develop digital skills to compete in the AI-driven world. Nigeria, he advised, must move from the backseat of humanity to the front seat in technology.

In the short term

Are you a digital native or a slave? Knowing the difference matters.

*Oleagbe (psalmsonolaegbe@gmail.com)

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Across the continent, a new kind of movement is unfolding—one not driven by governments or donors, but by Africans abroad who are returning with more than just memories. They are coming back with blueprints.

From Lagos to Kigali, Accra to Nairobi, diaspora-led companies are reshaping key sectors—building platforms that improve how we bank, learn, move, trade, heal, and even relax. These founders may have studied or worked in London, New York, Boston, Toronto, or Berlin, but their vision has always been rooted in Africa’s potential.

This article shines a light on some of the most inspiring stories of Africans in the diaspora who turned their international experience into local innovation. Their impact is proof that home doesn’t have to be where you stay—it can be where you build.

Paga – Reimagining Payments for Everyday Nigerians

Founder: Tayo Oviosu

Sector: Fintech | Headquarters: Nigeria

When Tayo Oviosu returned to Nigeria in 2008, he wasn’t just coming home—he was stepping into a challenge. Armed with an MBA from Stanford University and years of experience working at Cisco Systems in the U.S., he had seen firsthand how digital infrastructure could make life easier.

But back home, most Nigerians still relied heavily on cash, with millions locked out of the formal financial system. That reality became the spark for Paga, a mobile money platform designed to help Nigerians send, receive, and manage money without needing a traditional bank account.

Today, Paga has processed over $15 billion in transactions and serves more than 21 million users. Its agents—often small business owners in remote towns—act as the financial link between the digital world and everyday Nigerians.

Oviosu’s diaspora perspective helped him build for scale. But his biggest strength? Listening deeply to local needs. That’s why Paga doesn’t just feel like a fintech—it feels like a tool built for the streets, stalls, and corners of real Nigeria.

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Impact: Bridging financial access gaps across Nigeria, creating a network of over 120,000 local agents, and shaping the future of inclusive banking in Africa.

Giwa Gardens – Building Leisure at a Global Standard

Founder: Keji Giwa

Sector: Real Estate / Tourism Infrastructure | Headquarters: Lagos, Nigeria

Keji Giwa, a Nigerian tech entrepreneur based in the UK, returned to Nigeria not to build another startup—but to create an experience. His vision? ‘Affordable escapism’ – bring world-class leisure and tourism to Nigeria’s doorsteps at affordable rate.

That vision became Giwa Gardens, a real estate development anchored by what is now the largest water park in Africa. Located in Lagos, this massive tourism and entertainment project combines urban planning, family recreation, and hospitality innovation—designed to attract not only Nigerians but Africans from across the continent and visitors from the diaspora.

Giwa Gardens is an unforgettable world class experience like Disneyland USA or Paris for a more affordable rate.

Giwa’s story is one of reverse migration with purpose. He didn’t just return—he scaled up what was possible.

Impact: Boosting local tourism, creating hundreds of jobs, and redefining leisure infrastructure in West Africa with diaspora-led capital and vision.

mPharma – Fixing Africa’s Medicine Problem, One Pharmacy at a Time

Founder: Gregory Rockson

Sector: Healthtech | Headquarters: Ghana

Gregory Rockson grew up in Ghana but studied in the United States, where he became deeply involved in public health research. What struck him most was how often African health crises weren’t just about diseases—they were about broken systems.

So when he returned, he didn’t come with charity. He came with a plan.

In 2013, Rockson founded mPharma, a tech-driven pharmaceutical logistics company with a mission to make medicine affordable and accessible. The problem was clear: medicine was either too expensive, too scarce, or both. Pharmacies lacked inventory control. Patients lacked trust. And governments lacked data.

mPharma now operates in 9 African countries, supporting hundreds of pharmacies with a software system that manages inventory, improves pricing, and ensures supply chain transparency. With over 1 million patients reached, the company is setting new standards in healthcare delivery.

“We wanted to ensure that a child in Accra could walk into a pharmacy and get affordable medicine just like in Atlanta or Berlin,” Rockson once said.

And that’s exactly what he’s building—one prescription at a time.

Impact: Overhauling pharmacy systems across the continent and making trusted medication available to more families—without inflating prices or cutting corners.

Andela – Unlocking Africa’s Talent for the World

Co-founder: Iyinoluwa Aboyeji

Sector: EdTech / Human Capital | Headquarters: Nigeria / Global

In 2014, when Iyinoluwa Aboyeji co-founded Andela, the idea that African software developers could compete on the global stage wasn’t widely accepted. But Aboyeji, a Nigerian who had studied in Canada and gained international exposure through academic and entrepreneurial ventures, saw things differently.

He believed Africa’s greatest export wasn’t oil or minerals—but talent. And so, Andela was born with a single mission: train Africa’s brightest minds and connect them to global tech jobs.

What started as a training programme in Lagos soon evolved into a full-scale platform placing African developers in remote roles with leading tech companies in the U.S., Europe, and beyond. With early backing from investors like the Chan Zuckerberg Initiative, Andela rapidly expanded into countries like Kenya, Uganda, and Ghana.

To date, Andela has trained over 100,000 developers and placed talent in 80+ countries. Andela didn’t just close the opportunity gap—it proved that Africa could help solve the global talent shortage.

Impact: Built Africa’s most recognizable remote work pipeline, empowered a new generation of tech workers, and redefined the continent’s position in the global digital economy.

InstaDeep – Harnessing AI for Africa and Beyond

Founder: Karim Beguir

Sector: Artificial Intelligence / DeepTech

Headquarters: London, UK / Tunis, Tunisia

Karim Beguir, a Tunisian-born entrepreneur, spent years in France and the UK, gaining expertise in mathematics and artificial intelligence. Recognizing the transformative potential of AI, he co-founded InstaDeep in 2014, aiming to bring cutting-edge AI solutions to Africa and other emerging markets.

InstaDeep specializes in decision-making AI systems, addressing challenges in logistics, healthcare, and energy. Notably, the company collaborated with BioNTech to develop an AI system for early detection of COVID-19 variants. This partnership culminated in BioNTech acquiring InstaDeep for $680 million in 2023.

Beguir’s vision extends beyond commercial success; he’s committed to nurturing AI talent in Africa. By establishing operations in Tunis and Lagos, InstaDeep provides opportunities for local engineers to work on global AI projects, fostering a new generation of tech leaders on the continent.

Impact: Pioneering AI solutions tailored for African contexts, while building a robust ecosystem for AI talent and innovation across the continent.

To the diaspora, the message is simple: You don’t need to wait to come home to make a difference. But when you do, come ready to build what lasts.

Rensource Energy – Clean Power for the Informal Economy

Founder: Ademola Adesina

Sector: Renewable Energy | Headquarters: Nigeria

Ademola Adesina returned to Nigeria after years of studying and working in the U.S. and Europe, where he gained experience in finance and energy markets. But when he looked at Nigeria’s electricity crisis, he didn’t see a hopeless problem—he saw a market waiting to be solved from the bottom up.

In 2015, he co-founded Rensource Energy, a renewable energy company that designs and operates solar-powered microgrids—especially for markets, SMEs, and underserved urban communities. The company’s most talked-about success? The electrification of Sabon Gari Market in Kano, one of West Africa’s largest trade hubs.

Rather than wait for national grid reform, Rensource took a decentralised approach: bringing clean, reliable power directly to the people who need it most. Their model is scalable, community-centered, and built for African realities.

Impact: Providing reliable electricity to thousands of small businesses, reducing dependence on diesel, and proving that sustainable energy solutions don’t have to be top-down.

Kobo360 – Logistics for a Moving Africa

Founder: Obi Ozor

Sector: Logistics / Tech | Headquarters: Nigeria / Kenya / Ghana

Obi Ozor, a Nigerian entrepreneur who studied at the University of Michigan and the Wharton School of Business, came back to Nigeria with a bold idea: fix the continent’s broken logistics system.

In 2017, he co-founded Kobo360, a digital logistics platform that connects truck owners with companies needing cargo moved—essentially building Africa’s version of Uber for freight. Before Kobo360, inefficiency and opacity were the norm. Now, businesses can track deliveries, optimize routes, and save costs.

From moving food and construction materials to cross-border logistics, Kobo360 has grown rapidly, expanding into multiple African countries with support from international investors like Goldman Sachs and the International Finance Corporation (IFC).

Impact: Streamlining cargo movement across Africa, supporting over 5,000 truck drivers, and increasing efficiency for major players in trade and agriculture.

Conclusion

These stories—of power grids in Kano, code schools in Lagos, pharmacies in Accra, and waterparks in Lagos—are not anecdotes. They are blueprints. They show us what happens when Africans in the diaspora stop waiting for perfect conditions and start building with what they have.

From Stanford to Accra. From Michigan to Lagos. From London to the sands of Ibeju-Lekki—these entrepreneurs didn’t return to replicate what they saw abroad. They returned to translate it, to localize ambition, and to solve real, urgent problems with global-level insight.

Each venture profiled in this article proves one thing: diaspora experience is not just valuable—it’s catalytic. It brings perspective, discipline, and networks that, when grounded in the realities of Africa, can produce exponential impact.

But perhaps most importantly, these companies show that building from abroad isn’t just possible—it’s necessary.

To the diaspora, the message is simple: You don’t need to wait to come home to make a difference. But when you do, come ready to build what lasts.

Africa’s future isn’t a question of who will come. It’s a question of who will stay, who will build, and who will believe enough to begin.

And the builders? They’re already here.

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He said the acceleration of the African continent towards becoming the next Silicon Valley was a collective effort that required the continued collaboration of governments, the private sector, academia, and the civil society.

Speaking at the GITEX One Africa Digital Summit in Marrakech, Morocco on Wednesday, Governor Sanwo-Olu said his administration’s focus on fostering an enabling environment for startups and tech companies to flourish was yielding unprecedented results, creating jobs, driving economic growth, and providing solutions to societal problems.

The governor said the story of Lagos was a testament to the collaborative efforts of both the public and private sectors in fostering development, noting that “The remarkable rise of Yaba, a bustling metropolitan area in Lagos and home to the highest concentration of start-ups in Nigeria, owes its success to a well-coordinated public-private partnership.”

He said: “I stand before you today not just as the Governor of Lagos State, a sub-sovereign state within Nigeria with a population of over 20 million people, but as an ardent believer in the vast and untapped potential that Africa holds within the realms of technology and digital innovation.

“As the Governor of Lagos State, a city that is at the forefront of this transformation, I am committed to supporting the growth of the tech industry in Africa.

“Lagos, Nigeria’s bustling mega-city, is emerging as a thriving epicenter of tech entrepreneurship and innovation. Lagos is home to some of the most innovative and successful startups in Africa, including Andela, Paystack, Flutterwave, Kobo360, Kuda Bank and many others. These companies have not only transformed industries like fintech and e-commerce but have also inspired a new generation of entrepreneurs and investors across the continent.

“These success stories have been made possible, in part, by the fund raised from companies, unicorns, and venture capital firms that have flooded the Lagos tech ecosystem in recent years. More importantly, these investments have been attracted to the market size and the enabling environment that Lagos is becoming on the African continent.

“The acceleration of Africa towards becoming the next Silicon Valley is not a mere aspiration; it is a reality unfolding before our eyes. It is a collective effort that requires the continued collaboration of governments, the private sector, academia, and civil society. It is a journey of transformation that sees Africa not just as a consumer of technology but as a creator, an innovator, and a leader in the digital age.”

Speaking on bold steps taken by his administration in the area of technology, Governor Sanwo-Olu disclosed that “In deepening internet penetration, a key ingredient for start-up, we have deployed over 2,900km of fibre optic infrastructure that aims to connect public schools, government buildings, hospitals, and other points of interest.

“Along the same channels, we have deployed, in partnership with the private sector 3,000km of optical duct infrastructure. This will serve to de-risk infrastructure development in Lagos which will in turn increase connectivity.

“In the past one year, Lagos has attracted over one billion dollars in Data center investment. This will enable the local domicile of digital platforms as well as facilitate the proliferation of digital technology opportunities. The proliferation of these investments also presents 10 opportunities for talent development within this ecosystem.

“Our Smart City implementation has seen us deploy over 600 Smart Intelligent Video Surveillance Cameras as well as Intelligent Transportation Cameras for Traffic monitoring and management. Over the past year, through our initial ITS pilot deployment leveraging our Automatic number plate recognition cameras, monitoring of violation infractions has reduced traffic warden in-person enforcement by 30 per cent.

“We have also begun a significant identity management programme through our Lagos State Residents Registration Agency that will seek to identify all our inhabitants. Current projections state that Lagos will have 30 million inhabitants by 2035. It is imperative to drive the identity management ecosystem for a smarter city. This will lend to more efficient resource allocation and planning for the state.”

Governor Sanwo-Olu added that “The Lagos Digital Identity Project has undergone a fundamental restructuring of its operational model. With a new digital identification card that is capable of enabling access to benefits, electronic ticketing and so on, it further drives the digital inclusion benchmark for Lagos. Currently, about five million residents have been captured. We are targeting another 10 million within the next year.

“Through our Lagos State Employment Trust fund, we have funded digital skills training interventions for more than 4,000 beneficiaries. Courses include digital marketing, coding, and other innovation courses. These digital skills training are needed capacity interventions that lend positively to the development of the ecosystem.

“Undeniably, this infrastructure has significantly contributed to the flourishing startup economy within Lagos State. However, the momentum is not confined to Lagos or Nigeria alone. From Nairobi’s Silicon Savannah to Cape Town’s Silicon Cape, and from Rwanda’s growing tech scene to Morocco’s digital development strides, the story is the same. Africa is rising, and technology is the wind beneath our wings.

“According to a report by McKinsey, Africa’s consumer spending is projected to reach $2.1 trillion by 2025, and its workforce is expected to be the largest in the world by 2035. The potential for growth and development in Africa is immense, and the technology industry is playing a crucial role in unlocking this potential.”

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As of June 2021, research shows there are over 600 unicorns in the world. They have raised $442 billion in total. They are valued at around $2 trillion. These unicorns are so relatively uncommon. They have seen increasing success. They have gained market momentum. They are boosting the market. As such, they have mythical classification due to their rareness.

A venture capitalist told me that the value of unicorns is generally determined by investors and venture capitalists. She said all the valuations hinge on whether the investors believe the companies will grow and develop over time. “Take it from me. It is all longer-term forecasting”, she said. The valuations have nothing to do with their financial performance. Many of these businesses rarely made any money when they first started.

A venture capitalist told me that the value of unicorns is generally determined by investors and venture capitalists

Oga, if the start-ups-turned-unicorns do not make money, why are they called unicorns?

Are you asking me?

Yes.

I would reach out to Lee. Whatever Lee’s answers are, you would get them.

Thank you. I would be waiting.

Meanwhile, my venture capitalist friend said the investors do face some difficulties in their forecast. If there are no competitors in the industry, there would be no other business model to compare. That would make the process complicated. So far, out of the seven unicorns in Africa, Nigeria has six. These local unicorns are successful. Because there are other competitors in the industry. The business model is easy to forecast.

Does that mean these six unicorns are making money?

 Yes, Big Mummy.

But why are you so interested in the money making side of business?

Making money is good business. If you are not making money, that is not good. That is called charity.

Anyway, what are the names of these local champions?

Andela is the latest unicorn.

According to an email received from Iyin Aboyeji, he said “I am so excited to email you today. With tears of joy in my eyes and gratitude to God, Andela just announced its $200 million raise led by Softbank Vision Fund at a $1.5 billion valuation. In the summer of 2014, I returned to Lagos with my friends to build the company that would become Andela. Jeremy Johnson, Christina Sass, Brice Nkengsa, Nadayar Enegesi, Ian Carnevale and I truly believed we could train world-class software engineering talent in Nigeria. We believe we could connect them to valuable, meaningful and high-earning jobs across the globe.”

He said Andela has over 300 employees. The company will use the new capital to increase the workforce. It will deepen its product. It will extend its engineering. It will heighten its growth. In addition, the company is investing in growth, continued expansion of technology and product development as well as merge and acquisition. Johnson, the CEO, didn’t specify any acquisition targets. Andela was looking for talent networks to expand geographically or in terms of client and talent bases, as well as technology to enable it to better source and access talent while also managing delivery.

“There are a lot of moving pieces, so additional technology to do that faster is always interesting,” he added. “In the process, we are moving into AI as a part of that.”

You said there are six unicorns here.

Here is a list: Andela, Flutterwave, Interswitch, Chipper Cash, Jumia and Opay.

Okay. Are they making money?

Yes, Big Mummy. Although I have not seen their P and L.

What’s P and L?

Hmm, the profit and loss account.

So, as my friend explained, Africa’s startup scene is still in its early stages. It is growing. If venture capitalists are positive, there would be more startups that would achieve the unicorn status.

From what you have said, does it mean the unicorns are stimulating competition, making money or what?

The legacy fintech firms are looking over their shoulders. They are not afraid. They are just being watchful. Alert.

The unicorns are stimulating competition. For instance, in the fintech ecosystem Interswitch, Flutterwave, Paystack, TeamApt and Opay are competing. Take Flutterwave. Born in 2016, it facilitates international payments for African and international companies such as Facebook and Uber. It has touchpoints in five countries. Take Interswitch. Born in 2002 when no one was interested in Africa, it did not get outside funding until recently. It processes 22 million debit and credit cards through its Verve offering. About 190,000 businesses use its platform to process transactions. It has footholds in three countries.

The legacy fintech firms are looking over their shoulders. They are not afraid. They are just being watchful. Alert. They are aware that these unicorns have access to outside funding. The unicorns can spring surprises.

Ok, does that mean the unicorns cannot become dinosaurs?

It depends.

On what?

I would not know. Maybe we could hold a Zoom meeting with Lee. She coined the term unicorn. I didn’t.

Ok, when is the Zoom meeting? I am not Lee’s personal assistant.

Who is her representative in Nigeria?

The Unicorn Club.

*Olaegbe (psalmsonolaegbe@gmail.com)

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