TECHDIGEST – The Nigerian government expects to produce two to three new unicorns before the end of 2023. Isa Ali Pantami, Minister of Communications and Digital Economy said this while speaking on a panel with ministers from other countries at the LEAP technology conference organised by the Digital Corporation Organisation (DCO).

According to the minister, Nigeria has so far led the unicorn counts in Africa with five of the seven known unicorns originating in Nigeria. These include Interswitch, Jumia, Flutterwave, Opay, and Andela.

There were about 16 startups that attended the LEAP Conference in 2023 and benefitted from the Startup Passport commenced by the DCO member countries. Nigeria is currently a significant beneficiary of the initiatives instituted by the DCO, according to the minister.

Pantami said his ministry has continued to support tech startups in the country, especially with the Nigeran Startup Act which was signed into law in 2022.

READ ALSO: Pantami Calls For Global Cooperation In Digital Economy At LEAP Tech Conference

Nevertheless, Nigeria as well as the African tech ecosystem did not record any tech unicorns in 2022 due to the economic headwinds that impacted the global tech industry and led to the highest layoff of over 150,000 tech workers. The layoff activities have continued in 2023 with January recording the highest number of workers laid off by tech companies. Experts say the layoffs will continue and the venture capital, as well as private equity firms, are warier of making deals.

The low funding activity has also put the unicorn status of some companies in question. Recently, Ola Brown, founder of Flying Doctors and tech investors suggested that some African unicorns may have lost their valuation.

“Valuations are cyclical, they go up and down with the market. Currently, fintech stocks are 8x to 10x. Not sure if you convert with street rate anyone s doing >$100m revenues? So maybe no unicorns left, for now,” Brown said.

But Africa welcomed a new unicorn in February with the announcement that MNT-Halan has managed to secure a whopping $400 million in equity and debt financing at a $1 billion valuation.

The round includes $260 million in equity financing and $140 million in debt funding through two securitized bond issuances secured within the past year. About $200 million of the investment came from Abu Dhabi–based Chimera Investments in exchange for 20 percent equity.

Pantami who has less than 6 months to leave office as Minister was not forthcoming on how the new unicorns from the Nigerian ecosystem would be minted or what new role the government plans to play to make it happen.

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TECHDIGEST –  Chido Nwangwu writes that Nigerian born US based IyinAboyeji is listed as one of the 62 global business founders that have established two unicorns

One of the better business news items and empowerment reports that happened a few hours ago as we are moving into 2023 is the listing/naming of a corporate savvy and technologically adroit 31-year-old Nigerian, Iyin Aboyeji, among 62 business founders in the world that have established two unicorns.

A unicorn in techno-language means a privately held startup company with a value of over US$1 billion. Those achievements have earned him global recognition, for the right reasons.

Aboyeji is driving on billionaires’ lane with Elon Musk, and a few others.

Aboyeji’s story is truely inspirational and worthy of recognition. He has a good sense of the local Nigerian environments as well as an effective method to engage the captains of technology in today’s world. Especially the Silicon Valley and that zone!

I have been consistent in spotlighting the rising profile of Nigerian and African immigrants in the U.S for 30 years through USAfrica, I will underscore the fact that Aboyeji’s rise is unique and very remarkable.

READ ALSO: Trends that will shape Nigeria’s ICT sector in 2023

He was recognized in the latest report on outstanding entrepreneurs by the Venture Capital Initiative of the Stanford University Graduate School of Business.

For context, let me note that the Founder and Director of the Initiative, IlyaStrebulaev, stated that while there are 3,025 business founders/execs in the unicorn category in the world, Richard Klausner, is the only person who has founded 4 unicorns! At the next level, only 3 persons have founded 3 unicorns, 62 persons have founded 2 unicorns each.

It is equally interesting and revealing to read Aboyeji’s vision of the elements of his successful drive. In a world where millions of people do not believe in the instrumentality of divine grace and intervention, the young co-founder of Flutterwave, significantly stated in his reaction to the announcementt: “At 31 years old, by the grace of God, I am one of 62 people in the whole world and very likely the only African to have co-founded two unicorns – Andela and Flutterwave.

“I am grateful to my country, Nigeria.

“I have repeatedly said that in no other country on earth would my story have been possible. I am not a caucasian male. I’m just barely 30 years old. I wasn’t born into old money. My parents are humble clergy – the son of a butcher and the daughter of clergy who worked their way up. It is only through prayers, hard work and the favour of God we have come this far. Can anything good come out of Nigeria? Well yes – this is our testimony. We produce unicorns.”

He has a sense of collaboration to achieve successful entrepreneurship. He appreciates team-work and sacrifice for the success.

“They believed when no sane person would. They worked and sacrificed everything to build the future on the continent and I’m so happy for how God has blessed the work of their hands in return.”

At another level and arena, I have reported and analyzed the, equally, the gradual but successful movement of Nigerians and African immigrants towards the mainstream of American politics.

The diasporan communities here in the United States, particularly the younger generation, Nigerian Americans and recent immigrant Africans understand what I refer to as the possibilities dynamic zone since Barack Obama was elected President of the United States.

You will recall victories of eight Nigerian-Americans in the November 8, 2022 mid-term elections in the United States.

Permit me to reiterate that point that for me and for millions of other recent immigrants, we awaken daily with a choice of realistic, productive and equitable, even if imperfect engagement with a society, a country which offers people more opportunities to all without regard to race, religion and pre-existing conditions.

In fact, one of the greatest Presidents of these United States, Theodore Roosevelt (1858-1919), underscored it with these timeless words: “Americanism is a question of principle, of purpose, of idealism, of character. It is not a matter of birthplace or creed or line of descent.”

I believe Iyin Aboyeji! reflects the opportunities empowerment America offers as well as the genius of Nigerians, Africans and other immigrants.

Our best is yet to come; and will come!

-Nwangwu, is Founder & Publisher of the first African-owned, U.S-based newspaper on the internet, USAfricaonline.com

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