Lagos, Nigeria – Eight years after President Muhammadu Buhari took office promising economic diversification through technology, Nigeria’s tech ecosystem stands at a critical juncture. While landmark initiatives like the Startup Act propelled growth, persistent infrastructure gaps and policy contradictions reveal unfinished business for the Tinubu administration.
The Buhari Tech Scorecard: Hits & Misses
The Wins
• Startup Act 2022: Created Africa’s most ambitious startup support framework, including:
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5-year tax holidays for eligible startups
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₦10B seed fund for early-stage ventures
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Special visa categories for tech talent
• Digital Economy Surge:
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ICT contribution to GDP grew to 17.47% (2023)
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500+ new fintech licenses issued
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Launch of National AI & Robotics Center
• Broadband Expansion:
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Coverage jumped from 30% to 48% nationally
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5G rollout commenced in major cities
The Shortfalls
• Cryptocurrency ban cost Nigeria an estimated $10B in blockchain investments
• Bureaucratic bottlenecks slowed Startup Act implementation
• Power deficits forced 73% of startups to rely on generators
The Regulatory Tightrope
Buhari’s administration demonstrated conflicting approaches:
Pro-Innovation:
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Established National Data Protection Bureau
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Passed Nigeria Data Protection Regulation
Restrictive Measures:
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2021 crypto ban despite $400M peer-to-peer trading volume
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Complex visa processes for foreign tech workers
“We got the policies right but stumbled on execution,” admits former Communications Minister Isa Pantami. “The next phase requires operational precision.”
Tinubu’s Tech Promise: Can He Deliver?
The new administration’s tech agenda includes:
Extended Tax Breaks: 10-year moratoriums for R&D-focused startups
Broadband Blitz: 70% coverage target by 2025
Talent War Chest: $500M innovation fund pledge
Yet skepticism persists due to:
Unresolved power crisis (grid supplies just 4,000MW nationally)
Lingering forex restrictions hurting tech imports
Bureaucratic resistance to regulatory sandboxes
Startups Speak Out
• Adedeji Owonibi (Convexity): “The Startup Act opened doors, but we need faster fund disbursement.”
• Oluwaseun David (E-health startup): “Our AI diagnostic tools sit idle due to unstable electricity.”
• Foreign Investor (Anonymous): “Until crypto regulations clarify, we’re parking funds in Kenya.”
The Road Ahead
Industry analysts identify 3 make-or-break priorities:
Power Revolution: Solar/mini-grid solutions for tech clusters
Policy Consistency: Clear crypto framework and stable tax regimes
Education Overhaul: STEM curriculum alignment with industry needs
“Nigeria doesn’t need more policies—it needs policy enforcers,” argues TechCabal’s Bankole Oluwafemi. “The difference between Africa’s next Silicon Valley and another false start lies in execution.”
By the Numbers:
• $2B+ venture capital inflow since 2020
• 7 Nigerian tech unicorns created under Buhari
• 63% of startups cite regulation as growth barrier
