Osinbajo in Silicon Valley to Rally Investment for Nigerian Tech Companies

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The Vice President, Yemi Osinbajo is currently at the Silicon Valley in Los Angeles, California, where he is canvassing for support and investment into the Nigerian technology industry.

Osinbajo met with top executives of innovative tech firms in the United States, including Google and Linkedin. He is expected to talk about some of Nigeria’s highly innovative tech products.

Nigeria’s technology sector has grown considerably in the past 5 years with top players like Konga, Iroko TV, Andela, Flutterwave, Remita, Interswitch, and Piggybank making use of digital technology to solve pertinent problems.

A key aspect of the technology boom in Nigeria is the rise of the Fintech sector, with firms like Flutterwave, RenMoney, Interswitch and SystemSpecs churning out innovative products that offer various payment solutions. The Fintech sector in Nigeria is growing and it is evident in the rate at which products spring up and consumers adopt digital payment systems for shopping, utility payments, and even tax. Between 2014 and 2016, FinTech investment in Africa increased from $198 million in 2014 to $800 million.

A number of factors have influenced the Fintech boom, the first being the cashless policy of the government, encouraging the use of digital payment processes rather than the use of cash for transactions. Also, Nigeria and indeed the rest of Sub-saharan Africa is increasing its capacity to make use of ICT. About 70% of Nigerian traders own a mobile phone and smartphone penetration has hit 28%. With many Nigerians connecting with friends and family overseas, there is a huge amount of money flowing from other countries into Nigeria. In 2015, annual diaspora remittances to Nigeria was estimated at $21 billion.

On Tuesday, Prof Osinbajo met with the Co-founder of Linkedin, Allen Blue, and also top executives from Google led by its CEO, Sundar Pichai

A statement from the Vice President released on Twitter reads:

“I am in the USA, leading a Public-Private sector collaborative investment road show. Today, I was received by senior executives of Google led by its CEO, Sundar Pichai, at the firm’s Headquarters.”

The CEO of Google, Sundar Pichai also tweeted:

Happy to welcome the Vice President of Nigeria to the Googleplex today – great to chat with him about the opportunities of Nigeria’s digital economy

See tweets below:

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