20:20: The Nigerian Technology Outlook

I am siting at Capital Club Lagos this morning at the venue of the Nigerian Technology Outlook event. The event was meant to start 11am but was cancelled at the last minute due to concerns around the Corona Virus. And the wall of despair that’s sweeping the world as major economies react . With investor panic playing ping-pong with stock markets around the world.

In Nigeria, the collapse of oil prices on Monday this week has compounded the anxiety and triggered a scramble for scarce forex in an economy that earns almost all its foreign exchange from oil. And all these shocks in a sluggish economy that has failed to take off after the 2016 recession. There is no peace for those who are trying to make an honest living in our country these days.

The idea of the Nigerian Technology Outlook was something I floated with a few people earlier in the year to enable the industry have an honest conversation with itself and its place in the Nigerian economy . Since the conversation started we had built a coalition of partners that saw to the conversation that would have held this morning.

The technology industry has become a major part of the Nigerian economy. It contributes almost 15% of the GDP. And is one of the few bright lights in our underperforming economy, outpacing the growth of other more glamorous industries like oil and financial services. And even agriculture that has had bogus interventions from the beginning of the Nigerian republic. The industry has so many things that the Nigerian economy wishes for in its desire for diversification: its potential to employ lots of people especially the young, potential to earn foreign exchange through skills outsourcing , and its capacity to bring in FDI as seen in investments in the industry from the likes of Interswitch , Jumia and the younger companies .

Industry Woes

But sadly, the industry has no collective power to determine its future. Industry players huddle in their small corners and get orders handed down to them by policy makers and governments. The government looks at the GDP contribution targets them with taxes and levies.

MTN, one of the most dominant players in the industry has suffered severally of recent with punitive and predatory taxes from government. They were left on their own to solve their problems. Lagos state recently banned ride hailing okada and keke operators . A few people whimpered , there was noise on the social media and then the companies were left to suffered their fate alone.

States governments are making life hell for telecom operators by imposing all sorts of taxes and levies for their operations in the states despite the fact that the said states need these services to connect their citizens to the world.

I can go on and on.

Who is speaking for the industry?

How can the industry come together to develop its capacity to influence the economy in ways that can benefit the operators, large and small?

My thoughts around the Technology Outlook was to initiate a conversation among industry leaders to allow the industry understand its power to influence what's good for itself and deal with policy makers in ways that serves the industry and the Nigerian economy.

Who are our leaders

How did we determine those who would hold the discussion on behalf of the industry? We agreed that since this was year 2020, we would chose twenty leaders representing different segments of the industry. So we broke the Technology industry into twenty segments. And out of each segment we chose someone or an institution that best represented that segment over the past twenty years. Looking at the industry through the lens of its segments produces a result that shows how diversified the players in the industry are. An initial attempt to use press mentions and social media popularity produced a result that tended to imply that those favored by current news cycle were the “leaders ” of the industry. Its deeper than that.

Discussing what?

So we wanted these twenty leaders to spend at least three hours in a room and have an honest and serious conversation about the industry. Looking back at the last 20years. Projecting for the next twenty years, starting from the current year. There was to be no audience except a few people from the partners .We did not want distraction.

I was sure such a conversation would let us understand the weight on the shoulders of those who have had the good fortune of being the Nigerian leaders in one of the most exciting industries in the world. And who have contributed to the opportunity that this industry presents to the Nigerian economy.

They would also be able to discuss an orderly way of influencing the direction of policy that are necessary for the growth of the industry. Every industry is peculiar. Some thrive on too much regulation. Some thrive on too little. An industry that understands itself can help policy makers understand its peculiarities.

Corona Induced Postponement

But we had to postpone the event. The conversation will still happen. As soon as the current madness of Corona is over. I believe its an important conversation for the industry. Perhaps the beginning of a long conversation that would enable the industry save itself from threats that are born of its growing importance.

We have already apologized to the great colleagues in the industry who signed up to the conversation. We apologize again. And to those who signed up as partners. From Businessday to ISPON. Harvard Business Schools Association Nigeria . And Fintech1000. And for Signal Alliance who graciously offered to sponsor this edition .

Lets just let this Corona virus flex its muscle and let us be. It may be one of the greatest existential threats our generation has faced . But man has always had the capacity to endure and conquer such challenges. And luckily for us , technology is helping FastTrack the development of a cure.