Digital Enterprise Will Drive Nigeria’s Economic Future, Rice Predicts | The Guardian Nigeria News


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Dedalus Global Managing Director Leland Rice predicted that Nigeria’s economic future will rest on digital businesses, not oil.

The investment advisory firm focuses on emerging technologies in emerging markets.

Rice, the founder of Africa Fintech Summit, said so at the summit, which was held for the first time in Lagos this weekend.

The summit, which followed its previous edition in Washington, DC in April, featured panel discussions on emerging technologies, payments innovation and regulation, blockchain, investment, lending and financial inclusion in Africa.

His words: “The overall level of investor capital, political will and collaboration around technology in general reflects a growing awareness that Nigeria’s future will be built not on oil and industry, but on the digital enterprise.

Nigeria, with all its challenges, offers some of the greatest opportunities, he said, adding that young people in the most populous black nation, who are entrepreneurial and accustomed to finding ways around obstacles, have a penchant for innovation.

This combination, along with demographic demand, he says, positions Nigeria as an important place to watch on the global fintech map.

“If you’re into demographics, you know that Nigeria is Africa’s largest market and that a whopping third of its 186 million people (ages 15-35) are tech-savvy. And if you’ve ever lived or worked there (especially Lagos), you know it’s a place that’s powered by pure, entrepreneurial energy.

“Let’s be lucid for a minute though. There is no doubt that Nigeria’s infrastructure and policy gaps are hampering the growth of fintechs.

But in many ways, they also fuel the fire of innovation, ”he said.

Over 50 speakers and 500 finance professionals, tech enthusiasts, investors and regulators gathered at the summit hosted by Dedalus Global to discuss the technologies that are transforming finance on the continent, debate regulatory policies, compare best practices and forge new businesses.

The summit also included a roundtable for the Global Startup Virtual Conference 2019, which will air in February 2019 on; an open banking round table on the development of API standards; and a regulatory roundtable on industry responses to the draft guidelines for the licensing and regulation of payment services banks. The results of these round tables will be published in the coming weeks.

Keynote speakers are the Executive Secretary of the Nigerian Investment Promotion Commission (NIPC), Yewande Sadiku; Special Adviser on ICT to the President, ‘Lanre Osibona; founder and CEO of Paga, Tayo Oviosu; and Managing Director, Rack Center, Ayotunde Coker.

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