To harness the full potential of technology and the abundant skilled workforce in Nigeria, it is essential to emulate successful strategies employed by other nations. The key lies in developing the technology sector to a point where established structures become lucrative, giving rise to new startups that can be acquired.

There is optimism for the future, but a significant challenge persists. A considerable number of talented individuals feel compelled to seek opportunities abroad due to a perceived lack of acceptance locally. This trend, exemplified by entities like Andela, contributes to a drain of valuable resources.

Recently, I encountered a young entrepreneur who proudly shared his business model of recruiting smart software developers in Nigeria, polishing their skills, and securing jobs for them in Europe. This exemplifies the unfortunate reality of skilled individuals being drawn away from contributing to Nigeria’s growth.

The current scenario sees these individuals earning substantial salaries, but a significant portion of their income does not circulate within the Nigerian economy. Instead, it is sent to support their relatives. The more effective approach would be to foster the growth of mega-companies that can nurture young entrepreneurs, angel investors, and venture capitalists. These companies can then evolve and eventually become publicly listed on the stock market.

A notable example is Interswitch, a potential critical national asset that should ideally remain under local ownership. Allowing foreign interests to control such companies hinders Nigeria’s ability to assert control over its tech industry.

In contrast, examining the Indian IT industry reveals that three major companies—Infosys, TATA Consultancy Services, and Wipro—lead the innovation and technology landscape. The presence of these industry giants supports the growth of numerous smaller companies.

Drawing parallels to Silicon Valley, where startups thrive, the success is attributed to the existence of major companies like Microsoft, Oracle, Google, IBM, and HP. These industry giants often acquire promising startups, creating a self-sustaining ecosystem where money circulates within the system.

However, Nigeria lacks a comprehensive national strategy for technology. To address this, it is imperative to strategically place knowledgeable individuals in key positions. By aligning the right people with the right roles, Nigeria can build a thriving tech ecosystem that retains and harnesses its local talent for sustained growth.