Tech Startups Drive Nigeria’s FDI, Says Google

“Today, these startups, if we actually include the African or Nigerian startups that participate in our programmes, we have startups that have raised over $1.3 billion. Brought in $1.3 billion onto the continent,”

Folarin Aiyegbusi, Head of Startup Ecosystem for Africa at Google, says Nigeria’s growing technology sector is playing a significant role in attracting foreign direct investment (FDI) into the country.

Aiyegbusi spoke at the FounderConversations event organised by Google on Thursday, where he said African startups that have participated in the company’s accelerator programmes have collectively raised more than $1.3 billion.

According to him, the figure represents more than funding for individual companies, as the investments have created jobs, strengthened skills and improved livelihoods across communities.

“There are certain numbers that you see as press. You see us talk about the number of jobs created, the funding raised, how many cohorts we’ve run, and a number of other statistics,” Aiyegbusi said.

He explained that while such figures could appear abstract, the real impact was visible in the businesses, jobs and economic opportunities created by the startups.

“Today, these startups, if we actually include the African or Nigerian startups that participate in our programmes, we have startups that have raised over $1.3 billion. Brought in $1.3 billion onto the continent,” he said.

Startups creating jobs, improving livelihoods

Aiyegbusi said the impact of Nigeria’s tech founders extends beyond developing innovative solutions and securing investment.

He noted that the startups have created employment opportunities and built teams of skilled workers who are contributing to economic activity within their communities.

“It’s jobs created. These startups are creating jobs. And it’s more than just a team of five, 10, 20, 50 people that are building aggressively and scaling these solutions themselves that the founders are building,” he said.

He added that the income earned by employees also generates a wider economic effect as workers spend and invest in their communities.

According to him, the growing flow of capital into technology companies represents “one major avenue” through which FDI is entering Africa and Nigeria.

Termii highlights digital payment solutions

Speaking on the practical impact of technology startups, Olajuwon Abayomi, General Manager of Termii’s Nigerian operations, said the company has helped businesses improve communication with customers during digital transactions.

Abayomi said Termii provides some of the one-time passwords (OTPs) and transaction notifications Nigerians receive when making digital payments.

“If you have sent somebody money today, and you needed maybe to get a one-time password, or to get a notification to let you know that the funds have gone through, that notification you get, or that one-time password you requested, that will be delivered in less than 10 seconds, Termii was responsible,” he said.

He said the company, which has operated for nine years, is also developing solutions to address failed digital transactions.

Termii to help users retry failed airtime purchases

Abayomi said Termii has developed a platform that can notify bank customers when a previously failed airtime transaction can be successfully retried after a service disruption has been resolved.

He said customers currently have little way of knowing when a failed transaction can be attempted again, potentially costing banks and businesses lost revenue.

According to him, Termii Engage uses artificial intelligence to analyse customer interactions, segment users and identify opportunities to re-engage them.

“The reason is because there is no solution that empowers them to listen to every customer engagement on their product and be able to intuitively engage with their customers to ensure that they retain revenue,” he said.

Abayomi said the platform is designed to help businesses understand customer journeys and engage users more effectively, highlighting the growing role of Nigerian tech companies in solving everyday problems through digital innovation.