How Nigeria can unlock data & AI opportunities

Nigeria's digital landscape holds vast potential for growth and innovation, but unlocking these opportunities requires a sound implementation of the country's digital blueprint. Olumide Soyombo, the Co-founder of BlueChip Technologies, emphasized the importance of training young talents and financing innovative solutions during a CNBC Africa interview at the company's inaugural Data and AI summit. As Nigeria aims to transform into a digital hub, leveraging its youthful population and tech talent is crucial. Soyombo highlighted the significance of positioning Nigeria as a global disruptor and fostering a knowledge-based economy. With over 70% of the population below 25 years old, Nigeria has the resources to become a net exporter of tech talents and solutions. Investing in training and skilling these young individuals with relevant knowledge will be key to driving growth in the tech ecosystem. Soyombo commended the government's strategic blueprints for emphasizing the development of three million tech talents in Nigeria, setting a solid foundation for future growth. He stressed the need for robust financing mechanisms to support innovative solutions and prevent brain drain. BlueChip Technologies itself has contributed to nurturing startups through LeadPath and Voltron Capital, backing the right talent to stimulate economic growth. By investing in innovation, entrepreneurship, and capital, Nigeria can build a vibrant digital economy that attracts global investment. Looking ahead, Soyombo discussed the potential for growth in FinTech and CleanTech sectors, highlighting the importance of policy regulations in emerging technologies such as artificial intelligence, blockchain, and the metaverse. The Nigerian government's blockchain policy, national AI strategy, and Startup Act provide a framework for technological advancement, but implementation remains a critical challenge. Moving forward, effective execution of these policies will be crucial to actualizing Nigeria's digital potential. As BlueChip Technologies plans to expand its footprint across Africa, targeting revenues of $250 million by 2027, the company aims to become a pan-African systems integrator. Soyombo emphasized the importance of African-led innovation and scaling products and services across the continent. By harnessing the power of data as the infrastructure for value creation, BlueChip aims to drive solutions that leverage data to drive business outcomes and societal impact. In terms of funding startups, BlueChip Technologies has funded projects like Zero Complex AI, which utilizes AI in various industries such as financial services, industrial sectors, and manufacturing. By supporting projects that leverage AI for innovation, BlueChip continues to invest in cutting-edge solutions that drive technological advancement in Nigeria and beyond.