Nigerian tech sector growth continue to drive demand for software developers
Information technology plays a major role in modern life, and as numerous innovative tech businesses continue to spring up, the demand for tech developers also continues to rise. Nigeria is not exempt from this development as the country has made advancements in the tech ecosystem. Nigeria’s tech industry has raised over US$2,068,709,445 in funding between January 2015 and August 2022, more than any other country in that period.
Additionally, the tech ecosystem in Nigeria is not only breaking technological barriers, making life easier for the population, but the industry is also outperforming the oil sector in terms of revenue generation. According to the National Bureau of Statistics, the information and communications technology (ICT) sector contributed 18.44% to Nigeria's GDP in the second quarter of 2022 (Q2), while the oil sector, which used to dominate the country's GDP, accounted for 6.33% in the same time period.
Nigeria also has the third most number of developers in Africa, with 89,000 developers spread across 481 tech companies operating in and out of the country as of September 2022. Of this number, 19,334 work in startups in Nigeria, according to Disrupt Africa’s “Nigerian Startup Ecosystem Report 2022”.
Breakdown of the Numbers
Renmoney, a microfinance bank that offers customers unsecured cash loans, has the highest share of software developers in Nigeria. The company boasts of over 892+ developers handling the company's day-to-day running. Alerzo Limited is Nigeria's leading business-to-business (B2B) e-commerce platform. It leverages technology to empower retailers in the informal sector, so they are equipped to run profitable & sustainable businesses. They rank second on the list employing over 684+ software developers in the country.
CowryWise is a wealth management application enabling you to plan, save, and invest money in Nigeria easily. They placed third on the list with 570-odd software developers in their workforce. Flutterwave is a technical software partner for banks and financial services providers. They use Payment Account Attributes Inquiry, Foreign Exchange Rates, and Visa Direct to bring the convenience of new features like digital payments to consumers across Africa and beyond. The company has the fourth-largest number, with over 541 software developers.
TeamApt is a company that offers solutions for digital banking, payment processing, and business advisory in Nigeria. They have the fifth highest number of software developers in the country, with as many as 460 developers in their workforce. Slot, Omnibiz, TradeDepot, FairMoney, and Kuda are some of the country's highest employers of software developers. They employ no less than 356 developers each.
The number of software developers is surely going to rise in Nigeria in the coming years. As the share of startups increases, so will the demand for developers, hence acquiring a skill in software development at this time can only be positive for job prospects.