Labi Ogunbiyi in the Financial Times: “In the early 2000s I decided to leave my job heading the African project finance team in a global law firm to become an investor. My experience of managing big telecoms, infrastructure and energy transactions — and, regrettably, often disputes — involving governments, project sponsors, investors, big contractors, multilateral and development agencies had left me dissatisfied. Much of the ownership of the assets being fought over remained in the hands of international conglomerates. Africa’s lack of capacity to raise the capital to own them directly — and to develop the technical skills necessary for growth — was a clear weakness…
Yet, nearly 15 years after the domestic oil and gas sector began to evolve, oil is no longer the country’s only “black gold”. If I take a comparative look at how Nigeria’s energy sector has evolved since the early 2000’s, compared with how its ICT and broader technology industry has emerged, and the opportunities that both represent for the future, the contrast is stark. Nigeria, and the rest of the continent, has been enjoying a technology revolution and the opportunity that it represents has the potential to affect every sector of the economy. According to Africa Infotech Consulting, Nigeria’s mobile penetration rate — a measure of the number of devices by population — is more than 90 per cent, less than 20 years after the first mobile network appeared on the continent. Recent reports suggest more than 10 per cent of Nigerians have a smartphone. The availability and cost of fast data have improved dramatically….(More)”