Homewhat's newTech industries are facing war in Nigeria!

Tech industries are facing war in Nigeria!

The Tech industry of Nigeria is facing a war from the Nigerian government. Within the span of 12 months, President Muhammadu Buhari’s administration put several bans on the vibrant ecosystem of the country. 

This August, the accounts of four tech companies got frozen by the Central Bank. These companies are under the accusation of not having a license for the operation and trading foreign currencies. 

After seizing these companies, the Nigerian Information and Technology Development Agency (NITDA) introduces some new tax laws and licensing fees for tech firms. And if any firms failed to follow these rules and pay the taxes, they will be sentenced to jail. 

Nigeria’s tech hub has the most attraction and potential in Africa. It is the central point where all the companies establish their startups in the entire Africa. Nigeria is a nation that is struggling with vast unemployment and poverty. During such a crisis, the expanding tech industry is the ray of hope to every youth out there. 

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A new elite in tech

In October 2020, during the EndSARS protests, the threat of a new elite posed by a young and autonomously minded was never such plausible. These presentations were firstly was the part against police brutality. Still, later on, it was covered under the calls for government reforms. 

The folks who worked hard to build the perception and construct some funds for the movement had personal sentiments to the protests in the tech industry. 

When the financial institutions started freezing the accounts of those tech firms who had the linkage to EndSARS, the other organizers began raising funds in bitcoins.

The orthodox

In October 2020, when the Feminist Coalition and the civil society group refused to take the donations to continue protests, the value of the cryptocurrency was equivalent to half of the $387,000. 

Having less faith in the youth and varieties of technology applications, the government is holding a disciplinary team against the tech. Since the violent shutdown of the EndSARS, the Nigerian government has been restricting the transactions of cryptocurrencies and social media. They have also ban Twitter, which has approximately cost over $360 million to the country. And due to all this mess, the lives of thousands of users’ are in peril. 

The unpredictable actions of the government are resulting in the discouragement of many investors. 

Fight or flight for the tech industry

The young tech of Nigeria is full of anger on the government. This anger is self-evident of giving so little and taking so much of the Nigerian government. 

” for a lot of Nigerians, relocating abroad with little or no intent to return has become a life goal”. 

John Babalola

This country has a significant loss due to the left of the best and brightest young minds.

The political consciousness in Nigeria is very stern for the youth. Having the feeling that they can’t resolve from Nigeria’s carnivorous leadership. They end up being active in politics. 

“The momentum of this movement continues to grow as we channel attention towards the education of voters and grassroots mobilization”.

Rinu Oduala, a prominent voice during the EndSARS protests

The faith of Nigeria’s tech industry is now utterly dependent on the leverage of their creativities in political terms. 

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