In recent times, the Nigerian technology space is fast becoming likable by all. This comes particularly with the acquisition of a fintech company, Paystack, which made the news some time ago, and the emergence of unicorns — all of which now represents the dream of the tech space. Now, everyone sees a prospect in the tech space as an enabler of decent work and economic growth — they want their slice of the delicious pie. According to Business Day, Nigerian tech startups raised $663.2million in funding from various local and international venture capitals in 2019. In fact, ThisDay newspaper, in a March 2021 front-page article, featured Nigerian tech as the country & #39;s new oil. And Rest of the World featured Nigeria’s tech centre, Lagos, as Africa’s Silicon Valley.
No doubt, there are peculiarities in the work culture and environment of the Nigerian tech space coupled with the progress and growth potential of the emerging and booming sector. However, it is not without endearing challenges.
Burnout and fatigue is one real challenge facing the Nigerian tech space many don’ talk about. There is no tech space without the people driving its development. Yet a challenge affects them on a personal level. And sadly, burnout is a common phenomenon amongst “tech bros.” Some even brag about their burnouts as a sign that they are working so hard. However, burnout causes job dissatisfaction, anxiety, anger, mood swings, and even depression amongst tech workers and entrepreneurs.
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According to WellNewMe, a health technology firm, two-thirds of 64% of workers in the country are at risk of burnout. Sadly, in the Nigeria tech space, there is no standardized amount of work time. 9-5 is just a formality, workers continue working through the night to build products and work on projects. Surprisingly, remote workers are hit the most. They work almost non-stop. Sadly so, burnouts are easily gotten from working overtime. This results in talent drain in the long run. Tech workers should be more aware of stress factors. This is because, sometimes, they are oblivious to the fact that they have burnout. Engaging in activities to purposefully distract themselves from work are equally important in relieving them of burnout and fatigue. Also, each tech worker should have a coping mechanism against burnout and fatigue.
Recently, the federal government demanded a ₦2billion escrow for top categories of Fintech companies. It is also not news that the tech space, particularly the fintech space, has come under undue clampdowns from the Nigerian government through its neck-breaking regulations. Earlier in the year, the Nigerian government placed a ban on all cryptocurrency transactions. And just recently, a federal high court granted orders to freeze accounts of fintech stock trading platforms, Risevest, Bamboo, Trove, and Chaka for six months. Recently, a new bill by the Federal Government will make the National Information Technology Development Agency (NITDA) have the power to license and tax technology companies. According to a report by Rest of World, the government agency looks more likely to hinder innovation in Nigeria’s fast-growing tech space —particularly in the face of the Nigerian Startup Bill. These government regulations bring a huge challenge for the tech start-up founders, investors, and workers. And worse still, investors are concerned and beginning to drive away from the country because of the regulatory acts.
This is one challenge the tech space will continue facing if the right frameworks are not in place. To resolve this regulatory bottleneck, tech stakeholders have robust engagements with policymakers and regulators geared towards charting a way forward for both parties in the country’s economic interest. Flutterwave’s move to recently appointing a chief regulatory and government relations officer to comply with the law in its business interest is a way to go. This will also build and maintain cordial engagements and relationships with the regulatory government agencies. Other companies in the tech space can take a cue from this move and follow suit.
Even more, police brutality and extortion affect tech workers. This is because of their peculiarity and culture, they do not follow the norm of the corporate work dress code.
Thus, they are free, wild, and unusual with their outfits: they keep dreads, wear shorts to their respective workspace and move around with gadgets. However, the Nigerian police misconstrue them for cybercriminals and they constantly harass, extort and detain them for unscrupulous reasons. This was why the #EndSARS protest was frontline and funded by Nigerian tech space in a bid to fight and voice against police brutality. However, this can be solved by increased sensitization of the police force to know that tech workers should not be easily profiled without proper investigation.
We have the issue of electricity in Nigeria, which is in a deplorable state. Tech companies are forced to run on alternative sources, as power is sparingly available to carry out their daily operations and limits the productivity of their workers. To address this, we can have more co-working hubs in the Nigerian tech space where workers and enthusiasts can access power and other needs for their optimal performances.
Work culture and environment are also important. Tech workspaces look bright and admirable on the outside. They are quite flexible. Yes, what’s even there not to love?
However, the inner workings of a tech company still follow the rigid conventional pattern of non-tech companies. This should not be the case, as tech companies should embrace innovation, explore remote work options and facilitate greater employee satisfaction, which is perhaps the driving force of every startup. To resolve this, the space needs to pay more attention to the people and culture of their workplaces. In all, with all these necessary steps taken and strategies put in place, we can address the challenges facing the Nigerian tech space hindering us from realizing its fullest potential.
Omoniyi, is a tech and lifestyle writer, writes from Lagos.
