{"id":546662,"date":"2022-05-24T03:54:45","date_gmt":"2022-05-24T03:54:45","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/24\/day-2-in-lagos-nigeria\/"},"modified":"2022-05-24T03:54:45","modified_gmt":"2022-05-24T03:54:45","slug":"day-2-in-lagos-nigeria","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/24\/day-2-in-lagos-nigeria\/","title":{"rendered":"Day 2 in Lagos, Nigeria"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>DAY TWO- We\u2019ve had a fabulous and dense day two in Lagos<\/strong>, ladies and gentlemen. Between tuktuk-rides through Lagos\u2019 Yaba Valley, walking up six flights of stairs, and learning the term \u201cPidgin English,\u201d we met up with a bunch of local entrepreneurs and investors and visited an innovation hub.<\/p>\n<p><strong>We spent the day in Yaba Valley \u2014 yes, derived from Silicon Valley.<\/strong> Lagos\u2019 Yaba suburb may not give off the vibe of a tech hub, but it\u2019s home to a large concentration of startups for one simple reason: fiber-optic cable that delivers high-speed connectivity for startups such as fintech <a href=\"https:\/\/www.mypaga.com\/\">Paga<\/a> who we visited on Monday.<\/p>\n<p><strong>We\u2019ve also met up with former CIT minister-turned-VC Omobola Johnson.<\/strong> She\u2019s now senior partner at<a href=\"https:\/\/tlcomcapital.com\/\">TLcom Capital<\/a>, a pan-Africa VC that has also set its sights on some Egyptian startups. When we\u2019re back in Cairo, we\u2019ll be deep-diving into her views on why Nigeria landed USD 1.8 bn in startup funding during last year, why she\u2019s interested in Egypt, and what\u2019s next for the Nigerian ecosystem. She also had valuable insights on how to enter the Nigerian market, if you\u2019re a startup looking to expand here.<\/p>\n<p><strong>Crypto is huge in Nigeria<\/strong>, Johnson told us. Some 35% of Nigerian adults are crypto investors, equivalent to 33.4 mn people,<a href=\"https:\/\/www.kucoin.com\/blog\/kucoin-is-into-the-cryptoverse-report-reveals-35-percent-of-nigerian-adults-are-crypto-investors\">according to a report by cryptocurrency exchange KuCoin<\/a>. Peer-to-peer lending via crypto has been gaining momentum, with more than a dozen crypto companies actively operating in the space, she added.<\/p>\n<p><strong>We\u2019ve heard more than a few inspiring stories of companies that have had real impact.<\/strong> <strong>Social enterprise <\/strong><strong><a href=\"https:\/\/www.semicolon.africa\/index.php\">Semicolon<\/a><\/strong> is a software company that trains literally anyone on how to become a software engineer, promising graduates one of three things: a job, a space in its venture studio to build your own startup for a year, or a job at Semicolon Labs, which develops software products for companies. So far, over 450 people have graduated from Semicolon\u2019s training program, with a 98% successful placement rate. Bilikiss Adebiyi-Abiola (<a href=\"https:\/\/www.linkedin.com\/in\/bilikiss\/\">LinkedIn<\/a>) founded waste management company <strong><a href=\"https:\/\/www.wecyclers.com\/\">Wecyclers<\/a><\/strong>, which was so successful that she was recruited by the Lagos government. <strong><a href=\"https:\/\/lifebankcares.com\/\">LifeBank<\/a><\/strong>, a company conceived within the walls of Yaba\u2019s<a href=\"https:\/\/cchubnigeria.com\/\">Co-creation Hub (CcHUB)<\/a>, optimized the blood delivery process in Nigeria, before adding oxygen to its roster during covid.<\/p>\n<p><strong>\u201cDon\u2019t be the vitamin. Be the painkiller.\u201d<\/strong> That\u2019s the refrain of the good people at CcHUB in Yaba Valley. It sounds like a no-brainer, but startups need to put that at the center of their business model whether they\u2019re looking for funding from a venture capital outfit, an incubator, or various programs and projects.<\/p>\n<p><strong>So what was that about \u201cPidgin English\u201d?<\/strong> That\u2019s what locals call their dialect, which is English that simply sounds different from the American or British accent, with some unusual wordplays. We loved learning about \u201cpay small small\u201d \u2014 which ultimately means paying for something in installments. The term is used in fintech company ads and conversations across Nigeria.<\/p>\n<p><strong>And we love nothing more than people coming into the room and instantly speaking <\/strong><strong>the same language.<\/strong> There is a certain charm to having people from Nigeria, Kenya, and Egypt sit in one room, casually throwing around industry jargon including \u201chockey stick\u201d and \u201cBNPL\u201d with no doubt about who means what. (We do have a soft spot for startup slang \u2014 or at least some of us do.)<\/p>\n<p><strong>Politics has a different flavor in Nigeria:<\/strong> The 2023 general elections are coming up, and there are banners and signs for different candidates on every lamppost and street corner. While Lagos is considered the most liberal of all cities in Nigeria, with an almost even 50-50 split of Muslims and Christians, religious slogans are everywhere. We\u2019ve read candidate posters that say \u201cBehold, the light will come,\u201d and \u201cGod\u2019s time,\u201d for instance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>DAY TWO- We\u2019ve had a fabulous and dense day two in Lagos, ladies and gentlemen. Between tuktuk-rides through Lagos\u2019 Yaba Valley, walking up six flights of stairs, and learning the term \u201cPidgin English,\u201d we met up with a bunch of local entrepreneurs and investors and visited an innovation hub. We spent the day in Yaba [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":546663,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9136],"tags":[1915,1917,9116,1918,72,1916,801,1914,802,1938,1939,1937,95,123],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546662","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-enterprise-on-the-road","tag-adham-azzam","tag-aly-shalakany","tag-cairo-angels-syndicate-fund","tag-enterprise-on-the-road","tag-enterpriseam","tag-lnddo","tag-nawah-scientific","tag-nigeria","tag-omar-shoukry-sakr","tag-omobola-johnson","tag-paga","tag-semicolon","tag-startup-watch","tag-startups","wpautop","entry"],"acf":{"mongo_id":"0ac16be6-dc3f-40b3-91a7-680e3e993a57","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/5\/320.jpeg","photo_position":"above","related_issue":[546644],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Day 2 in Lagos, Nigeria - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/24\/day-2-in-lagos-nigeria\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Day 2 in Lagos, Nigeria\" \/>\n<meta property=\"og:description\" content=\"DAY TWO- We\u2019ve had a fabulous and dense day two in Lagos, ladies and gentlemen. 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In a few hours, we\u2019ll be heading back on a six-hour flight to Omm El Donia, with the adrenaline of the past four days slowly dialing down, giving us time to process what we have experienced \u2014 and add all those new connections to\u2026","rel":"","context":"In &quot;ENTERPRISE ON THE ROAD&quot;","block_context":{"text":"ENTERPRISE ON THE ROAD","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-on-the-road\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/355.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546699,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/day-3-in-lagos-nigeria\/","url_meta":{"origin":546662,"position":1},"title":"Day 3 in Lagos, Nigeria","author":"enterpriseam admin","date":"25 May 2022","format":false,"excerpt":"DAY THREE- Lagos doesn\u2019t cease to amaze us \u2014 and frankly, it feels like we\u2019ve been here for three weeks, not just two and a half days. The energy of the local entrepreneurship scene has kept our adrenaline pumping, along with the little bits and pieces of chaos that remind\u2026","rel":"","context":"In &quot;ENTERPRISE ON THE ROAD&quot;","block_context":{"text":"ENTERPRISE ON THE ROAD","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-on-the-road\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/335.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546620,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/23\/hello-from-lagos-nigeria\/","url_meta":{"origin":546662,"position":2},"title":"Hello from Lagos, Nigeria","author":"enterpriseam admin","date":"23 May 2022","format":false,"excerpt":"DAY ONE- After six-hour, 4.3k km flight from Cairo, we\u2019re settled at the Nordic Hotel Lagos on Victoria Island. Think of Victoria Island as the Zamalek of Lagos \u2014 just a bit greener and more colorful. From the plane, we could see colorful rooftops covering the ground below. Refresher: We\u2026","rel":"","context":"In &quot;ENTERPRISE ON THE ROAD&quot;","block_context":{"text":"ENTERPRISE ON THE ROAD","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-on-the-road\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/301.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":584276,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/28\/enta-el-sabab-yaba-an-honest-satirical-view-of-poet-ahmed-fouad-negm-from-his-daughters-eyes\/","url_meta":{"origin":546662,"position":3},"title":"Enta El Sabab Yaba: An honest, satirical view of poet Ahmed Fouad Negm, from his daughter\u2019s eyes","author":"enterpriseam admin","date":"28 March 2023","format":false,"excerpt":"? UNDER THE LAMPLIGHT- Nawara Negm\u2019s Enta El Sabab Yaba (It\u2019s All Because of You, Father) is an intimate, honest, and hilarious personal account of Negm\u2019s life with her late father, renowned poet Ahmed Fouad Negm. 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