, 19 tweets, 3 min read Read on Twitter
1. Amazing how many Nigerian tech entrepreneurs that still think their businesses will work exactly like their silicon valley equivalents
2. The San Francisco city budget (population 800k ppl) is almost the same as Nigeria's budget 180m ppl
3. This should be the first clue that things might be different. But there are other clues.....
4. The NY stock exchange is over $1tr, Nigeria's stock exchange(minus my uncle Aliko who is 50% of NSE) is about $12bn
5. Americans biggest banks do nearly $100bn in revenue, South Africa's almost $20bn, Nigeria's not up to $2bn
6. Let's not forget that ⬇️⬇️⬇️
7. When thinking about total market size vs addressable market think about this
8. And also remember this ⬇️⬇️⬇️
9. There are a lot of things you must unlearn from silicon valley to run a successful tech business in Nigeria
Uber is valued at almost x2 the entire Nigerian stock exchange, airbnb is worth more than NSE, even common pinterest still near 50% of NSE
10. Apart from contractopreneurs, tenderpreneurs & NNPCPreneurs, most successful Nigerian business ppl have built coys that meet basic needs
11. Basic needs in Kano are very different from basic needs in San Francisco.
12. Nigeria's total oil revenues are about $7-8bn. San Francisco city budget is $10bn!!
13. I believe silicon-valleyism in Africa has actually held us back we continue to build great products that aren't useful to our people
14. This has led to a large proportion of our tech companies being funded by contiuous grants not investors
15. This produces tech charities instead of tech businesses that have no clear route to profitability
16. Solutions
a) Perhaps thinking more Igbo medium.com/@drola/the-sec…
b) Understanding the foreign investor mindset
c) Understanding local investors
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