Nigerians in the diaspora have long been known for their entrepreneurial spirit. From small-scale ventures to globally recognized enterprises, Nigerian entrepreneurs abroad are making significant strides in industries such as technology, finance, and entertainment. Despite facing hurdles like limited access to funding and navigating foreign markets, these trailblazers continue to break new ground.
One notable example is Iyinoluwa Aboyeji, co-founder of Flutterwave, a financial technology company that facilitates cross-border payments. Aboyeji’s success in scaling Flutterwave across Africa and into the global market reflects the ambition and determination that define many Nigerian entrepreneurs abroad.
In an interview, Aboyeji stated, “We must remember that entrepreneurship is about solving problems. Nigerian entrepreneurs have faced adversity for so long that we are problem-solvers by nature.” His outlook mirrors the resilience that characterizes Nigerian enterprises around the world.
Nigerian entrepreneurs face unique challenges, from dealing with complex visa issues to securing investment in foreign countries. However, a growing number of Nigerian business owners have found success through technology and innovation. A notable comparison can be drawn between Silicon Valley’s start-up ecosystem and Nigeria’s burgeoning tech scene, where funding options may be scarcer, but innovation thrives due to necessity.
While Silicon Valley is known for its abundance of venture capital, Nigerian entrepreneurs have built networks that provide alternative funding solutions. For example, Paystack, co-founded by Shola Akinlade and Ezra Olubi, was acquired by Stripe in 2020 for over $200 million. This acquisition not only signifies success but also highlights the role that diaspora entrepreneurs play in elevating Nigerian businesses onto the global stage.
According to Tope Awotona, founder of the successful scheduling platform Calendly, “Being a Nigerian entrepreneur in the diaspora means constantly pushing against the odds. But the skills we learn from these experiences make us more innovative and resourceful.”
Entrepreneurs like Awotona and Aboyeji often credit their success to their Nigerian roots, which taught them to adapt, innovate, and persevere traits that are especially useful in competitive international markets.
Nigerian entrepreneurs in the diaspora are not just succeeding—they are paving the way for future generations. Their ability to tap into global markets while remaining connected to their home country offers valuable lessons in resilience and adaptability. As more diaspora entrepreneurs rise to prominence, there is a growing need for Nigeria to create policies that harness their contributions for national development.
To localize this further, it’s essential that the Nigerian government and private sector work together to create support systems that empower aspiring entrepreneurs both at home and abroad. Providing access to funding, mentorship programs, and a stable economic environment will enable Nigerian entrepreneurs to thrive globally, reinforcing the strong reputation of Nigeria’s enterprising spirit. Developing specific initiatives, such as grants, tax incentives, and diaspora investment opportunities, will help harness the wealth of experience and resources these entrepreneurs can offer.
By bridging the gap between Nigerian entrepreneurs in the diaspora and the local business landscape, Nigeria can foster an environment of shared growth, ensuring that entrepreneurial success abroad also translates into national economic benefits.
