The median age in Nigeria is 17.9 versus the median age in Canada, 39.0. In Canada, smartphone penetration is 79%, in Nigeria, it’s 84% and growing at a faster rate. These characteristics multiplied by the fact that Nigeria’s population is 5.5x the size of Canada’s create an enticing opportunity for startups and tech companies looking to scale.
These are stunning statistics, and they are starting to get more attention across the world as more and more technology companies seek growth from emerging markets.
When technology companies think about addressable markets, and where to focus, we have a tendency to think too much about winning in our own backyard. Instead, what we could think about is how can we create traction at a lower cost and at a higher growth rate in other countries where our technology is just as relevant (if not more) and users are under-serviced.
Sources include: https://guardian.ng/business-services/nigerias-mobile-phone-penetration-hits-84-per-cent/