Reboot: Here’s why you should keep your eye on Nigeria’s tech sector
Here it is – your fortnightly tech stocks wrap
Nigeria’s tech ecosystem is still fledgling but it is one of the largest in Africa. Nigerian start ups see more venture investment than anywhere else in Africa.
According to tech investment platform Partech, Nigerian tech firms raised $747m in 2019 — a higher share of the $2 billion pie than anywhere else in Africa.
Another reason Nigeria’s tech ecosystem is developing is because of help from big American tech companies. Google launched a Developers Space in Lagos last month and Facebook have run a female-founder focused initiative for a year.
But in recent months, relations between Nigeria and the US — a heavy source of funding for Nigerian start ups — have deteriorated. America no longer issues immigrant visas to Nigerian applicants.
One of Nigeria’s most well known entrepreneurs Iyinoluwa Aboyeji thinks it could be both a curse and a blessing.
Just had an interesting dinner convo about this visa ban with Nigerian tech professionals in the US. Sad this is happening but silver lining is all the amazing and experienced Nigerian talent in US tech companies who will now head on home.
— iyin.eth (@iaboyeji) February 2, 2020
Meanwhile in China, it’s not just the face-mask and sanitiser sellers that are doing well thanks to the coronavirus.
A blockchain firm in China, Hyperchain, announced the launch of a blockchain-based platform to manage donations to hospitals in central China.
Hyperchain claims that donors will be able to see where exactly their money is going to and what it is being used for.
ASX tech stocks have retreated by 5 per cent in the last fortnight but are sitting on a 16 per cent gain in the last 12 months.
Here are all the ASX small cap technology stocks and their performance in the past fortnight:
Swipe or scroll to reveal the full table. Click headings to sort
Last fortnight’s biggest winner was digital marketing platform OtherLevels Holdings (ASX:OLV). Shares took off after a distribution agreement with Genius Media and a strong quarterly.
Homestay Care (ASX:HSC) surged last week with the inking of a major commercial deal. It will upgrade the tech systems at nine residential aged care facilities in South Australia.
SenSen Networks (ASX:SNS) also sealed a big deal in the last fortnight – in fact only yesterday. It landed a $1.2m contract to manage traffic in Singapore.
The two biggest tech gainers on an annual basis are IODM (ASX:IOD) and CCP Technologies (ASX:CT1), which have gained 695 per cent and 382 per cent respectively. Both rose another 17 and 26 per cent respectively over the past two weeks.
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