The ICT sector in Nigeria has been experiencing a boom over the past few years making it one of the fastest-growing sectors in the nation. In 2020 alone, the sector contributed 15% of the country’s total gross domestic product (GDP), continuing a trend that saw the sector grow by 18% between 2016 and 2019.
This success can be attributed to the contributions of organizations in the private sector that have embedded innovation in their operations and are helping create an enabling environment for Nigeria’s technological revolution. One such establishment is Union Bank, a leading financial institution providing much-needed support to the sector. In a move that reiterates the Bank’s commitment to innovation and technological advancement in Nigeria, they recently launched a technological innovation hub called SpaceNXT.
Located within the Bank’s Head Office in Lagos, SpaceNXT is a co-working hub that provides an enabling environment where tech enthusiasts, visionaries, and creators can converge to propagate new ideas. The hub is designed to serve as a launching pad and a hive for innovators to develop, and improve on digital systems and technology ideas, with the goal to encourage collaboration and cultural exchange within the tech ecosystem in Nigeria.
As the world continues to rapidly evolve, with modern technology changing the landscape of work as we know it, and with more startups springing up in droves all over the nation, the idea for this space couldn’t have come at a better time. SpaceNXT creates an opportunity for networking, collaboration, and community building among tech enthusiasts and startup founders.
With the estimated number of startups in Nigeria reaching 3,300 as of 2020, and tech startups in Nigeria bringing in 1.6 billion into the economy in funding, tech has the potential to advance the economy, but more importantly, in doing this it also creates innovative solutions that will improve the lives of everyday Nigerians. Therefore, it is safe to predict that spaces like this have the capacity to function as a nest for early-stage startups and their founders to meet to launch and scale their ideas and develop new business partnerships or client relationships.
Besides being a hub for sharing and generating ideas, SpaceNXT also provides an opportunity for young aspiring tech enthusiasts to meet with, and learn from, mentors and founders with similar ideas, get a feel of their career trajectory, and begin their journey through tech. This hub has the potential to become the launchpad for future innovations in the African tech ecosystem. It will provide opportunities for networking and visibility for young techpreneurs and in doing so, effectively become a space for the growth of future tech innovations. It will also serve as a venue for tech and innovation events, hackathons, training sessions, and ecosystem-related meetings. It will also help remote-working innovators to create structure around work and balance in their lives by helping them transition from solo work to collaboration in a stimulating environment, among like-minded colleagues.
Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank is a household name and one of Nigeria’s long-standing and most respected financial institutions. The 105-year-old bank has been committed to improving the economy through innovation and people-focused business solutions since its inception. The Bank which recently pivoted its operations to a digital-led approach has been channeling resources to tech startups and technological advancement. Earlier in the year, they partnered with AfricaNXT to host the largest gathering of innovators across Africa.
Union Bank also runs a tech ventures initiative aimed at incubating and nurturing tech ideas from inception to unicorn status. This program not only provides access to funding, but it also provides business advice, partnerships, and a host of other resources to start-ups in the early stages, looking to scale, but also to those already scaling and more mature start-ups.
With these previous contributions under their belt, including programs for young techpreneurs like the UnionX Innovation Challenge, this latest launch of the co-working hub for techpreneurs shows how strongly Union Bank is committed to supporting Nigeria’s tech ecosystem both in the present and the future by providing essential resources to tech innovators. With this launch, the Bank remains committed to accelerating the technological landscape in Nigeria and Africa as a whole.
For information on how to book SpaceNXT and other requests, please call +23412716800 or send an email to spacenxt@unionbankng.com
