How Nigerian founders are de-dollarising their startups
- The naira's depreciation has led to a regression in revenue for Nigerian startups when measured in dollars.
- TechCabal hosted a salon-style discussion on cost-cutting strategies attended by notable companies like Piggyvest and Kuda.
- Deji Olowe, founder of Lendsqr, emphasized the importance of local hires over foreign executives in reducing costs.
The current challenges faced by Nigerian startups highlight the need for a strategic pivot towards local talent and cost-effective solutions. Emphasizing local hires and training can foster a more resilient tech ecosystem, but it requires a cultural shift in how startups perceive value in talent acquisition. Further discussions on collaboration among competitors could yield innovative solutions to shared challenges.
