Tosin Eniolorunda, Moniepoint and Nigeria’s tech future

A few weeks ago, Tosin Eniolorunda, founder of Moniepoint, was dragged on social media for stating the obvious. The conversation quickly became toxic. He came out to clarify his position, but it did not matter. The never-do-wells, Elon Musk-seeking-stipends crowd, and irrational lot persisted.

Well, news flash, you all won.

Here is your prize: Tosin is building a billion-naira university innovation hub.

His point still stands regardless. I also think the trolls proved Tosin right, because there was very little thought put into engaging his point. It was mostly abuse, noise and trolling where they play strongly.

But away from the noise, something important happened.

Truth is, most discussions about Nigeria’s digital economy focus on startups raising money, attracting investors, and achieving billion-naira valuations. Every now and then, a company announces a major funding round, social media celebrates, experts analyse, and attention quickly shifts to the next startup making headlines.

But not enough people talk about the real foundation. And so, the real question becomes, who is preparing the next generation that will build Nigeria’s tech future?

Innovation should not just be about funding but about people.

Behind every successful fintech platform, digital bank, AI tool, logistics company or e-commerce business are engineers, designers, developers, researchers and product thinkers. These people do not appear from the blue; they are discovered, trained, mentored and given the right environment to grow.

That is why Moniepoint’s decision to invest 3 billion Naira in innovation hubs across Obafemi Awolowo University, the University of Nigeria, Nsukka and Ahmadu Bello University deserves serious national attention……and praise.

At a time when many companies are focused almost entirely on profits, expansion and market share, this investment points to institution building.

The hubs are expected to give students access to training in software engineering, artificial intelligence, robotics, product design and entrepreneurship, with direct support.  And it is open to all students to boot. That is not ordinary corporate social responsibility. It is a strategic investment in Nigeria’s future.

Our greatest asset has never been crude oil. It has always been our people, especially our young people.

Every year, thousands of brilliant students graduate from Nigerian universities with ambition and creativity. Many of them have the talent to compete anywhere in the world. But talent alone is not enough. Too many lack access to modern infrastructure, proper mentorship, practical exposure and industry-standard training.

That lack of access that this initiative is trying to curb is what makes the initiative important.

Countries that have built strong technology ecosystems did not do so by accident. Their universities played a central role. Silicon Valley, the largest tech hub in the world, was closely shaped by Stanford University and the wider California university system, particularly UC Berkeley. India’s software boom was powered by post independent strategy of investment in institutes of technology. China’s technology growth was supported by deliberate investments in STEM fields.

No nation becomes a digital powerhouse without investing in the institutions that produce its builders.

We celebrate startups but pay too little attention to the universities that should produce the next generation of founders, engineers and researchers.

Take a bow again, Moniepoint. I particularly like the choice of universities. It has that regional spread. OAU in the south-west, UNN in the south-east and ABU in the north.

Our tech ecosystem has become heavily Lagos-centred. Of course, Lagos remains the commercial heartbeat of the country, and the centre of much of our startup activity, but innovation cannot thrive sustainably with opportunity centred in one city. Talent exists everywhere in Nigeria

This initiative also comes at a crucial time. Nigeria is searching for new engines of growth. Oil can no longer carry the weight of this country’s ambitions. The future belongs to knowledge-driven economies built on technology, innovation and human capital.

Around the world, artificial intelligence is reshaping industries. Automation is changing the labour market. Countries are competing fiercely for leadership in frontier technologies. Those that fail to invest in technical talent today risk buying and using technologies created by others rather than creating their own.

We cannot afford that.

Tosin Eniolorunda deserves credit for the vision behind this move. Building a successful company is impressive. Reinvesting in the institutions that will produce the next Tosin is more impressive.

Employers complain about skill gaps, while graduates struggle to find their footing in the labour market. This will help bridge that gap and divide. Plus, the ripple effects will be significant.

Students will gain exposure to emerging technologies. Startups will emerge from campuses. Research culture will improve. Collaboration between universities and companies will happen. The young ones who once believed that opportunity existed only abroad will begin to see real possibilities at home.

Government alone cannot build the future. The private sector must also play a stronger role.

Moniepoint has taken an important step. Others should follow.

Chiechefulam Ikebuiro can be contacted via chiechefulamikebuiro@gmail.com