Hi there, it’s good to have you here again! the last article published highlighted the reality of the software industry in Africa, particularly in Nigeria.
I got your amazing and insightful feedback on all platforms on social media and calls from the people you referred our brand too, simply because you found our contents interesting.
While like every time there must be an end, that is why we must conclude this research with this publication. However, I will be more focused on Lagos State, Nigeria in context.
The software development life cycle is the process of planning, writing, modifying, and maintaining software.
The software development industry is booming in Nigeria. According to recent reports, entrepreneurial software development hubs are emerging across the country, especially in Lagos. Especially, these tech hubs foster budding communities for software developers, driving consumer growing. In addition, global tech giants including Microsoft have invested over $100 million into the country’s software development. This has allowed businesses to open tech centers in Africa. Plus, creating more job opportunities. As an entrepreneur in the tech industry, you need to know why software development is on the rise in Nigeria. This way, you can properly plan your development process.I will be using the above cycle chat to explain the investment sector in respect to development of software for their services, this is because according to research the investment company has a strong influence on Nigerians, most investment companies generate revenues in billions yearly.
Let recognize the factors influencing the growth.
1. The software development industry is growing in Nigeria due to high back-end developers demand. According to some research I came across, nearly 30% of jobs on a major engineering employment platform were asking for back-end engineers, front-end developers made up about 23% of this demand. Also, full-stack and mobile developers each made up about 20%.
2. The growing freelance market is also driving growth in Nigeria’s software development industry. For example, some platforms allow developers to create freelance profiles. Here, they can list their past employment, major projects, and areas of expertise and make more money.
3. The rise of learning platforms is also fueling growth in Nigeria’s software development industry. Many platforms offer lessons to learn programming online. Using these tools, tutorials, and courses, many Nigerians are teaching themselves to code.
In all the research I have come across the investment industry is doing very well and can only get better. Now the insurance industry even though this is an entirely different industry it part of the solutions Simplex Solution can provide for, so we need to touch on it.
Some thoughts on what the insurance industry should leverage on.
- Technology enabling better risk assessment and improving the claims process.
- Technology enabling customization, this is what Simplex Solutions has successfully leveraged on.
There are about 57 fully registered insurance companies in Nigeria. They are further classified by the type of services they offer to the public, with 14 insurance companies centering on life insurance, and the other 43 focused on non-life insurance services. In addition to these companies, some individuals partake in the running of operations in the industry, comprising of 460 insurance brokers and 15,000 individual insurance agents.
The insurance industry in Nigeria is regulated by the National Insurance Commission, also known as NAICOM, which was established in 1997 and companies are incorporated under the prudential guidelines of the Companies and Allied Matters Act 1990.
The Most Popular Insurance Products in Nigeria
Insurance exists in many forms, as the services that could be provided vary. In Nigeria, the most popular insurance products include:
- Car Insurance
- Health Insurance, Particularly HMO Plans
- Travel Insurance
Growth of The Insurance Industry in Nigeria Over Time
The insurance industry in Nigeria is one that has seen exponential growth in recent years. Thanks to the advent of financial inclusion and exposure. More individuals in the country recognize the importance of insurance. As at the end of 2018, the Nigerian insurance industry ranked 62nd in the world with $1.64 million collated from Nigeria in total premiums around the globe.
In conclusion there are a lot of opportunities to leverage on in any of the industries, In Simplex we are here to serve that need and provide solutions your business(es) can operate with through the use of our software environment.
Do share your comments and questions, we are happy to review your suggestions to.