14/03/2025
- Riches Linked to Tech, Fintech, Innovation, Others
Lagos, Nigeria – Nigeria’s new set of millionaires are emerging from non-traditional sources and means of wealth creation.
A new report by Cowrywise reveals that a fresh wave of High-Net-Worth Individuals (HNIs) that are emerging in Nigeria, are deriving their riches from technology, fintech, and the creative industry.
Unlike the traditional avenues synonymous with the past generations, most of whom built their wealth through oil and traditional businesses, today’s millionaires are leveraging digital platforms, global investments, and innovation to scale their fortunes.
According to the report, Nigeria now has 9,800 individuals worth over $1 million, making it Africa’s third-largest hub for HNIs.
Young entrepreneurs, tech founders, and entertainment moguls are at the forefront, reshaping wealth creation through global funding, digital expansion, and disruptive business models.
Tech and Fintech as The New Cash How
The Cowrywise report highlights how Nigeria’s ICT sector now contributes 17.3% to GDP, surpassing oil and gas (5.8%). Fintech alone has attracted over $1.5 billion in funding between 2019 and 2023, fueling the rise of a new class of digital-first millionaires.
Beyond fintech, entertainment, e-commerce, and agribusiness are also producing new HNIs. Afrobeats, Nollywood, and influencer marketing are transforming the economy, with Nigerian creatives now competing on the global stage.
Barriers to Wealth Expansion
While new millionaires are emerging rapidly, the report warns that several challenges threaten their growth, including:
- Infrastructure deficits – Poor electricity, internet, and transport systems limit business expansion.
- Security risks – Kidnappings, conflicts, and instability pose threats to investments.
- Limited access to finance – High borrowing costs and strict venture capital requirements slow down business growth.
- Economic instability – Inflation, fluctuating currency values, and unpredictable policies create uncertainty.
The Future of Wealth in Nigeria
The Cowrywise report suggests that with better policies, improved infrastructure, and stronger financial markets, Nigeria’s HNI class could double in the next decade. Recommendations include:
- Expanding capital markets to offer more funding for businesses.
- Public-private partnerships (PPPs) to bridge infrastructure gaps.
- Investment in STEM education and digital skills to drive innovation.
As Nigeria transitions into a digital-first economy, the Cowrywise report makes one thing clear—the next billionaires won’t be oil moguls but tech entrepreneurs, fintech pioneers, and digital innovators.
The wealth shift has begun. Who’s ready to take advantage?
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