The 10 most notable tech innovations and milestones  of 2024

If there is one thing Nigerians know how to do, it’s turn challenges into opportunities. 2024 has been a year where the tech scene didn’t just survive—it thrived. From bold prototypes venturing into space exploration to significant milestones in fintech and artificial intelligence, Nigeria’s innovators have carved their place on the global stage. 

With each passing month, new stories emerged, each more inspiring than the last. And at the heart of it all? A relentless drive to push boundaries and reimagine what’s possible. Let’s journey through the year’s most notable tech innovations from Nigeria.

Trailblazing the cosmos with Nigeria’s first Mars rover prototype

October 2024 marked a historic leap for Nigeria’s aerospace aspirations. A team from Pan-Atlantic University (PAU) unveiled “Trailblazer,” Nigeria’s inaugural Mars rover prototype. Designed for adaptability in harsh extraterrestrial environments, Trailblazer isn’t just a marvel of engineering; it’s a symbol of Nigeria’s growing ambitions in space exploration.

The project began as a small-scale student initiative. Yet, with guidance from international mentors and local tech sponsors, it blossomed into a fully functional prototype. The rover’s unveiling drew widespread acclaim, including a mention from NASA’s regional director for Africa, who lauded its potential to inspire more African nations to venture into space science.

For the students and faculty at PAU, the project wasn’t merely about the mechanics of robotics.  

“The space industry in Africa is not doing so well and there’re a lot of innovations currently ongoing in the Western world…We thought about many things and tried to see how we can contribute to the space industry. Looking at Nigeria for example, I think there’s a lot of things we need to do in terms of security, in terms of agriculture, food security, and weather forecasting, ” Samuel Oyefiso said.

Ibukun Afolabi, on his part, said the idea behind the Trailblazer Mars Rover innovation is their quest to be unique.

“We tried to do something unique, not copying NASA or doing something that has been done, that’s why we gave it Trailblazer, doing something very unique and fantastic.” 

Samuel Oyefiso and Ibukun Afolabi are both space innovators and students of Mechanical Engineering at Pan Atlantic University (PAU), Lagos, said.

Building digital havens with Africa’s first digital free zone

Digital innovation has long struggled against infrastructural bottlenecks in Africa. Now think of Itana, formerly known as Talent City. In 2024, Itana was scheduled to inaugurate Africa’s first digital free zone in Lagos officially.

Backed by $2 million in pre-seed funding, the project aims to create an ecosystem where startups can thrive, unencumbered by bureaucratic hurdles and infrastructural limitations.

The digital free zone offers high-speed internet, uninterrupted power supply, and a regulatory framework tailored to tech businesses. 

“What we’re trying to do is that we’re trying to create the ideal jurisdiction for global tech and international companies, or service-oriented companies to be able to scale into Africa. At the same time, also enables Nigerian startups and service companies to be able to scale across Africa. 

“We are making ease of business, and creating an ideal jurisdiction that tackles taxation, banking, immigration, and even an ease of incorporation. Also ease of access to community, for anyone seeking to set up and operate in Africa, but starting with Nigeria,” Luqman Edu, co-founder and CEO, of Itana, said. 

The project’s impact goes beyond just business – we are talking about collaboration, mentorship, and a shared vision for African innovation.

AI Pioneers: Nigerian startups shaping the future

Artificial Intelligence (AI) is no longer the future; it’s the present, and Nigerian startups are seizing the moment. At the GITEX Africa’s Artificial Intelligence Expo in Morocco, Nigeria’s delegation almost stole the show.

Startups showcased AI-driven solutions addressing uniquely African challenges—from predictive healthcare analytics to precision agriculture and fraud detection in finance.

One of the stand-out innovations is FundusAI’s Africa’s first AI-powered diabetic care ecosystem. “Our product stands out as Africa’s first AI-powered ecosystem for diabetic care,” FundusAI’s CEO and Founder Abulmalik Adeyemo said.

Abulmalik wants to diagnose more than five million patients annually by 2027 while expanding FundusAI’s scope to address additional eye health issues. 

Farmatrix was another Nigerian AI game changer at the AI Everything Expo by GITEX AFRICA 2024, a SaaS platform that connects farmers with agro-commodity aggregators and buyers in real-time using advanced AI algorithms, greatly reducing post-harvest loss and boosting profits. 

“Farmatrix democratises purchase orders, guaranteeing an end-to-end market, secure storage facilities, and trusted logistics services for every farmer and agro-commodity aggregator in our network,” Nyafamu Manzo, Founder of Farmatrix, said. 

Moniepoint becomes a unicorn

In 2024, fintech remained the crown jewel of Nigeria’s tech ecosystem, and Moniepoint emerged as its brightest star. With a $110 million investment led by Google’s Africa Investment Fund, Moniepoint officially achieved unicorn status, with its valuation soaring past $1 billion. The funding will expand its reach, improve digital payment infrastructure, and develop financial products tailored to underserved communities.

Moniepoint’s journey from a local payment solutions provider to a continental powerhouse is a testament to the resilience and ingenuity of Nigeria’s fintech players. 

Its CEO, Tosin Eniolorunda, reflected on this milestone:

“The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential. I want to sincerely thank the entire Moniepoint team for making this achievement possible. We’ve been encouraged by the diversity and huge swathe of those who have found value in our platform and the services we provide in helping to create financial happiness. But, we’re just getting started, as it is just day one from here.” 

Tech meets sustainability: Nigeria-China collaboration

Global collaboration took centre stage in September when Nigeria signed a landmark agreement with China to advance technology and renewable energy initiatives. Among the highlights was Huawei’s commitment to establishing a joint solar PV test lab in Lagos.

The agreement also included plans for a Chinese firm to set up an assembly plant for electric tricycles—a move expected to revolutionise transportation in urban and semi-urban areas.

The renewable energy projects are especially critical as Nigeria seeks to transition away from dependency on fossil fuels.

With blackouts still a frequent occurrence, the introduction of solar-powered solutions could be transformative. Minister of Science and Technology, Bosun Tijani, called the partnership a “gateway to sustainable growth,” adding that it could create thousands of jobs and reduce Nigeria’s carbon footprint.

Awards and accolades: Nigeria at the Technology Innovation Awards

Celebrating excellence is vital in any ecosystem, and the 2024 Technology Innovation Awards (TIA) highlighted Nigeria’s contributions. 

inq. Nigeria, a cloud and connectivity solutions provider, took home two prestigious awards: “MVNO Provider of the Year” and “Cloud Product of the Year.”

Ifeanyi Akosionu, Managing Director of Anglophone West Africa, inq. Nigeria, said, “These awards reflect our commitment to excellence and innovation. At inq., we are dedicated to continuously advancing our solutions, contributing to Nigeria’s economic growth by empowering businesses to thrive.” 

He highlighted inq.’s leadership in supporting Nigeria’s emerging MVNO industry, noting, “Our MVNO solutions equip licensed providers with the agility, tools, and support needed to enter the market confidently and succeed in a dynamic landscape.”

The Digital Nigeria Innovation Challenge

One of the year’s most inspiring moments came from the Digital Nigeria Innovation Challenge. With a mission to solve critical infrastructure issues using tech, the competition drew participants from across the country. The winning team, INFRAMAPPORE, developed an AI-powered platform to map and monitor infrastructure projects in real time, ensuring transparency and accountability.

The government pledged to adopt INFRAMAPPORE’s solution in upcoming projects, showcasing how grassroots innovation can shape national policies. The challenge also demonstrated the vast, untapped potential of Nigerian youth. 

Saheed built a dataset

Saheed Ayanniyi, an undergraduate student at the University of Lagos, developed Naijaweb—a dataset comprising 230 million GPT-2 tokens sourced from Nairaland, one of Nigeria’s largest online forums. 

Azeez’s journey into machine learning began in 2019 during a Python class, where he developed skills in web scraping and data cleaning. In 2022, he applied these skills to create Naijaweb, aiming to provide a resource for training large language models (LLMs) tailored to Nigerian online content. 

Saheed also built a screenshot bot on X in 2022 known as Tweet Shot. According to him, it was his most viral creation with 170,000 followers.

For a more in-depth understanding of Saheed’s work on Naijaweb, you might find the following video insightful:

Juicyway out of stealth raises $3 million

After three years of operating in stealth, African fintech startup Juicyway is publicly launching, having processed over $1.3 billion in transaction volume across 25,000 transactions for 4,000 users. What makes Juicyway remarkable is its innovative approach: leveraging stablecoin technology for fast, cost-efficient cross-border payments without relying on a public app or marketing campaigns.

Instead, Juicyway grew organically, acquiring a similar business and building a network through word-of-mouth. Its stealth strategy allowed it to onboard major clients like Bolt, Piggyvest, Bamboo, and Afriex while refining its platform. The fintech provides a seamless alternative to traditional cross-border payment methods, allowing businesses to use stablecoins like USDC or USDT to facilitate transactions.

This model eliminates reliance on costly and time-consuming fiat currency transfers, replacing them with stablecoins that can be converted into local currencies or held in digital wallets. By making cross-border payments faster, more flexible, and cheaper, Juicyway is reshaping how African businesses handle international transactions and challenging the dominance of traditional platforms.

Finally…

Cowrywise starts a marketing conversation

In a bold and attention-grabbing move, Cowrywise unveiled a massive rectangular billboard emblazoned with their website URL: “(cowrywise.com)”. The moment the billboard went live, the internet community, mostly X, was abuzz with reactions.

Marketing experts, industry thought leaders, and social media pundits swiftly took to their platforms, crafting threads and sharing expert opinions on the most effective ways for brands to allocate their marketing budgets. The digital airwaves were filled with ‘hot takes’ and insightful analyses, as professionals and enthusiasts weighed in on the merits of Cowrywise’s unconventional marketing strategy.

Some of the opinions shared tried to teach Cowrywise how to spend their marketing budget. But guess what, the OKR of the marketing team was possibly met with that singular act – “tell people where to go to invest their money.”