Agric, health, insurance, and food delivery sectors are taking the center stage in tech innovations.
Every year, the innovations unlocked by technology grows at a rapid rate. Major disruptions like a pandemic, always reveal opportunities for technology to advance a society. In Nigeria, the pandemic forced many industries to adopt technology in nearly every facet of their operations.
Taking a closer look at the technology trends that are likely to bring significant innovation and growth this year, we see companies in the Agric, health, insurance, and food delivery sectors taking the center stage. These industries appear to have a promising future in 2021 and beyond.
Agric-tech platforms have become the new face of modern-day Agriculture. These platforms offer promising benefits ranging from good dividends to high return on investments to promising investors. The funds are then invested in agricultural projects that will yield the required returns to pay all the stakeholders (farmers, investors, and Agric-tech platform owners) at the end of a production cycle.
According to statistics, Agriculture accounts for over 20 percent of Nigeria’s GDP with an arable land area of 34 million hectares: 6.5 million hectares for permanent crops, and 30.3 million hectares on meadows and pastures. Farmers need a productivity boost and technology is providing that with the rise of Agric tech companies like Thrive Agric, Farm crowdy, etc.
The insurance industry started experiencing a revolution with the adoption of InsurTech.
InsurTech became the major growth driver for industrial innovation throughout the insurance industry. With the diverse range of wealth management products, everyone can live without the worries of the future. There are innovative insurance products for protection, savings, and reward systems. Insurtechs like Casava, Curacel, Tangerinelife are rising to build products that cater and provide insurance to individuals and corporate entities.
Nigeria’s health care system has gone from being comparable to the rest of the world in the 70s and early 80s, to one of the world’s most underfunded sectors. As the sector struggles to cater to the health needs of nearly 200 million people, an innovative technology scene has created a new wave of startups focused on combating challenges in Nigeria’s health sector. An example is helium health which helps medical institutions document and record their patients’ medical history. Medplus has a platform in which a patient can upload his prescription and also have it delivered to his location. Healthplus runs one of West Africa’s largest integrated pharmacy chains and also provides a platform where loyal customers are rewarded via a scoring system.
The demand for food delivery was at an all-time high during the pandemic. This gave rise to FoodTech. FoodTech startups combine food science and technology to enhance the service delivery of the industry by using Internet-based technologies for the preparation and distribution of food. Foodtech like Jumia food, Chopnownow, ourEdenlife, and boltfood have made food delivery easily accessible to anyone with a smartphone.
Many innovative technologies will continue to be introduced as the world evolves, although some industries may take longer to adapt and integrate new technologies into their products and services. This year we expect massive results and innovations across different sectors and industries.