Dr. Chris Uwaje, former President, Institute of Software Practitioners of Nigeria (ISPON), in an interaction with young technology students has disclosed that e-commerce company Yudala has the potential of breaking the boundaries of the Nigerian Stock market in the next few years, given its strategic positioning and futuristic combination of online and offline in the Nigerian e-commerce industry.
According to Uwaje, the remarkable achievements and disruptions by Yudala, a fledging start-up launched at a time the Nigerian economy entered the current recession, makes it a company to look out for in the business space.
“Yudala’s achievements should instruct you to anticipate a golden future for your tech-savvy generation. It is important you think outside the box and innovate like the founders of Yudala have done.
“Today, the centre of gravity of the digital knowledge domain resides in understanding the chemistry of IT and Software Development Ecosystem. Humanity today, lives in a ‘Software-first’ world, where innovation, bold and disruptive creativity have become the centre of gravity of life and significance of human existence where over 3.6 billion people are connected to the Internet, making e-Commerce the ultimate game-changer.
“For example, the Internet of Things (IoT) is projected to connect about 50 billion devices by 2020 at an estimated market value of about $19 trillion USD. In my professional evaluation, this represents the most constructive, disruptive, and strategic pathway to Africa’s future. A future dictated by technological know-how and where Nigeria must take the lead and protect her survivability.
Our future resides in the mastery, application and sustainable control of our intellectual capital. This is why Yudala has become the most creative and potent milestone in the innovation landscape and a company for major case study in 21st century.
“I encourage you to increase your passion for the technology sector and fuel your hunger to achieve because technology leaders are global citizens. A company like Yudala is essentially a technology company founded on a strong technology backbone, sound human capital and a clear duplex retail roadmap. The company’s impressive strategies and sustained market relevance even where others have failed, is a pride to the nation and I would not be surprised if the company becomes the biggest company on the Stock Exchange in the nearest future.
“If the Yudala business was launched by a white man, it would have been lauded to the high heavens and would have certainly diminished the intellectual confidence of the average Nigerian. So we must take pride in this purely Nigerian company which I hear, was founded by a 23-year old Nigerian.”
Taking the students down memory lane, Dr. Uwaje, a former President of the Association of Telecom Companies of Nigeria (ATCON) and distinguished Fellow of the Nigeria Computer Society (NCS), recounted the impacts of notable personalities whose actions helped shape the developments in the Nigerian technology industry.
Charging them to study the Yudala strategy, he noted that today’s youth are better placed to surpass the achievements of the older generation.
“When you consider the trajectory of the Nigerian technology sector; our generation started small as we did not have the kind of exposure you have today. People like myself, Chief Don Etiebet and Leo Stan Ekeh, among others, did our best to lay the foundation but your generation is better placed to achieve so much more within a shorter period. You have the tools, access to knowledge and required exposure.
“If the Management eventually decides to go public as was widely published some time ago, I think Yudala has the potential of becoming one of the most valuable companies on the Nigerian Stock Exchange in the near future. And I am sure a lot of you would create even bigger companies and this shall resolve the unemployment challenges, branding issues and stronger future of our nation as a true member of the global community.”
Speaking further, Uwaje called on the Federal Government to see reasons for it to throw its weight behind sterling start-ups in the technology sector such as Yudala in line with the huge potential of the sector as a major employer of labour.
“The problem is for the Government to realize the importance of the ICT sector as a mass employer of labour and support the growth of companies in the sector.
“The current economic recession has taken a huge toll on businesses, with many of them having no choice than to embark on staff cuts or retrenchment. Many companies in the ICT sector have helped to reduce the burden of many families as they not only employed a lot of Nigerians but also refrained from mass sacks throughout this period.
“Companies such as these should get special concessions from the Government as a means of encouraging them to do more. These concessions could be in form of tax holidays or other waivers. This is one way of promoting the spirit of entrepreneurship in Nigeria as the success of a well-structured business holds positive signs for the growth of the Nigerian economy,” he concluded.