Nigeria’s technology industry must focus on solving practical problems, attracting sustainable financing and expanding access to international markets to remain competitive, industry leaders have said.

They spoke at the second day of the Moonshot by TechCabal 2026 conference in Lagos on Thursday, where discussions centred on the commercial potential of technology, access to finance and the need to build businesses that can survive beyond the funding cycle.

At the conference, Director of the Nigeria Country Office at the Gates Foundation, Uche Amaonwu, said the success of Artificial Intelligence (AI) should be measured by its impact on people rather than the number of products developed.

He identified healthcare, education and agriculture as sectors where AI could improve service delivery, help teachers identify pupils needing additional support, assist healthcare workers in detecting pregnancy complications and provide farmers with information on weather conditions and pests.

However, he warned that poorly designed systems could widen existing inequalities if they failed to account for local languages, limited connectivity and the needs of underserved communities.

He also stressed the need for reliable infrastructure, public trust, institutional adoption and sustainable funding to ensure that AI solutions move beyond product development to deliver measurable benefits.

The emphasis on practical outcomes comes as African technology firms face tighter funding conditions. At the conference’s opening, TechCabal Chief Executive Officer, Tomiwa Aladekomo, said startups raised $2.2 billion across 275 deals between January and August, up by 1.4 per cent from a year earlier, although early-stage funding had weakened.

The funding challenge also featured discussions on Nigeria’s capital market, with the Securities and Exchange Commission Director-General, Emomotimi Agama, urging startups to explore financing options beyond venture capital.