Dr Adenike Shittu, CEO of Mojoy Computers Ltd, is sounding the alarm over the rising cost of doing business in Ikeja Computer Village, calling for urgent government and private sector intervention to safeguard the future of the technology hub widely recognised as West Africa’s largest tech market.
In an exclusive interview with Technology Times TV on Thursday, Dr Shittu warns that soaring borrowing rates—topping 40% in some cases—are suffocating tech small and medium-sized enterprises (SMEs) operating in the iconic Lagos tech market.
“And what we expect is that we get, you know, help from the government where we get loans at very reduced rates,” the Mojoy Computers CEO tells Technology Times TV. “We are not saying they should give us free. But if we can get something in the region of 10 to 15%, it will go a long way in ensuring that technology keeps advancing in this country.”
Mojoy CEO: Policy gaps and leadership crisis weaken Ikeja Computer Village
Dr Shittu says the market is facing several challenges, including poor access to affordable financing, weak leadership structures and a harsh economic environment that is squeezing profit margin.
According to her, many traders and businesses operating within Ikeja Computer village are finding it increasingly difficult to access loans at good interest rates. For Shittu, businesses who try to access finance are “very bold.”
“And you must actually know what you are doing. You must be targeting a thing, a particular thing for you to borrow,” she explains, saying, “You go for that thing and you know that you have a market for it and you sell it and you return the money. Otherwise, you will be in trouble because borrowing rates are like 38%, 40%, whatever. By then, they will have their flat rate, and whatever that is charged. And processing fee and all what have you, it goes to 40-something percent.”
For tech entrepreneurs in Ikeja Computer Village, the cost of finance has become a serious barrier to growth, innovation, and sustainability. Dr Shittu notes that business owners must be bold—and highly strategic—to venture into borrowing in the current economic environment.
The Mojoy Computers CEO, who has operated within the market for over two decades, urges the Nigerian government to collaborate with financial institutions such as the Bank of Industry to provide affordable financing tailored to ICT businesses.
She explains that the profit margin is very thin and is urging the government to intervene by facilitating loans at reduced and realistic rates to sustain businesses in the market, as well as collaborating with financial institutions like Bank of Industry, to provide loans for ICT businesses.
“And what we expect is that we get, you know, help from the government where we get loans at very reduced rates,” the Mojoy Computers CEO tells Technology Times TV. “We are not saying they should give us free. But if we can get something in the region of 10 to 15%, it will go a long way in ensuring that technology keeps advancing in this country.”
According to her, “I believe that the government, any government that ignores their SMEs and small businesses like that and productive lines and all that, any government that ignores them is heading for trouble.”
Call for targeted interventions to revitalise Nigeria’s ICT hub
Beyond financing, Shittu is advocating for clear policies that protect ICT businesses from excessive import duties and clearing costs.
“They can ask us to house you, warehousing, or whatever, whatever they want, whichever way they want it, they should just help us out somehow, and make the process of bringing this thing in flawless, and do not charge us so much, as duties and everything should not be too much.”
“I don’t know whether you can call it a union because we don’t have a union,” she says. “We used to have CAPDAN, which was very effective. And so, they brought in, you know, some nonsensical politics. And then they brought in the Iyaloja thing. You know, when you bring in the Iyaloja thing, the Iyaloja thing is not for a technology hub. That’s supposed to be a hub that is for professionals. And professionals are supposed to belong to professional bodies, not Iyaloja thing or Babaloja thing. So, that’s been the problem. This Iyaloja thing introduction has been a serious hindrance.”
Beyond financing, Shittu highlights systemic challenges, including weak leadership and an absence of unified governance structures within the market.
According to her, the once-effective CAPDAN (Computer and Allied Products Dealers Association of Nigeria) has been replaced by disjointed and politically-influenced leadership that is unsuited for a professional tech marketplace.
Dr Shittu further points to the leadership and organisational gaps in the market as a reason for its decline, saying the absence of a professional, unified body is partly responsible for the markets struggles.
“I don’t know whether you can call it a union because we don’t have a union,” she says. “We used to have CAPDAN, which was very effective. And so, they brought in, you know, some nonsensical politics. And then they brought in the Iyaloja thing. You know, when you bring in the Iyaloja thing, the Iyaloja thing is not for a technology hub. That’s supposed to be a hub that is for professionals. And professionals are supposed to belong to professional bodies, not Iyaloja thing or Babaloja thing. So, that’s been the problem. This Iyaloja thing introduction has been a serious hindrance.”
According to her, this leadership vacuum means that businesses in the market lack coordinated advocacy and cannot access government or private support they need to fully thrive. “We don’t have a collective voice that can approach the government and say give us this, give us that. This is what we need and that’s what we need,” she says.
“And I can tell you, I can give you for free, that we have only had one meeting in the market since I’ve been here for the past 25 years. We have only had one meeting that is like everybody being together. And at that meeting, we achieved so much,” she explains.
“Then when you have leadership that does not talk to the people… They don’t know what we are going through. And they don’t even want to know…So they can’t hear you. They can’t know the heart of the people, how they are feeling, and all of that. So there is no union, and there is no unity.”
She believes that with better access to finance, stronger leadership and targeted support, from the private sector, and the government, Ikeja Computer Village can overcome its current challenges and continue to serve as a vital hub in Nigeria’s ICT industry.
Despite the bleak situation, Shittu remains optimistic that with targeted government policies, affordable loans, and strong professional leadership, Computer Village can once again serve as a leading force in Nigeria’s digital economy.
“With the right support, Computer Village can thrive. It’s too strategic to be left behind,” she says.
Home
