Sim Shagaya, Founder and CEO of uLesson, a prominent digital learning platform, has announced a significant reduction of subscription prices on its app by 50 percent. This decision, disclosed by the CEO on his X profile via Twitter, aims to alleviate financial burdens on Nigerian households, many of which are grappling with severe economic challenges stemming from the policies of the Bola Ahmed Tinubu-led Federal Government.
Mr. Shagaya emphasized that this price adjustment is a proactive measure to aid Nigerian families during these trying times and in the foreseeable future. In his tweet, he stated, “These are challenging times for households. uLesson will permanently lower educational software subscription prices by 50 percent to support Nigerian families through this period and beyond. I extend my wishes for strength and resilience to everyone.”
Nigerian families are currently enduring severe hardships due to the economic policies of the federal government. The removal of fuel subsidies in May has led to more than a tripling in the cost of fuel, significantly impacting the cost of transportation. This increase has, in turn, driven up the prices of goods and commodities across the board.
Insecurity issues in the northern part of the country, a major agricultural hub, have prevented farmers from returning to their fields. A report indicates that over 2 million people have been displaced due to insecurity in the north, with nearly 90% of them being farmers. This situation has placed considerable strain on food production, leading to a surge in food inflation, which has reached 34.4%.
The overall inflation rate in the country is currently at 29.9%, with projections from the International Monetary Fund (IMF) suggesting it could peak at 44%. With the Nigerian currency now valued at $1 to N1750, and continuing to lose value, the financial strain on the average Nigerian household has intensified. This is happening while the national minimum wage remains at N30,000.
uLesson, established in 2019 by Sim Shagaya who serves as its CEO, underwent a 12-month beta testing phase before its e-learning application was officially launched on March 1, 2020, an event announced via social media.
Just four weeks following its launch, the edtech startup celebrated achieving 40,000 downloads from the Play Store, indicating strong growth momentum and a high rate of adoption among students and lifelong learners alike.
By January 2021, uLesson had successfully raised $7.5 million in Series A funding, elevating its total disclosed funding to $10.6 million over three rounds of investment. This followed an undisclosed amount of funding received from Founders Collective in April 2020 and a $3.1 million seed funding round led by TLcom Capital in November 2019.
