In as much as I understand what you are saying, I still believe an annual revenue of 50m is not enough for a startup to bank on because its in Nigeria.
You are right about the fact that most Nigerians don’t pay for things, but the truth is, if your product is valuable enough, they will pay for it. And why build for just the Nigerian market alone anyway?
Startups in America will not tell you they are building their products for the American market, they build products for human beings to use, and when they do, they open it up to the world. Our startups should start doing this too. Enough of building solutions for the Nigerian market as if we are a special breed of human beings. Let’s start building for global usage. Then if Nigerians will not pay for it, others will pay and you will make good money.