Minister of Communications, Innovation and Digital Economy Bosun Tijani made the announcement during the opening of the Gitex Nigeria Tech Expo & Future Economy Conference last week. He highlighted that the ICT sector, which he oversees, has become the fastest-growing contributor to Nigeria’s economy, increasing from less than 5% a decade ago to a sustained share of between 16% and 18% today. Tijani emphasized that this sector now surpasses oil and gas in its contribution and that the goal is to reach 21% of GDP within the next few years.
To support this ambitious growth, Nigeria’s government is investing heavily in infrastructure and development projects. Among these initiatives is Project Bridge, which aims to connect all Nigerian states and local governments with 90,000km of fibre optic cables, enhancing connectivity nationwide. Another major effort is the 3MTT initiative, which is being promoted as the world’s largest digital skills development program, designed to equip more Nigerians with the necessary expertise for the digital economy. Additionally, lawmakers are pushing forward the National Digital Economy and New Governance Bill, intended to establish a regulatory framework that will foster investor confidence and streamline sector growth.
Nigeria’s startup ecosystem has also been a significant driver of digital advancement, attracting billions of dollars over recent years. Data from Partech Africa shows Nigerian startups raised US$747 million in 2019, followed by US$307 million in 2020, a surge to US$1.8 billion in 2021, then US$1.2 billion in 2022. In 2023, investments slowed somewhat to US$469 million, but figures rebounded slightly in 2024 to US$520 million. If Nigeria continues on this trajectory and meets its projections, the country is poised to solidify its status as a key technological hub in Africa. This development could bring significant benefits, including increased skilled employment, innovation, and improved international competitiveness. However, the realization of this potential hinges on establishing a clear regulatory environment, maintaining macroeconomic stability, and addressing the challenge of retaining talented professionals, all of which are critical for digital technology to eventually surpass oil as Nigeria’s primary economic driver.
