On Tuesday, Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, announced that the digital economy sector is expected to generate approximately N18.3 billion by 2026.
The Senate Committee on Information and Communication Technology (ICT) and Cybersecurity, along with the House of Representatives Committee on Digital and Information Communication Technology, jointly organized the forum on the National Digital Economy and e-Governance Bill, during which Tijani made this statement.
Although applauding the proposed legislation, the minister stated that if it were to become law, it would enable the nation to fully realize the potential of the digital economy.
He stated, “For those tracking the growth of our economy in Nigeria, it’s known that the ICT sector contributes approximately 13 to 18 percent of GDP. In Q4 2023, this sector contributed about 16.6 percent.”
“The digital economy generated about N5.49 billion in revenue in 2019 and is projected to reach up to N18.3 billion by 2026.
Nigeria ranks among the top two destinations in Africa for foreign direct investment in technology. Last year, tech startups in Nigeria attracted around $2 billion in FDI.”
Tijani highlighted that the bill aims to propel Nigeria’s economy forward through the widespread adoption and utilization of digital technologies across all sectors. It seeks to create a conducive environment that promotes fair competition, fosters innovation, and enhances the overall competitiveness of Nigeria’s economy.
Stanley Olajide, Chairman of the House Committee on ICT, expressed optimism that the proposed legislation could significantly reshape Nigeria’s digital economy and position it for long-term and sustainable growth.
Olajide clarified that the bill, currently undergoing its first reading in the National Assembly, aims to establish a legal structure for developing and regulating Nigeria’s digital economy. He stressed their commitment to an inclusive approach in shaping this legislation.
“This process will be highly inclusive. We recognize the importance of collaboration with stakeholders to ensure that the bill reflects the needs and aspirations of Nigerians.”
This event marks the beginning of a series of engagements with various stakeholders and the public.
“The proposed legislation is comprehensive, aiming to create a regulatory framework for the digital economy, enhance digital literacy and skill development, strengthen cybersecurity, and promote innovation and entrepreneurship. It has the potential to unlock Nigeria’s digital potential and enhance the lives of Nigerians.”
