The Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, has announced that Nigeria’s digital economy sector is projected to generate up to N18.3 billion by 2026.
Dr. Tijani made this disclosure on Tuesday in Abuja during an event organized by the Senate Committee on Information and Communication Technology (ICT) and Cybersecurity, alongside the House of Representatives Committee on Digital and Information Communication Technology. The event aimed to sensitize Nigerians on the National Digital Economy and e-Governance Bill.
Highlighting the critical role of the digital economy, Dr. Tijani stated that it serves as the backbone of any modern economy and is essential for national prosperity. He emphasized that the bill is long overdue and necessary to fully harness the sector’s potential in Nigeria.
“For those who follow the growth and trajectory of our economy in Nigeria, you should probably know that the ICT sector contributes about 13 to 18 percent of GDP. In Q4 2023, the sector contributed about 16.6 percent of GDP,” Tijani noted.
He added, “The digital economy recorded about N5.49 billion in revenue in 2019. This sector is projected to generate up to N18.3 billion by 2026. Nigeria is one of the top two destinations for foreign direct investment in technology staff in Africa. Last year, we recorded about $2 billion in FDI to tech startups.”
Dr. Tijani highlighted the unique capacity of the digital economy to create jobs, unlock opportunities, and enhance productivity across all sectors. “If the digital economy is strong, it will catalyze development in every other sector,” he said.
Emphasizing the importance of the National Digital Economy and e-Governance Bill, the minister stated that it will accelerate progress in the digital economy by providing clear legislation to promote competition and development within the digital space.
The Chairman of the Senate Committee on ICT and Cybersecurity, Senator Shuaib Salisu, also underscored the significance of the bill. He noted that it represents the first comprehensive legislation to address online activities in Nigeria.
“ICT is not just a sector like other sectors. It is a sector that without it other sectors cannot function. This bill was introduced in the Senate less than a week ago. We are engaging the media first because the media is critical to the success of the bill,” Salisu said.
He clarified that the bill is not about levies or commissions but about creating an environment for the digital economy to thrive. He emphasized the need for media partnership to ensure the bill is well understood and successful.
The minister concluded by stating that the bill will support the growth and transformation of Nigeria’s economy through the application and use of digital technologies in all facets of life.
