The federal government says Nigeria’s digital economy sector
recorded $191 million foreign direct investment (FDI) in the first quarter (Q1)
of 2024 — a sharp rise from $22 million in the same period of the previous
year.
Bosun Tijani, minister of communications, innovation, and
digital economy, spoke during an interview for a forthcoming state house
documentary to mark the second anniversary of President Bola Tinubu’s
administration.
In a statement on Monday by Bayo Onanuga, special adviser to
the president on information and strategy, Tijani said the growth was driven by
foundational reforms and strategic investments aimed at transforming the sector
into a key engine of economic growth.
“In Q1 2023, the sector had about $22 million; by Q1 2024,
with this administration well underway, we reached $191 million,” the minister
said.
“The trend continued in Q2, increasing from $25 million in
2023 to $114 million in 2024.”
He credited the improvement to workforce development
programmes such as the ‘3 million technical talent’ (3MTT) initiative, which
has “trained over 117,000 Nigerians in digital skills — far exceeding its
initial target of 30,000″.
He added that an additional 35,000 are currently in
training.
“We hope to reach the full 3 million target before the end
of this administration,” Tijani said.
“We are preparing a $2 billion investment to ensure every
Nigerian can access affordable, high-quality connectivity regardless of
location. Increasing connectivity hubs by just 10% could yield a 2.5% GDP
growth.”
According to Tijani, the government’s push for digital
inclusion also targets rural areas, with plans to deploy 7,000 telecom towers
nationwide to achieve 98 percent connectivity coverage.
The project, he said, has received the federal executive
council (FEC) approval, noting that 12 states have adopted zero-rated
right-of-way policies — a development he described as a “game-changer” for
broadband expansion.
“The government aims to increase broadband penetration from
48% in 2024 to 90% by 2025,” he said.
‘NIGERIA NOW AMONG TOP 60 COUNTRIES IN AI READINES’
Highlighting Nigeria’s rise in the global tech landscape,
Tijani said the country is now ranked among the top 60 nations in AI readiness.
He also noted the creation of a homegrown large language
model (LLM) and the launch of the AI Collective platform, backed by partners
such as Pierre Omidyar, Google, and Microsoft.
The minister said N300 million has been invested in 10
startups using AI and blockchain to enhance agricultural productivity, while 55
researchers have received funding to explore tech applications in healthcare,
education, and farming.
Tijani said over 500 government technologists have been
trained in artificial intelligence and digital public infrastructure (DPI).
He also confirmed that the digital economy bill has passed
its first reading in the national assembly.
The minister projected that the sector’s contribution to GDP
could rise from 16 percent to 22 percent, citing the “transformative potential”
of digital technologies.
“If a sector can increase its contribution by three to four
per cent to the GDP, we’re about to see the economic growth—we’ve not seen it
before,” he said.
“Technology allows us to break the gap between governments
and the people.”
Tijani said the government is focused on long-term impacts
“that will transform our economy for generations to come.”
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