The Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, has disclosed the growth projections for Nigeria’s digital economy sector in an insightful address in Abuja.
Highlighting the sector’s prospects to generate up to N18.3 billion by 2026, Tijani noted its essential role as a backbone for the nation’s economic prosperity.
This announcement came 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, aimed at raising awareness about the National Digital Economy and e-Governance Bill.
Dr. Tijani pointed out that the ICT sector is already a big contributor to Nigeria’s GDP, accounting for approximately 13 to 18%.
In the last quarter of 2023 alone, the sector contributed about 16.6%.
The sector’s revenue has seen commendable growth, from N5.49 billion in 2019 to the projected N18.3 billion by 2026.
The minister attributed this to Nigeria’s status as a leading destination for foreign direct investment (FDI) in technology, with tech startups attracting around $2 billion in FDI last year.
Beyond financial figures, Tijani pointed to the ability of the digital economy in creating jobs and enhancing productivity across various sectors. He noted that the digital economy’s growth could spur development in other areas, acting as a stimulus for broader economic progress.
Central to this vision is the National Digital Economy and e-Governance Bill, which Dr. Tijani described as long overdue. The bill aims to provide a comprehensive legal framework to facilitate innovation, fair competition, and sustained growth in the digital economy.
It also seeks to “enhance the use of digital technology to support growth and transformation of Nigeria’s Economy through application and use of digital technology in all facets of life in Nigeria.”
“There is no clear legislation pushing competition and ensuring development in the digital space,” Tijani said, highlighting the bill’s ability to fill this gap.
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The bill’s significance was reiterated by Senator Shuaib Salisu, Chairman of the Senate Committee on ICT and Cybersecurity. Salisu stressed that ICT is not just another sector but a foundational element upon which other sectors depend.
He also indicated the importance of media engagement in ensuring the bill’s success, clarifying that it is not about levies or commissions but about creating an enabling environment for the digital economy to thrive.
Hon. Stanley Olajide, Chairman of the House Committee on Digital and Information Communication Technology, agreed to this perspective, describing the bill as important for sustainable development.
Olajide highlighted the inclusive approach in the bill’s development, emphasizing collaboration with stakeholders to ensure the legislation meets the needs and aspirations of Nigerians.
He pointed out that the bill, which has already undergone its first reading in the National Assembly, aims to establish a regulatory framework for digital literacy, skills development, enhanced cybersecurity, and innovation.
Further adding to the discourse, the Director-General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, through his representative Emmanuel Edet, described the bill as an enabler for integrating digital technologies into daily life and governance.
Inuwa emphasized the need to leverage the growing digital industry to drive economic desires, leveraging Nigeria’s youthful population and growing digital skills.
The bill, structured in 16 parts with over 60 sections, addresses a wide range of topics, including the validity of electronic transactions, digital contracts, signatures, and time stamps. It also focuses on consumer protection for digital transactions and the use of emerging technologies such as artificial intelligence and blockchain for public services.
As part of the legislative process, the Ministry of Communications, Innovation, and Digital Economy announced plans to release the updated bill by July 23, 2024.
The ministry will engage stakeholders nationwide, including public services, regulators, innovators, and service providers, to gather feedback and ensure the bill’s relevance and applicability. Technical workshops will also be held to refine the draft and incorporate expert opinions.
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