Nigeria’s digital economy expected to yield $18.3bn by 2026 — Bosun Tijani
In a significant development for Nigeria’s economic landscape, Dr. Bosun Tijani, Minister of Communications and Digital Economy, projected that the country’s digital economy is poised to generate $18.3 billion by 2026. This announcement came during a media engagement focused on the National Digital Economy and e-Governance Bill, held in Abuja.
Highlighting the pivotal role of tech giants such as Flutterwave, Jumia, Andela, and Interswitch, Tijani emphasised their contributions in showcasing the robust potential of Nigeria’s digital sector.
He said, “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.
“The digital economy recorded about $5.49 billion in revenue in 2019. This sector is projected to generate up to $18.3 billion by 2026.”
The proposed Digital Economy and e-Governance Bill, according to Tijani, aims to establish a comprehensive legal framework essential for accelerating growth within the digital economy sphere. This legislative initiative is expected to foster an environment conducive to fair competition, innovation, and overall economic competitiveness for Nigeria.
He stated that, “This bill will accelerate the progress in our digital economy because there is no clear legislation in that space.
“We believe that the bill will support the growth and transformation of Nigeria’s economy through the application and the use of this technology in all facets of life in Nigeria.
“It will create the enabling environment for fair competition, and promote innovation, growth and competitiveness for the Nigerian economy.”
Furthermore, the Minister outlined that once enacted, the bill will encompass all six geopolitical zones of Nigeria, ensuring widespread applicability and integration across both governmental and private sectors.
In addition, the Director-General of the National Information Technology Development Agency (NITDA), Malam Kashifu Inuwa, highlighted that the bill would promote the utilisation of the digital economy across Nigeria, both within governmental operations and the private sector.
Represented by Director of the Standards, Guidelines, and Frameworks Department, Mr. Emmanuel Edetat the event, Inuwa encouraged Nigerians to embrace digital technology as a facilitator.
He emphasised the expanding digital ecosystem and highlighted the importance of leveraging its potential to stimulate economic growth, particularly with the country’s youthful population and their digital skills. Inuwa outlined that the bill comprises 16 parts and over 60 sections, aimed at addressing issues related to the validity of electronic and digital transactions, digital contracts, signatures, and timestamps.
“The bill will address topics like consumer protection for digital transactions, use of technology such as Artificial Intelligence, blockchains for public services, among others,” he said.
The Ministry of Communications, Innovation, and Digital Economy has committed to releasing the updated bill by July 23, 2024, following extensive stakeholder feedback and technical workshops.
This collaborative approach aims to harness the full potential of Nigeria’s burgeoning digital economy, leveraging the nation’s youthful demographic and expanding digital skill sets.
