Nigeria’s Communications and Digital Economy sector has recorded a remarkable $191 million in foreign direct investment in the first quarter of 2024, a ninefold increase from $22 million in the same period last year, according to a statement from the Presidency.
The Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, announced the figures during an interview for a State House documentary marking President Bola Tinubu’s second anniversary in office.
The disclosure was detailed in a statement by the Special Adviser on Information and Strategy to the President,
Bayo Onanuga, titled ‘Investment in Digital Economy Grows Ninefold, Rollout of $2bn Fibre Optic Infrastructure Begins Q4.’
The minister attributed the sector’s growth to robust workforce development initiatives, including the Three Million Technical Talent programme, aimed at bolstering Nigeria’s digital capabilities.
Tijani also unveiled plans for a $2 billion project to deploy 90,000 kilometers of fibre optic infrastructure across the country, with implementation set to commence in the fourth quarter of 2025.
“These foundational reforms, coupled with advancements in artificial intelligence and the startup ecosystem, have positioned Nigeria as a global leader in the digital economy,” Tijani stated.
Comparing FDI inflows, he said: “In Q1 2023, the sector had about $22m; by Q1 2024, with this administration well underway, we reached $191m. The trend continued in Q2, increasing from $25m in 2023 to $114m in 2024.”
The minister revealed that since its launch in October 2023, the 3MTT programme aimed at developing a tech-savvy workforce has trained over 117,000 Nigerians in digital skills, greatly surpassing the initial target of 30,000.
By the end of last year, more than 117,000 individuals had been trained. With an extra 35,000 currently undergoing training, the programme is close to reaching 10% of its 3 million target. We expect to hit the full three million before our time in office ends.
Regarding connectivity, Tijani revealed that Project Bridge—aimed at laying 90,000 km of fibre optic cable—will kick off in the fourth quarter.
“We are preparing a $2bn investment to ensure every Nigerian can access affordable, high-quality connectivity regardless of location. Increasing connectivity hubs by just 10 per cent could yield a 2.5 per cent GDP growth,” he said.
Tijani praised Nigeria for being ranked among the top 60 countries globally in AI readiness and for creating a homegrown large language model.
He also emphasized the launch of the AI Collective platform, backed by key partners including Pierre Omidyar, Google, and Microsoft, to drive collaboration and innovation in AI.
For the first time in the country, the ministry funded 55 academic researchers to investigate technology applications in agriculture, healthcare, and education. Furthermore, N300 million was invested in 10 startups using AI and blockchain to improve agricultural productivity.
