Nigeria’s digital economy has potential to generate N18.3bn – Minister 

Onwubuke Melvin
Onwubuke Melvin

The Minister of Communications and Digital Economy Dr Bosun Tijani, has stated that the country’s digital economy has the potential to revolutionise the economy, with a projected N18.3 billion in revenue by 2026.

This was disclosed by the Minister at a media engagement on the National Digital Economy and e-Governance Bill in Abuja, on Tuesday, according to Nairametrics.

Tijani said that Nigeria has unicorn firms such as Flutterwave, Jumia, Andela, and Interswitch, demonstrating the strength of the digital economy and its ability to propel the country forward.

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% of GDP. In Q4 2023, the sector contributed about 16.6% of GDP.

“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.”

Tijani emphasized the importance of the Digital Economy and e-Governance Bill, stating that if approved into law, it will offer a legal framework and speed progress on the digital economy agenda.

“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,” he stated.

Meanwhile, the Director-General of the National Information Technology Development Agency (NITDA), Malam Kashifu Inuwa stated that the measure would increase the usage of the digital economy throughout the country, including the government and the corporate sector.

Inuwa, who was represented at the event by the Director of Standards, Guidelines, and Frameworks Department, Mr Emmanuel Edet advised Nigerians to embrace digital technology as an enabler. The D-G also stated that the ecosystem was expanding, emphasizing the importance of capitalizing on its potential to drive economic desires with the country’s young population and digital capabilities.

He noted that the measure was divided into 16 parts with over 60 sections and would handle the legitimacy of electronic, digital transactions, digital contracts, signatures, and time stamps.

“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.

Following Tuesday’s media interaction, the Ministry of Communications, Innovation, and Digital Economy stated that the content of the amended bill would be accessible by July 23, 2024.

It further stated that stakeholder engagements would be undertaken across Nigeria to solicit views and better understand the bill’s applicability to stakeholders such as public service, regulators, innovators, and service providers.

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