…Investments in digital economy hit $191m in 2024
The Federal government, on Monday, stated that the country would commence a roll-out of digital fibre optic infrastructure in the last quarter of 2025,
This is as the Government said that Nigeria’s Communications and Digital Economy sector witnessed massive growth under President Bola Tinubu, attracting $191 million in foreign direct investment (FDI) in Q1 2024—a ninefold increase from $22 million in Q1 2023.
Bayo Onanuga, Presidential Spokesman, stated this in a press statement, quoting Bosun Tijjani, the Minister of Communications, Innovation, and Digital Economy.
The statement noted that the Minister made the declaration during an interview for an upcoming State House Documentary, marking President Tinubu’s Second Anniversary.
Recall that the Presidency had within the last few weeks been engaging Ministers ahead of the Second Year Anniversary of President Bola Tinubu, which comes up on May, 29th.
The aim is to let the Ministers tell Nigerians the achievements of the Tinubu’s administration and the results of policies embarked upon by the President two years ago when he took over Office as President.
Read also: Nigeria’s 90,000km fibre project gets $700m, Q4 deadline
So far, the Presidency had beamed it focus on three areas, including the Budget and National Planning, Oil and Gas sector, followed by the Communication and Digital Economy
Tijani highlighted the sector’s robust workforce development, driven by the 3 Million Technical Talent (3MTT) programme, and revealed plans for a $2 billion initiative to deploy 90,000 kilometres of fibre optic infrastructure nationwide, starting in Q4 2025.
“These foundational reforms, coupled with advancements in artificial intelligence (AI) 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 $22 million; by Q1 2024, with this administration well underway, we reached $191 million. The trend continued in Q2, increasing from $25 million in 2023 to $114 million in 2024.”
According to the Minister, the 3MTT programme launched in October 2023 to create a tech-savvy workforce, has already trained over 117,000 Nigerians in digital skills, surpassing its initial target of 30,000.
“By last year, we already moved that to over 117,000. With an additional 35,000 in training, the programme is nearing 10% of its 3 million goal. And in the rest of the time in office, we hope to reach the 3 million,” he said.
Regarding connectivity, Tijani announced that Project Bridge —focused on deploying 90,000 kilometres of fibre optic cable—would commence in the fourth quarter.
“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,” he said.
Tijani celebrated Nigeria’s ranking among the world’s top 60 countries for AI readiness and developing a homegrown large language model (LLM). He also highlighted the launch of the AI Collective platform, supported by leading partners including Pierre Omidyar, Google, and Microsoft, to foster collaboration and innovation in artificial intelligence.
For the first time in the country, the Ministry has funded 55 academic researchers to explore technology applications in agriculture, healthcare, and education. In addition, ₦300 million was invested in 10 startups using AI and blockchain to enhance agricultural productivity.
On the Nigeria Startup House in San Francisco—an initiative targeting $5 billion in startup funding—Dr. Tijani said, “Our goal is to attract $5 billion in investments for Nigerian startups, supported by the Startup Pact and Trade Desk initiatives, which will connect local tech firms to global opportunities and government procurement.”
Tijani revealed that over 500 Government technologists had been trained in AI and Digital Public Infrastructure (DPI), and the groundbreaking Digital Economy Bill had passed its first reading in the National Assembly.
To bridge rural connectivity gaps, the Minister projected that 7,000 telecom towers would be deployed, targeting 98% nationwide coverage, adding that the Federal Executive Council had already approved the project.
He described the progress on Right-of-Way issues as a game-changer for the country, revealing that 12 States of the Federation had adopted zero-rated Right-of-Way policies.
According to him, these efforts will support the National Broadband Plan’s goal of achieving 90% penetration by 2025, up from 48% in 2024.
He projected the sector’s GDP contribution to rise from 16% to 22%, stating: “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. Technology allows us to break the gap between governments and the people.”
The Minister also revealed that the Government would not be chasing quick wins, adding that “The results we want to provide for Nigeria are long-lasting reforms that will transform our economy for generations to come”.
