Nigeria’s Communications and Digital Economy sector is experiencing unprecedented growth under the administration of President Bola Ahmed Tinubu. In the first quarter of 2024 alone, the sector attracted $191 million in foreign direct investment (FDI), a staggering ninefold increase from the $22 million recorded during the same period in 2023.
This remarkable progress was revealed by Dr. Bosun Tijani, Minister of Communications, Innovation, and Digital Economy, during an interview for an upcoming State House documentary marking the President’s second anniversary in office.
According to Dr. Tijani, this surge in investment is a direct result of foundational reforms implemented by the Tinubu administration. A major part of this transformation is the 3 Million Technical Talent (3MTT) programme, launched in October 2023. The initiative, aimed at building a digitally skilled workforce, has already surpassed expectations. Over 117,000 Nigerians have been trained in various digital skills, far exceeding the initial target of 30,000. An additional 35,000 individuals are currently undergoing training, putting the programme well on its way to achieving its goal of training three million people.
Another major initiative is Project Bridge, a bold $2 billion plan to deploy 90,000 kilometres of fibre optic cable across the country. Scheduled to begin in the fourth quarter of 2025, this project is designed to dramatically improve internet access and connectivity, especially in underserved and rural areas. Dr. Tijani emphasized the economic impact of increased connectivity, noting that a mere 10 per cent rise in connectivity hubs could boost Nigeria’s GDP by as much as 2.5 per cent.
The momentum has continued into the second quarter of 2024. FDI in the sector climbed from $25 million in Q2 2023 to $114 million in Q2 2024, demonstrating growing investor confidence in Nigeria’s digital economy.
Beyond infrastructure and skills development, Nigeria is making bold strides in emerging technologies. The country is now ranked among the top 60 globally in terms of artificial intelligence (AI) readiness. The government has also supported the development of a homegrown large language model (LLM) and launched the AI Collective platform, a hub for AI innovation, backed by key partners such as Pierre Omidyar, Google, and Microsoft.
In a move to support academic research, the ministry has funded 55 researchers to explore the use of technology in critical sectors such as agriculture, healthcare, and education. Additionally, ₦300 million has been invested in 10 startups leveraging AI and blockchain to improve agricultural productivity.
Dr. Tijani also highlighted the establishment of the Nigeria Startup House in San Francisco, an initiative aimed at securing $5 billion in global startup funding for Nigerian tech firms. This initiative is supported by the Startup Pact and the Trade Desk, which are designed to connect local startups with international markets and government procurement opportunities.
In terms of public sector innovation, over 500 government technologists have received training in artificial intelligence and Digital Public Infrastructure (DPI). Meanwhile, the Digital Economy Bill, an important piece of legislation to anchor Nigeria’s digital future, has passed its first reading in the National Assembly.
Efforts are also underway to bridge the digital divide across rural communities. The government plans to deploy 7,000 telecom towers to achieve 98 per cent nationwide coverage. This project has already received approval from the Federal Executive Council. In addition, the long-standing challenge of Right-of-Way charges, a major barrier to broadband infrastructure, has seen progress. Twelve states have now adopted zero-rated policies, paving the way for faster and cheaper deployment of fibre optics.
All these efforts are aligned with the goals of the National Broadband Plan, which targets 90 per cent broadband penetration by 2025, up from the current 48 per cent.
Looking ahead, Dr. Tijani is confident that the sector’s contribution to Nigeria’s Gross Domestic Product (GDP) will rise from 16 per cent to 22 per cent. He believes this growth will have far-reaching effects on the economy. “If a sector can increase its contribution by three to four percent to the GDP, we’re about to witness economic growth like never before,” he said. “Technology enables us to close the gap between the government and the people.”
He concluded by underscoring the government’s long-term vision: “We are not chasing quick wins. The results we want to deliver are long-lasting reforms that will transform our economy for generations to come.”
