According to the Presidency, foreign direct investment in Nigeria’s communications and digital economy sector increased ninefold from $22 million in Q1 2023 to $191 million in Q1 2024.
This was revealed by Bosun Tijani, Minister of Communications, Innovation, and Digital Economy, in an interview for a documentary that will be aired at the State House on President Tinubu’s second anniversary.
In a statement he signed on Monday, “Investment in Digital Economy Grows Ninefold, Rollout Of $2b Fibre Optic Infrastructure Begins Q4: Bosun Tijani,” Bayo Onanuga, the President’s Special Adviser on Information and Strategy, disclosed.
Tijani announced plans for a $2 billion initiative to deploy 90,000 kilometers of fiber optic infrastructure nationwide, beginning in Q4 2025, and emphasized the sector’s strong workforce development, which is being driven by the 3 Million Technical Talent program.
“Nigeria is now a global leader in the digital economy thanks to these fundamental reforms, as well as developments in artificial intelligence and the startup ecosystem,” Tijani said.
“The sector had about $22m in Q1 2023; by Q1 2024, with this administration well underway, we reached $191m,” he remarked, comparing FDI inflows. In Q2, the trend persisted, rising from $25 million in 2023 to $114 million in 2024.
The minister claims that the 3MTT initiative, which was started in October 2023 with the goal of developing a workforce that is tech-savvy, has now trained more than 117,000 Nigerians in digital skills, exceeding its original goal of 30,000.
We had already increased that to over 117,000 by the previous year. With 35,000 more in training, the initiative is getting close to 10% of its 3 million target. We also aspire to attain the three million throughout the remainder of our tenure in office,” he stated.
In terms of connection, Tijani declared that the fourth quarter will see the start of Project Bridge, which aims to install 90,000 kilometers of fiber optic cable.
“We are getting ready to invest $2 billion to guarantee that all Nigerians, wherever they may be, have access to reasonably priced, excellent connection. He claimed that a mere 10% increase in connectivity hubs may result in a 2.5% GDP rise.
Tijani praised Nigeria for creating a big language model in-house and being among the top 60 nations in the world for AI preparedness.
He also emphasized the establishment of the AI Collective platform, which aims to promote cooperation and innovation in artificial intelligence and is backed by top partners including Microsoft, Google, and Pierre Omidyar.
The government has provided funding to 55 university academics to investigate the use of technology in education, healthcare, and agriculture for the first time in the nation. Additionally, N300 million was invested in ten firms that use blockchain and artificial intelligence to increase agricultural output.
“The objective 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 said of the Nigeria Startup House in San Francisco, an initiative aimed at raising $5 billion in startup funding.
Tijani disclosed that the ground-breaking Digital Economy Bill has passed its first reading in the National Assembly and that more than 500 government technicians have received training in AI and Digital Public Infrastructure.
The Minister stated that the Federal Executive Council had previously approved the project and that 7,000 telecom towers will be installed to fill the connectivity gaps in rural areas, with a goal of 98% national coverage.
He revealed that 12 states in the federation have implemented zero-rated Right-of-Way regulations, calling the advancements on these problems a “game-changer” for the nation.
He said these initiatives will help the National Broadband Plan reach its objective of 90% coverage by 2025, up from 48% in 2024.
“If a sector can increase its contribution by three to four percent to the GDP, we’re about to see the economic growth we’ve not seen before,” he said, projecting that the sector’s GDP contribution will expand from 16 to 22 percent. We can close the gap between the public and governments thanks to technology.
According to Tijani, the government is not looking for easy victories. “The outcomes we hope to achieve for Nigeria are sustainable reforms that will revolutionize our economy for future generations.”
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