Digital Economy Attracts $191m Investment in Q1 2024 – Bosun Tijani
Nigeria’s Communications and Digital Economy sector has 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.
The Minister of Communications, Innovation, and Digital Economy, Dr Bosun Tijani, said this in an interview for an upcoming State House documentary marking President Tinubu’s second anniversary, Mr Bayo Onanuga, the President’s Spokesman, said in a statement on Monday.
Tijani highlighted the sector’s robust workforce development, driven by the 3 Million Technical Talent (3MTT) programme, and revealed plans for a two billion dollar 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 dollars; by Q1 2024, with this administration well underway, we reached 191 million dollars. The trend continued in Q2, increasing from 25 million dollars in 2023 to 114 million dollars 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 per cent of its three million goal. And in the rest of the time in office, we hope to reach the three million,” he said.
Regarding connectivity, Tijani announced that Project Bridge – focused on deploying 90,000 kilometres of fibre optic cable – will commence in the fourth quarter.
“We are preparing a two billion dollar 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 celebrated Nigeria’s ranking among the world’s top 60 countries for AI readiness and developing a homegrown large language model.
He also highlighted the inauguration of the AI Collective platform, supported by leading partners including Pierre Omidyar, Google, and Microsoft, to foster collaboration and innovation in artificial intelligence.
He said the ministry funded 55 academic researched 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 five billion dollars in startup funding – Tijani said, “Our goal is to attract five billion dollars in investments for Nigerian startups, supported by the Startup Pact and Trade Desk initiatives.” This, he said, would 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, and the ground-breaking 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 per cent 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 had adopted zero-rated Right-of-Way policies.
According to him, these efforts will support the National Broadband Plan’s goal of achieving 90 per cent penetration by 2025, up from 48 per cent in 2024. He projected the sector’s GDP contribution to rise from 16 per cent to 22 per cent.
“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,” he stated.
Tijani said the government was not chasing quick wins. “The results we want to provide for Nigeria are long-lasting reforms that will transform our economy for generations to come,” he said. #Digital Economy Attracts $191m Investment in Q1 2024 – Bosun Tijani#
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