Will Bosun Tijani’s Prediction of N18.3 Billion for Nigeria’s Digital Economy by 2026 Come True?

During a media engagement session held in Abuja, Dr. Bosun Tijani, Nigeria’s Minister of Communications and Digital Economy, delivered a bold forecast. 

He said, Nigeria’s digital economy could generate a staggering N18.3 billion by 2026. But can this prediction come to pass?

How Nigeria is a growing digital landscape

Dr. Tijani’s optimism is not unfounded. He pointed to the success stories of homegrown unicorn companies such as Flutterwave, Jumia, Andela, and Interswitch. These are not just businesses; they are beacons of Nigeria’s capability in harnessing digital technology. “The digital economy is strong and can elevate the country to where it should be,” Tijani affirmed.

This is more than just talk. The numbers tell a compelling story. The ICT sector in Nigeria is a significant contributor to the nation’s GDP, with figures ranging from 13 to 18%. As of the last quarter of 2023, it accounted for 16.6% of the GDP. The jump from N5.49 billion in revenue in 2019 to a projected N18.3 billion by 2026 highlights a robust growth trajectory.

Dr. Tijani didn’t just share numbers; he emphasized the crucial role of the forthcoming Digital Economy and e-Governance Bill. This legislation, once passed, promises to provide a legal framework that accelerates digital progress.

 “This bill will support the growth and transformation of Nigeria’s economy by applying technology across all facets of life in Nigeria,” he explained.

It’s designed to create a fair competitive environment, fostering innovation, growth, and competitiveness. Implementation across all six geopolitical zones ensures that its impact will be widespread, touching every corner of the nation.

Support from Key Figures

The support for the bill and its objectives is strong. Malam Kashifu Inuwa, Director-General of the National Information Technology Development Agency (NITDA), also spoke highly of the potential. Represented by Mr. Emmanuel Edet, Inuwa outlined how the bill would enhance digital usage in both government and private sectors.

“The ecosystem is growing, and we need to harness its potential to drive economic desires,” Inuwa noted, pointing to Nigeria’s youthful population and burgeoning digital skills.

What lies ahead

The Ministry of Communications, Innovation, and Digital Economy has plans to roll out the bill by July 23, 2024. Extensive stakeholder engagements are set to follow, ensuring the bill meets the diverse needs of the public service, regulators, innovators, and service providers.

So, will Bosun Tijani’s prediction of N18.3 billion for Nigeria’s digital economy by 2026 come true? The foundations are certainly being laid, with strong economic indicators, legislative support, and industry backing all aligning.