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From Adanna Nnamani. Abuja
The International Telecommunication Union (ITU) Secretary-General, Doreen Bogdan-Martin, has stated that the global digital economy is expanding rapidly, outpacing global GDP growth and is projected to reach $16.5 trillion by 2028.
Bogdan-Martin made this disclosure at the International Submarine Cable Summit in Abuja on Wednesday.
The Secretary-General, who commended the Federal Government for hosting the event, emphasised the importance of safeguarding submarine cables, noting that they are crucial to driving digital growth.
According to her, “As our economies and digital innovations grow, and as we seek to bring meaningful connectivity to all, so does our reliance on digital infrastructure like submarine cables.
This global undersea network is emblematic of the innovation and the investment required to connect the world meaningfully.
“The past two decades have seen a vast digital shift, with new socio-economic opportunities as well as challenges. Since the 2005 World Summit, the number of internet users back then stood at one billion. At the end of last year, we had 5.5 billion internet users. And today, the global digital economy is growing faster than global GDP and is expected to reach 16.5 trillion U.S. dollars by 2028. Over the next decade, some estimate that more than two-thirds of the new value creation could come from digitally-enabled companies.”
As digital transformation continues to reshape global economies, Bogdan-Martin stressed that undersea cable networks that form its foundation require renewed attention, especially as regards to resilience.
“Cables are built to operate for around 25 years, and reliability has always been a top priority. But despite how robust submarine cables are, we are seeing somewhere between 100 and 200 disruptions each year, and sometimes significant delays to repair.
“Entire economies, as we know from many participants in this room, the entire economies feel the impact of these disruptions to cable service. Submarine cables are put in place by an interplay of technology, business, and policy that has to be considered holistically. That’s why this summit includes a diversity of stakeholders that are essential to this conversation,” she added.
The GS acknowledged the importance of collaboration and inclusive approaches in addressing the fundamentally international matter.
In his welcome address, the Minister of Communications, Innovations, and Digital Economy, Bosun Tijani, noted that submarine cables carry over 95 per cent of international internet traffic supporting economies, security, and digital inclusion.
The Minister said that despite their significance, these networks remain vulnerable to threats such as natural disasters, geopolitical tensions, and accidental damage.
He explained that discussions at the Summit which convened some of the brightest minds and leading stakeholders in telecommunications, aim to address these vulnerabilities and promote a more secure and sustainable global infrastructure.
“Under the leadership of the President Bola Tinubu, Nigeria is committed to strengthening its digital infrastructure and advancing policies that support connectivity, innovation, and economic growth.
“We are taking decisive steps as a nation to recognize and protect the government’s infrastructure as critical national infrastructure, aligning with our broader efforts to enhance digital resilience across all sectors,” he added.
