From Juliana Taiwo-Obalonye, Abuja
Nigeria’s digital economy has surged under President Bola Tinubu’s administration, attracting $191 million in foreign direct investment (FDI) in Q1 2024-a ninefold increase from $22 million in Q1 2023, Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, has said.
According to a statement issued by Special Adviser on Information and Strategy, Bayo Onanuga, speaking in an interview for a State House documentary marking the president’s second anniversary, Tijani attributed this growth to foundational reforms, advances in artificial intelligence (AI), and a vibrant startup ecosystem.
He stated, “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”.
The sector’s FDI continued to rise in Q2 2024, reaching $114 million from $25 million in Q2 2023. The Minister highlighted the success of the 3 Million Technical Talent (3MTT) programme, launched in October 2023, which has already trained over 117,000 Nigerians in digital skills, surpassing initial targets. “By last year, we already moved that to over 117,000. With an additional 35,000 in training, the programme is nearing 10% of its 3 million goal. And in the rest of the time in office, we hope to reach the 3 million,” he said.
On infrastructure, Tijani announced the commencement of Project Bridge in Q4 2025, a $2 billion initiative to deploy 90,000 kilometres of fibre optic cables nationwide. “We are preparing a $2 billion investment to ensure every Nigerian can access affordable, high-quality connectivity regardless of location. Increasing connectivity hubs by just 10% could yield a 2.5% GDP growth,” he explained.
The minister also celebrated Nigeria’s progress in AI, noting the country’s ranking among the world’s top 60 for AI readiness and the development of a homegrown large language model (LLM). The launch of the AI Collective platform, supported by partners like Pierre Omidyar, Google, and Microsoft, aims to foster innovation in AI.
Furthermore, the ministry h said has funded 55 academic researchers to explore technology applications in agriculture, healthcare, and education, and invested ₦300 million in 10 startups leveraging AI and blockchain to boost agricultural productivity.
Regarding the Nigeria Startup House in San Francisco, Tijani revealed ambitions to attract $5 billion in startup funding. “Our goal 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,” he said.
The minister also noted that over 500 government technologists have been trained in AI and Digital Public Infrastructure, and the Digital Economy Bill has passed its first reading in the National Assembly.
To enhance rural connectivity, 7,000 telecom towers will be deployed to achieve 98% nationwide coverage, with the Federal Executive Council’s approval already secured.
Tijani described progress on Right-of-Way policies as a game-changer, with 12 states adopting zero-rated fees to reduce broadband expansion costs.
He projected broadband penetration to rise from 48% in 2024 to 90% by 2025, and the digital economy’s GDP contribution to increase from 16% to 22%. “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 bridge the gap between governments and the people,” he said.
Concluding, he reiterated the government’s focus on sustainable reforms: “The results we want to provide for Nigeria are long-lasting reforms that will transform our economy for generations to come.”