Nigeria’s digital economy is undergoing a major transformation, fuelled by bold reforms, infrastructure expansion, and renewed investor confidence. In the first quarter of 2024 alone, the sector attracted $191 million in foreign direct investment (FDI), a sharp increase from the $22 million recorded during the same period in 2023.
This growth is being driven by the Ministry of Communications, Innovation, and Digital Economy, led by Minister Bosun Tijani, whose strategy focuses on boosting connectivity, talent development, and digital infrastructure. Tijani credits the surge in investment to foundational reforms introduced under President Bola Ahmed Tinubu’s administration.
“We are not chasing quick wins,” Tijani said in a State House interview for the president’s two-year anniversary documentary. “The results we want to provide for Nigeria are long-lasting reforms that will transform our economy for generations.”
A central pillar of this transformation is the 3 Million Technical Talent (3MTT) programme, launched in October 2023. Designed to equip Nigerians with in-demand digital skills, the initiative has already trained over 117,000 individuals, well above its initial 30,000 target, with another 35,000 currently enrolled.
“Our vision is to ensure that Nigerians have the skills they need to compete globally,” said Tijani. In addition to the public training efforts, 500 government technologists are being upskilled in artificial intelligence (AI) and digital public infrastructure (DPI) to drive innovation in public service delivery.
To support the growing digital ecosystem, the government is rolling out Project Bridge, a $2 billion initiative that will deploy 90,000 kilometers of fiber optic cable across the country. The goal is to lift broadband penetration from 48% in 2024 to 90% by 2025.
Complementing this initiative, the ministry plans to install 7,000 telecom towers across both rural and urban areas to achieve 98% connectivity coverage. Already, 12 states have adopted zero-rated Right-of-Way policies to cut costs and accelerate infrastructure rollout.
“Increasing connectivity hubs by just 10% could yield a 2.5% GDP growth,” Tijani noted.
Nigeria is also carving out a leadership role in emerging technologies. The country has secured a spot among the top 60 globally for AI readiness, supported by efforts such as the development of a homegrown large language model (LLM) and the launch of the AI Collective—a national platform backed by Google, Microsoft, and Pierre Omidyar.
To nurture innovation, ₦300 million has been invested in ten AI and blockchain-powered agri-tech startups. Meanwhile, 55 researchers have received funding to explore how technology can improve outcomes in agriculture, health, and education.
In a bid to boost global visibility and attract more investment, the Nigeria Startup House in San Francisco is helping local firms access international markets and procurement opportunities. Through new initiatives like the Startup Pact and Trade Desk, the government is working toward attracting $5 billion in startup investments.
The digital economy’s contribution to Nigeria’s GDP is expected to climb from 16% to 22%, reflecting its growing importance in the national development agenda.
“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 before,” said Tijani.
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