Nigeria’s digital economy to generate N18.3 billion by 2026 – Minister

Date:

July 10, 2024.

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Azonuchechi Chukwu.

The Minister of Communications and Digital Economy Dr Bosun Tijani, has said the country’s digital economy is capable of revolutionising the nation’s economy as it has been projected to generate N18.3 billion by 2026.

Tijani stated this on Tuesday at a media engagement on the National Digital Economy and e-Governance Bill in Abuja.

According to him, Nigeria has unicorn companies like Flutterwave, Jumia, Andela, and Interswitch which have demonstrated that the digital economy is strong and can lift the country to where it should be.

“For those who follow the growth and trajectory of our economy in Nigeria, you should probably know that the ICT sector contributes about 13 to 18% of GDP. In Q4 2023, the sector contributed about 16.6% of GDP.

“The digital economy recorded about N5.49 billion in revenue in 2019. This sector is projected to generate up to N18.3 billion by 2026,” the Minister stated.

Speaking on the importance of the Digital Economy and e-Governance Bill, Tijani said when passed into law, it would provide a legal framework and accelerate progress in the digital economy agenda.

“This bill will accelerate the progress in our digital economy because there is no clear legislation in that space.

“We believe that the bill will support the growth and transformation of Nigeria’s economy through the application and the use of this technology in all facets of life in Nigeria.

“It will create the enabling environment for fair competition, and promote innovation, growth and competitiveness for the Nigerian economy,” Tijani said.

According to him, when the bill is passed into law, it will be implemented in all the six geopolitical zones of the country.

Also speaking, the Director-General of the National Information Technology Development Agency (NITDA), Malam Kashifu Inuwa, said the bill would enhance the use of the digital economy in the entire country, both in government and the private sector.

Inuwa, who was represented at the occasion by the Director of Standards, Guidelines and Frameworks Department, Mr Emmanuel Edet, urged Nigerians to embrace digital technology as an enabler. The D-G added that the ecosystem was growing, hence the need to harness its potential to drive economic desires with the country’s youthful population and digital skills.

He mentioned that the bill was structured in 16 parts with over 60 sections and would address the validity of electronic, digital transactions, digital contracts, signatures and time stamps.

“The bill will address topics like consumer protection for digital transactions, use of technology such as Artificial Intelligence, blockchains for public services, among others,” he said. (www.naija247news.com).

Chukwu Azochukwu, The Naija247news
Chukwu Azochukwu, The Naija247newshttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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