The Minister of Communications and Digital Economy, Dr. Bosun Tijani, has projected that Nigeria’s digital economy could generate N18.3 billion by 2026. He made this statement on Tuesday during a media engagement on the National Digital Economy and e-Governance Bill in Abuja.
Current Contributions and Future Potential
Dr. Tijani highlighted the significant contributions of the digital economy to Nigeria’s GDP, noting that the ICT sector currently contributes between 13% and 18%. In Q4 2023, this sector contributed about 16.6% of GDP. The digital economy generated approximately N5.49 billion in revenue in 2019 and is expected to reach N18.3 billion by 2026. He pointed to the success of Nigerian unicorn companies like Flutterwave, Jumia, Andela, and Interswitch as evidence of the sector’s strength and potential to drive the nation’s economic growth.
The Digital Economy and e-Governance Bill
Dr. Tijani emphasized the importance of the Digital Economy and e-Governance Bill, stating that its passage would provide a legal framework to accelerate the progress of Nigeria’s digital economy. The bill aims to:
- Create an enabling environment for fair competition.
- Promote innovation, growth, and competitiveness.
- Support the transformation of Nigeria’s economy through technology.
He also mentioned that the bill, once passed, would be implemented across all six geopolitical zones of the country.
NITDA’s Role and the Bill’s Provisions
Malam Kashifu Inuwa, Director-General of the National Information Technology Development Agency (NITDA), supported Dr. Tijani’s views, adding that the bill would enhance the use of digital technology across both government and private sectors. Represented by Mr. Emmanuel Edet, Director of Standards, Guidelines, and Frameworks Department, Inuwa urged Nigerians to embrace digital technology as an enabler of economic growth. He noted that the bill is structured in 16 parts with over 60 sections, addressing:
- The validity of electronic and digital transactions.
- Digital contracts, signatures, and time stamps.
- Consumer protection for digital transactions.
- The use of technologies like Artificial Intelligence and blockchain for public services.
Next Steps
Following the media engagement, the Ministry of Communications, Innovation, and Digital Economy announced that the updated bill’s content would be available by July 23, 2024. Nationwide stakeholder engagements will be held to gather feedback and ensure the bill’s applicability to various stakeholders, including public service, regulators, innovators, and service providers.
The Ministry plans to collaborate with Tech Hubs, the Nigerian Computer Society, and related bodies to ensure comprehensive engagement and input. Technical workshops will be conducted to finalize the draft and incorporate expert opinions on the bill’s content.
This initiative represents a significant step towards harnessing the potential of Nigeria’s digital economy, leveraging its youthful population and digital skills to drive economic growth and innovation.
