The Federal Government has set an ambitious target to raise the contribution of the Information and Communications Technology (ICT) sector to Nigeria’s Gross Domestic Product (GDP) from the current 18 percent to 21 percent by 2027. Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, announced this on Wednesday at the Lagos edition of GITEX Nigeria 2025 conference and exhibition, calling for stronger global investments in Nigeria’s fast-growing digital economy.
Highlighting Nigeria’s position as Africa’s largest telecom market, Tijani noted that Lagos stands out as one of the world’s fastest-growing cities, with over 2,000 new residents daily. Despite the challenges of infrastructure and funding, he emphasized that Nigeria is already home to five of Africa’s top unicorns and several of the continent’s biggest tech hubs. The minister also pointed to Nollywood and the creative industry, projected to generate $15 billion in the coming years, as proof of Nigeria’s innovative strength.
As part of efforts to boost innovation, Tijani unveiled a new ₦75 million research grant that will fund 75 projects in digital technology starting October 1. The initiative, open to researchers, startups, corporates, and members of the Nigerian diaspora, is designed to deepen participation in digital innovation and strengthen the resilience of Nigeria’s tech ecosystem to compete globally.
Lagos State Governor, Babajide Sanwo-Olu, also underscored the city’s central role in driving Nigeria’s digital economy. He revealed that more than $6 billion in startup funding has flowed into Lagos in the past five years, with 70 percent of Nigeria’s tech economy anchored in the state. Sanwo-Olu pledged to create an investment-friendly environment, backed by improved infrastructure such as hyperscale data centers, fiber expansion, and submarine cable systems.
Industry leaders at the conference, including the Director-General of NITDA, Kashifu Inuwa Abdullah, and global fintech stakeholders, echoed the call for investors to bet on Nigeria. They described the country as a crucible of innovation, ranking among the fastest-growing fintech ecosystems in the world. With resilience, diversity, and a clear focus on digital governance, Nigeria is positioning itself as a leading global hub for technology and economic transformation.
Source: The guardian