Bosun Tijani Predicts Nigeria’s Digital Economy will Generate N18.3 Billion by 2026

Dr. Bosun Tijani, Minister of Communications and Digital Economy, stated that the country’s digital economy, which is expected to produce N18.3 billion by 2026, has the potential to completely transform the economy of the country.

Tijani made this statement on Tuesday in Abuja during a media engagement over the National Digital Economy and e-Government Bill.

He claims that unicorn businesses like Flutterwave, Jumia, Andela, and Interswitch exist in Nigeria and have proven the strength of the digital economy’s potential to advance the nation. 

“Those who track the expansion and development of Nigeria’s economy are likely aware that the ICT industry accounts for between 13 and 18% of GDP. About 16.6% of GDP was provided by the industry in Q4 2023.”

“The digital economy earned approximately N5.49 billion in revenue in 2019. “This sector is expected to generate up to N18.3 billion by 2026,” the Minister remarked.

The Bill

Speaking about the significance of the e-Government and Digital Economy Bill, Tijani stated that if it were to become law, it would establish a legal framework and hasten the advancement of the agenda related to the digital economy.

“This bill will expedite the advancement of our digital economy because it addresses a gap in the law.”

“We think that the bill will help apply and use this technology in all aspects of Nigerian life, which will support the growth and transformation of Nigeria’s economy.”

Tijani says, “it will foster innovation, growth, and competitiveness for the Nigerian economy and create the enabling environment for fair competition.”

He claims that the bill will be enacted into law and put into effect throughout all six of the nation’s geographical zones.

Malam Kashifu Inuwa, Director-General of the National Information Technology Development Agency (NITDA), also spoke during the event and stated that the bill would improve the usage of the digital economy throughout the nation in both the public and commercial sectors. 

Inuwa advised Nigerians to embrace digital technology as an enabler. Mr. Emmanuel Edet, Director of the Standards, Guidelines, and Frameworks Department, represented Inuwa at the event. The D-G went on to say that because the ecosystem was expanding, it was necessary to make use of its potential to fuel economic aspirations given the young population and digital capabilities in the nation.

The measure, he said, would deal with the legality of digital contracts, time stamps, electronic transactions, and signatures. It was divided into sixteen parts.

“Among other things, the bill will cover issues like blockchains for public services, artificial intelligence applications, and consumer protection for digital transactions,” he stated. 

What to note

The Ministry of Communications, Innovation, and Digital Economy stated that the revised bill’s content would be made available by July 23, 2024, in response to Tuesday’s media engagement.

In order to gather input and comprehend the bill’s application to stakeholders, including public service, regulators, innovators, and service providers, it was also announced that stakeholder engagements will be held nationally in Nigeria.

To guarantee widespread participation and input, the Ministry stated that it would collaborate with Tech Hubs, the Nigerian Computer Society, and associated organizations.

Technical workshops will be organized to polish the draft and review and incorporate professional feedback on the bill’s content, it was stated.