30% Of Africa’s Foreign Direct Investment Goes To Nigeria – NITDA

30% Of Africa's Foreign Direct Investment Goes To Nigeria - NITDA

According to Kashifu Inuwa, director general of the National Information Technology Development Agency, over 30% of foreign direct investment in Africa goes through Nigeria.

He claims that the Nigerian tech sector drew $4.4 billion in investments in 2015, 2019 and 2020 combined, and that ICT made up around 18.5% of the nation’s GDP.

Inuwa made this statement at the 2023 Leaders Without Borders Annual Business Summit and International Honours, which had the theme “Business Beyond Borders, Global Partnerships and Sustainable Investments” and was held in London. This event brings together business executives, entrepreneurs, and thought leaders from all over the world to encourage cooperation and innovation in the business world.

The DG reminded that NITDA, a government organization founded in 2001 to assist Nigerians in using information technology, has sponsored roughly 753 companies in various ways through grants, training, and initial capital.

It also stated that 120 million Nigerians now have access to the internet, not just computers, thanks to the agency’s efforts.

He pointed out that the digital economy has paved the door for new technology, giving outstanding African adolescents the chance to realize their potential and become global leaders.

The head of NITDA claims that the nation’s fintech businesses are almost twice as large as its largest bank.

The largest bank in the nation, according to him, is worth roughly $1.6 billion, whereas Flutterwave is worth almost $3.6 billion.

Nigeria is booming and has Africa’s most active IT ecosystem. We recently sent some startups to Riyadh for a competition, and two of them earned $150,000 apiece as global winners.

“Hundreds of IT Hubs, IT Parks, and community ICT centers were constructed, furnished, and equipped with world-class facilities across the states of the federation, in addition to making an effort in IT development and improving the ability of the citizens.

“The agency through its strategic relationships with techpreneurs, supported startups, and IT ecosystem builders through Nigeria ICT Innovation and Entrepreneurship Vision (NIIEV), which have created employment for Nigerian youths,” he said.

Inuwa pointed out that the agency had been working hard to promote digital literacy by utilizing local languages to make it possible for every Nigerian to utilize digital devices and access online services.

“To help the economy, we have taught digital literacy to more than 3.3 million Nigerians.

“NITDA started working on creating several regulatory frameworks for the advancement of information technology in government institutions. The programs’ goals are to create human capital, provide universal access to digital services, and promote digital literacy in educational institutions, rural areas, and urban areas in order to build a knowledge-based economy, according to the NITDA DG.

Inuwa added that by preventing ministries, departments, and agencies from duplicating projects, the agency had saved the nation money through the IT project approval.

According to him, from 2019 until the present, NITDA has saved the nation over N305 billion by implementing the project, which has improved efficacy and efficiency in carrying out government IT initiatives across the nation.

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