Nigeria’s digital economy is on a significant growth trajectory as the Federal Government has announced plans to roll out a $2 billion fibre optic infrastructure project in the fourth quarter of 2025, alongside recording a substantial surge in foreign direct investment (FDI) in the sector.
Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, disclosed during an interview for an upcoming State House documentary marking the second anniversary of President Bola Tinubu’s administration.
According to a statement issued on Monday by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, the sector attracted $191 million in FDI in Q1 2024—an over 700 per cent increase compared to $22 million in the same period in 2023.
Tijani attributed the growth to foundational policy reforms, the development of technical talent, and increased investor confidence in Nigeria’s evolving digital landscape. He further revealed that Q2 2024 saw a continued upward trend, with FDI rising to $114 million from $25 million recorded in Q2 2023.
“The foundational reforms we are implementing, coupled with advancements in artificial intelligence and the startup ecosystem, are positioning Nigeria as a global leader in the digital economy,” Tijani said.
One of the flagship initiatives, Project BRIDGE, is set to deploy 90,000km of fibre optic cable nationwide. The $2 billion investment is aimed at boosting affordable and high-speed internet access, especially in underserved areas. Tijani noted that improving connectivity hubs by just 10 per cent could result in a 2.5 per cent increase in the country’s GDP.
In addressing digital skills development, the minister highlighted the success of the Three Million Technical Talent (3MTT) programme launched in October 2023. Initially targeted at training 30,000 Nigerians, the programme has already surpassed that figure, training over 117,000 individuals with an additional 35,000 currently in training.
“We’re nearly at 10 per cent of our target, and we’re optimistic that we will train all three million talents before the end of the administration,” Tijani said.
The minister also celebrated Nigeria’s advancement in artificial intelligence, including its ranking among the top 60 countries in AI readiness and the launch of a local large language model. The AI Collective platform—supported by global tech giants such as Google, Microsoft, and Pierre Omidyar—was launched to facilitate collaboration and innovation in AI research and development.
As part of its efforts to bridge the digital divide, the Federal Government plans to deploy 7,000 telecom towers across rural areas to achieve 98 per cent network coverage nationwide. This is in line with the National Broadband Plan, which aims to raise broadband penetration from the current 48 per cent to 90 per cent by 2025.
In further support of local innovation, Tijani revealed that the ministry has funded 55 academic researchers exploring tech applications in agriculture, education, and healthcare. An additional N300 million has been invested in 10 startups leveraging AI and blockchain to boost agricultural productivity.
The government has also established the Nigeria Startup House in San Francisco as part of efforts to attract $5 billion in investment for local tech firms. The Startup Pact and Trade Desk initiatives, Tijani explained, will connect Nigerian startups to global markets and government procurement opportunities.
On the policy front, over 500 government technologists have been trained in AI and Digital Public Infrastructure, while the landmark Digital Economy Bill has passed its first reading at the National Assembly.
Tijani also hailed progress on the Right-of-Way (RoW) challenge—a key issue affecting infrastructure rollout. He revealed that 12 states have now adopted zero-rated RoW policies, reduced bottlenecks and paving the way for faster deployment of connectivity infrastructure.
Looking ahead, the minister projected that the ICT sector’s contribution to GDP could rise from 16 per cent to 22 per cent, asserting that sustained digital investments will drive long-term economic transformation.
“We’re not in pursuit of quick wins, Our focus is on long-lasting reforms that will reshape Nigeria’s economy for generations to come.”
