Dr. Bosun Tijani, Minister of Communications and Digital Economy has said that the country’s digital economy, which is expected to earn $18.3 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
“For those who follow the growth and trajectory of our economy in Nigeria, you should probably know that the ICT sector contributes about 13 to 18% of GDP. In Q4 2023, the sector contributed about 16.6% of GDP.
“The digital economy recorded about $5.49 billion in revenue in 2019. This sector is projected to generate up to $18.3 billion by 2026,” the Minister stated.
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Speaking on the importance of the Digital Economy and e-Governance Bill, Tijani said when passed into law, it would provide a legal framework and accelerate progress in the digital economy agenda.
“This bill will accelerate the progress in our digital economy because there is no clear legislation in that space.
“We believe that the bill will support the growth and transformation of Nigeria’s economy through the application and the use of this technology in all facets of life in Nigeria.
“It will create the enabling environment for fair competition, and promote innovation, growth and competitiveness for the Nigerian economy,” Tijani said.
According to him, when the bill is passed into law, it will be implemented in all the six geopolitical zones of the country.
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Also speaking, the Director-General of the National Information Technology Development Agency (NITDA), Malam Kashifu Inuwa, said the bill would enhance the use of the digital economy in the entire country, both in government and the private sector.
Inuwa, who was represented at the occasion by the Director of Standards, Guidelines and Frameworks Department, Mr Emmanuel Edet, urged Nigerians to embrace digital technology as an enabler. The D-G added that the ecosystem was growing, hence the need to harness its potential to drive economic desires with the country’s youthful population and digital skills.
He mentioned that the bill was structured in 16 parts with over 60 sections and would address the validity of electronic, digital transactions, digital contracts, signatures and time stamps.
“The bill will address topics like consumer protection for digital transactions, use of technology such as Artificial Intelligence, blockchains for public services, among others,” he said.
