Nigeria’s Digital Economy Targets $18.3bn By 2026

The minister of communications and digital economy, Dr. Bosun Tijani, has announced that Nigeria’s digital economy is projected to generate $18.3 billion by 2026.
Speaking at a media engagement on the National Digital Economy and e-Governance Bill in Abuja, Tijani highlighted the transformative potential of the digital sector.
Tijani noted that Nigeria boasts unicorn companies like Flutterwave, Jumia, Andela, and Interswitch, showcasing the strength of the digital economy. “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 per cent of GDP. In Q4 2023, the sector contributed about 16.6 per cent of GDP,” he stated. He added that the digital economy recorded $5.49 billion in revenue in 2019 and is projected to reach $18.3 billion by 2026.
Tijani emphasised the importance of the Digital Economy and e-Governance Bill, which, when passed into law, 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,” he explained. “We believe that the bill will support the growth and transformation of Nigeria’s economy through the application and use of this technology in all facets of life in Nigeria.”
The bill will create an enabling environment for fair competition and promote innovation, growth, and competitiveness in the Nigerian economy. It will be implemented across all six geopolitical zones of the country.
Director-general of the National Information Technology Development Agency (NITDA), Malam Kashifu Inuwa, also spoke at the event, emphasising that the bill would enhance the use of the digital economy in both government and the private sector. Represented by the director of standards, guidelines, and frameworks department, Mr. Emmanuel Edet, Inuwa urged Nigerians to embrace digital technology as an enabler. He highlighted the growing ecosystem and the need to harness its potential to drive economic growth with the country’s youthful population and digital skills.
The bill, structured in 16 parts with over 60 sections, will address the validity of electronic and digital transactions, digital contracts, signatures, and timestamps. “The bill will address topics like consumer protection for digital transactions, use of technology such as Artificial Intelligence, blockchains for public services, among others,” Inuwa said.
Following the media engagement, the ministry of communications, innovation, and digital economy announced that the updated bill’s content would be available by July 23, 2024.
Nationwide stakeholder engagements will be held to gather feedback and understand the bill’s applicability to various stakeholders, including public service, regulators, innovators, and service providers.
The ministry plans to work with tech hubs, the Nigerian Computer Society, and related bodies to ensure nationwide engagement and input. Technical workshops will also be held to finalise the draft and incorporate expert opinions on the bill’s content.