Nigeria (Commonwealth) _Dr. Bosun Tijani, Minister of Communications, Innovation, and Digital Economy said Nigeria now ranks first among African countries as a location for ICT entrepreneurs.
He made the announcement on Tuesday during the opening ceremony of the ongoing 2023 Digital Nigeria International Conference in Abuja. According to him, 20 percent of the $5 million invested in African tech firms is domiciled in Nigeria, demonstrating that Nigeria has now become the top destination for African tech investments.
He further stated that massive investments, as well as the dedicated efforts of numerous public and private sector partners, have succeeded in positioning Nigeria as the number one destination for technology startups.
According to Tijani, the conference was critical in celebrating the country’s accomplishments in the digital space and recognizing entrepreneurs who contributed to the construction of the current telecommunications infrastructure.
We should also recognize the tech entrepreneurs who have taken the initiative to ensure that the backbone in which we have invested is translated into value for our country, he added. If you look around, you can find images of everyone from the founders of Interswitch to those who came after them, to the digital entrepreneurs who are all around you. These are only a few examples.
Nigeria is now Africa’s leading destination for technology startup finance, with over $5 million invested in the continent’s digital businesses last year. We only took 20% of the whole investment to Nigeria. As a result, we recognize the outstanding job that has been accomplished.
Today, I believe, is also a celebration of several think tanks that have been working to increase awareness in the way we approach and implement technology in Nigeria. It’s vital for us to rejoice because it’s easy to get caught up in what we need to achieve in our country and lose sight of the progress we’ve made as a country, he said.
Mr Kashifu Inuwa, Director General of NITDA, stated in his remarks that the conference with the theme “Harnessing Digital Technologies for Job Creation, Inclusive Economic Growth, and Sustainability” attests to the current administration’s collective desire to position Nigeria at the forefront of digital innovation.
He went on to say that the purpose was to use digital technology to encourage employment development. First and foremost, we live in an exciting period of technological innovation. Second, at the heart of the renewed hope agenda are inclusive economic development, productivity, and prosperity for all, and the best tool for us to achieve this is digital transformation.
The goal is to employ digital technologies to help create jobs. The conference is intended to fulfill six primary goals:
This will bring about worldwide visibility for networking, activation of conversation that can lead to innovation, policy direction, and regulation, which can create a bedrock for us to survive as a nation and a stronger ecosystem, he said. The yearly conference drew a large number of young people from Nigeria, Africa, and around the world.
One of Nigeria’s most attractive investment industries is the digital economy. Over 80 million Nigerians now use the Internet, and this figure is anticipated to climb. This figure is expected to exceed 90 million by 2025. The country has a young population, with more than 60% of the people under the age of 25. This group is more likely than more established groups to adopt cutting-edge technologies and develop firms with fewer capital requirements.
Nigeria’s digital economy was worth $24 billion in 2019; by 2025, it is anticipated to be worth $88 billion. Foreign investors are showing interest in a number of the country’s top firms, including Andela, Paystack, and Flutterwave. Furthermore, Google and Facebook also invested in local businesses, reflecting global investors’ rising interest in Nigeria’s tech sector.
