By Paul Effiong, Abuja
Minister of Communications, Innovation and Digital Economy, Bosun Tijani has projected that the digital sector will generate N18.3 billion by 2026.
The minister gave the projection yesterday in a press briefing on the National Digital Economy and e-Governance Bill at the National Assembly, Abuja.
It was organised by the Senate Committee on Information and Communication Technology, ICT, and Cybersecurity and the House of Representatives Committee on Digital and Information Communication Technology.
The minister informed that the digital sector is the backbone of any economy, as well as a prerequisite for any nation clamouring for prosperity and development.
Speaking on the advantages of the Bill, the minister maintained that it was long overdue to properly and fully harness the potentials of the sector in Nigeria.
According to him, “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 percent of the Gross Domestic Product, GDP. In Q4 2023, the sector contributed about 16.6 percent of the GDP.
“The digital economy recorded about N5.49 billion revenue in 2019. This sector is being projected to generate up to N18.3 billion by 2026.
“Nigeria is one of the top two destinations for capital foreign direct investment to technology staff in Africa. Last year, we recorded about $2 billion in FDI to tech startups.
“It will create jobs. The sector is extremely special and unique because of its capacity to unlock opportunities and raise productivity in every sector. If the digital economy is strong, it will catalyse development in every other sector.
“This bill will accelerate progress in our digital economy. There is no clear legislation that is pushing competition and ensuring development in the digital space.
“Today, this bill which we are here to support, our hope is that it will also be the first bill that would travel across the entire country. We have to ensure we take it to every state. It is an important bill for all Nigerians and we want to give them the opportunity to give us feedback.
“The bill will support the growth and transformation of the economy through the application and use of the digital economy in all facets of life in Nigeria. It will create an enabling environment for fair competition to promote innovation, growth and competitiveness of the economy,” he said.
In his contributions, Chairman of the House Committee on Digital and Information Communication Technology, Stanley Olajide said it is a crucial legislation that has the potential to transform the nation’s digital economy and position it for sustainable development in Nigeria.
“The bill which has undergone first reading in the National Assembly aims to provide a legal framework for the development and regulation of our digital economy. Furthermore, as we gather here today, I want to emphasise our commitment to an inclusive process in the development of this bill,” Olajide said.
