Nigeria’s Digital Economy recorded minimal growth in Tinubu’s first year as president

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The document identified knowledge, policy, infrastructure, innovation, entrepreneurship and capital, as well as trade, as the five core pillars that will accelerate the nation’s economic growth. Data from the Nigerian Communications Commission indicates that from 48.28 per cent recorded in May 2023, Nigeria’s broadband penetration dropped to 43.53 per cent in March 2024.

The Minister, Mr Tijani, explained that “this SPV will build the additional fibre-optic coverage required to take Nigeria’s connectivity backbone to a minimum of 125,000km, from the current coverage of about 35,000km.” He explained that “upon delivery, this will become Africa’s third longest terrestrial fibre-optic backbone, after Egypt and South Africa.”

For Tombari Sibe, a digital forensic expert, the telecoms sector may have rescued Nigeria from a recession in 2020, but the latest figures and “the recorded losses by two of the telecom giants in Q1 2024 may affect investment decisions,” he said. “The tariffs in Nigeria are not cost reflective. If the telcos do not have a way to raise revenue from the services they provide because their revenues are capped, then Nigeria would not be a good place for them to do business and that would affect the level of capital that flows into Nigeria,” he stated.A robust digital economy is impossible to achieve without a digitally skilled population. For many years, Nigeria struggled to improve its digital literacy rate.

Mr Adedoyin believes the 3MTT initiative will serve as a catalyst to boost Nigeria’s digital literacy numbers. However, he faults the level of integration by the Ministry of The Act also recognised the importance of protecting intellectual property rights for startups and made provision for tax and fiscal incentives to aid their development in Nigeria’s ecosystem.

Source: Financial Digest (financialdigest.net)

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