The Federal Government has said the nation’s digital economy sector recorded $191 million Foreign Direct Investment (FDI) in the first quarter (Q1) of 2024 — a sharp rise from $22 million in the same period of the previous year.
Minister of Communications, Innovation, and Digital Economy, Bosun Tijani spoke during an interview for a forthcoming state house documentary to mark the second anniversary of President Bola Tinubu’s administration.
In a statement on Monday by Bayo Onanuga, special adviser to the president on information and strategy, Tijani said the growth was driven by foundational reforms and strategic investments aimed at transforming the sector into a key engine of economic growth.
“In Q1 2023, the sector had about $22 million; by Q1 2024, with this administration well underway, we reached $191 million,” the minister said.
“The trend continued in Q2, increasing from $25 million in 2023 to $114 million in 2024.”
He credited the improvement to workforce development programmes such as the ‘3 million technical talent’ (3MTT) initiative, which has “trained over 117,000 Nigerians in digital skills — far exceeding its initial target of 30,000″.
He added that an additional 35,000 are currently in training.
“We hope to reach the full 3 million target before the end of this administration,” Tijani said.
“We are preparing a $2 billion investment to ensure every Nigerian can access affordable, high-quality connectivity regardless of location. Increasing connectivity hubs by just 10% could yield a 2.5% GDP growth.”
According to Tijani, the government’s push for digital inclusion also targets rural areas, with plans to deploy 7,000 telecom towers nationwide to achieve 98 percent connectivity coverage.
The project, he said, has received the federal executive council (FEC) approval, noting that 12 states have adopted zero-rated right-of-way policies — a development he described as a “game-changer” for broadband expansion.
“The government aims to increase broadband penetration from 48% in 2024 to 90% by 2025,” he said.
Highlighting Nigeria’s rise in the global tech landscape, Tijani said the country is now ranked among the top 60 nations in AI readiness.
He also noted the creation of a homegrown large language model (LLM) and the launch of the AI Collective platform, backed by partners such as Pierre Omidyar, Google, and Microsoft.
The minister said N300 million has been invested in 10 startups using AI and blockchain to enhance agricultural productivity, while 55 researchers have received funding to explore tech applications in healthcare, education, and farming.
Tijani said over 500 government technologists have been trained in artificial intelligence and digital public infrastructure (DPI).
He also confirmed that the digital economy bill has passed its first reading in the national assembly.
The minister projected that the sector’s contribution to GDP could rise from 16 percent to 22 percent, citing the “transformative potential” of digital technologies.
“If a sector can increase its contribution by three to four per cent to the GDP, we’re about to see the economic growth—we’ve not seen it before,” he said.
“Technology allows us to break the gap between governments and the people.”
Tijani said the government is focused on long-term impacts “that will transform our economy for generations to come.”