Nigeria’s digital economy attracts $191m FDI in Q1 – Bosun Tijani

…says $2bn fibre infrastructure rollout set for Q4

Nigeria’s digital economy is experiencing unprecedented growth under President Bola Tinubu’s administration, with foreign direct investment (FDI) in the sector surging ninefold to $191 million in the first quarter of 2024 – up from $22 million in the same period last year.

The Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, disclosed this during an interview for a forthcoming State House documentary marking President Tinubu’s second year in office.

According to a statement issued on Monday by Bayo Onanuga, Special Adviser to the President (Information & Strategy), Dr. Tijani attributed the surge in investment to foundational policy reforms, advances in artificial intelligence, and a dynamic startup ecosystem. 

He also unveiled a major $2 billion fibre optic infrastructure project, Project Bridge, which is set to commence in the fourth quarter of 2025. 

The initiative will lay 90,000 kilometres of fibre optic cables nationwide to improve broadband penetration and digital access.

“We are preparing a $2 billion investment to ensure every Nigerian can access affordable, high-quality connectivity regardless of location,” he said. 

“A 10% increase in connectivity hubs can contribute up to 2.5% growth in GDP.”

He said the sector’s FDI growth has been consistent, rising from $25 million in Q2 2023 to $114 million in Q2 2024. 

He projected that the digital economy’s contribution to GDP could grow from 16% to 22% by 2025.

“If a sector can increase its contribution by three to four percent to the GDP, we’re about to see economic growth like never before,” Tijani said.

Dr. Tijani highlighted the success of the 3 Million Technical Talent (3MTT) programme, launched in October 2023 to build a skilled digital workforce. 

The programme has already trained over 117,000 Nigerians – far surpassing the initial 30,000 target – and currently has an additional 35,000 in training.

ALSO READ: https://tribuneonlineng.com/tinubu-approves-regulatory-licenses-for-norths-oil-project/

“With these numbers, we’re approaching 10% of our target. We remain focused on hitting the 3 million mark before the end of the administration,” he noted.

The minister also celebrated Nigeria’s inclusion among the world’s top 60 countries for AI readiness and disclosed that the country is developing its own large language model (LLM). 

The government-backed AI Collective platform, supported by partners like Pierre Omidyar, Google, and Microsoft, is driving collaboration in the artificial intelligence space.

For the first time, the ministry has funded 55 academic researchers to explore tech applications in agriculture, healthcare, and education. 

Additionally, ₦300 million has been invested in 10 startups deploying AI and blockchain to boost agricultural productivity.

On the international front, Dr. Tijani said the Nigeria Startup House in San Francisco aims to attract $5 billion in funding for Nigerian startups, supported by the Startup Pact and Trade Desk initiatives, which will open global procurement opportunities to local tech firms.

Dr. Tijani announced the deployment of 7,000 telecom towers targeting 98% nationwide coverage. 

The Federal Executive Council has already approved the project, which aligns with the National Broadband Plan’s target of 90% broadband penetration by 2025, up from 48% in 2024.

He also praised the resolution of Right-of-Way issues, noting that 12 states have adopted zero-rated policies, paving the way for faster broadband rollout.

The Minister revealed that over 500 government technologists have been trained in AI and Digital Public Infrastructure (DPI), and the Digital Economy Bill – a key legislative framework to guide sectoral growth—has passed its first reading in the National Assembly.

Dr. Tijani emphasized that the administration is focused on long-term results rather than short-term achievements.

“The results we want to provide for Nigeria are long-lasting reforms that will transform our economy for generations to come,” he said. “Technology allows us to break the gap between governments and the people.”

ALSO READ TOP STORIES FROM NIGERIAN TRIBUNE