Digital Economy: Communications Minister Projects N18.3bn Revenue Generation by 2026

Juliet Akoje in Abuja

Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, has said the digital economy sector is projected to generate N18.3 billion revenue by 2026. Tijani made this known at a stakeholders meeting on the National Digital Economy and e-Governance Bill.

The meeting was organised on Tuesday in Abuja by the Senate Committee on Information and Communication Technology (ICT) and Cybersecurity and the House of Representatives Committee on Digital and Information Communication Technology.

Tijani said the sector was the backbone for any economy today and was a prerequisite for any prosperous nation. He added that the bill was long overdue to properly and fully harness the potential of the digital economy sector in the country.

 He stated, “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 GDP. In Q4 2023 the sector contributed about 16.6 percent of GDP.”

The minister disclosed, “The digital economy recorded about N5.49 billion in 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 start-ups. 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.”

He also said, “Here today is a bill that will accelerate the progress in our digital economy. There is no clear legislation that is pushing competition and ensuring development in that digital space.

“Today, this bill, which we are here to support, our hope is also 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’s 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 Nigeria’s economy through the application and use of the digital economy in all facets of life in Nigeria. It will create the enabling environment for fair competition to promote innovation, growth and competitiveness of the Nigerian economy.”

Chairman of the Senate Committee on ICT and Cybersecurity, Senator Shuaib Salisu, said the bill was important, as it was the first attempt to put an omnibus legislation to cater to online activities.

Salisu said the bill, when enacted into law, would revolutionise the economy and unleash the full potential of the ICT sector.

According to him, “ICT is not just a sector like other sectors. It is a sector that without it other sectors cannot function. This bill was introduced in the senate less than a week ago. We are engaging the media first because the media is critical to the success bill.

“We don’t want this bill to be misunderstood. We want you to have an understanding of what this bill seeks to do. This bill is not about levies; it’s not about commission but creating an environment for the digital economy to thrive and we cannot do that without the partnership of the media.”

Equally, Chairman of the House Committee on Digital and Information Communication Technology, Hon. Stanley Olajide, said the bill was a crucial legislation with the potential to transform the country’s digital economy and position it for sustainable development.

Olajide further said, “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.

“It is going to be very inclusive. We recognise the importance of collaboration and stakeholders in ensuring legislation that reflects the needs and aspirations of Nigerians. This event marks the beginning of a series of engagements with various stakeholders and the general public.

“It is a comprehensive legislation that seeks to establish a regulatory framework for the digital economy for digital literacy and skills development, enhanced cyber security and encourages innovation and entrepreneurship. It has the potential to unlock Nigeria’s digital potential and improve the lives of Nigerians”

Director-General of National Information Technology Development Agency (NITDA), Kashifu Inuwa, said the essence of the bill was to serve as an enabler.

Inuwa, represented by Acting Director of NITDA, Emmanuel Edet, said regarding the bill, “It is to enhance the use of the digital economy in the entire country, especially in government as well as in the private sector.

“As you may understand, the ecosystem is growing and there is a need for us to harness the potential of this ecosystem in order for us to develop our economic desires based on the advantages we have in terms of population, capacity and other facilities that are available. The bill basically tries to ensure that digital technologies are accommodated in our day to day lives and experiences.”