Digital economy projected to generate N18. 3bn by 2026 –Minister

(Last Updated On: July 10, 2024)From Ndubuisi Orji, Abuja
The Minister of Communications, Innovation and Digital Economy,  Bosun Tijani, on Tuesday, said the   the digital economy sector is projected to generate about  N18.3 billion by 2026.
Tijani stated this while speaking at a forum on the National Digital Economy and e-Governance Bill, jointly 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, while lauding the proposed legislation, said the bill if passed into law would help the country fully  harness the potentials in digital economy.
According to home,  “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 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 dollars in FDI to tech startups. “
Tijani added that “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. “
The chairman, House Committee on ICT Stanley Olajide, said the proposed legislation has the potential to transform the nation’s digital economy and position it for sustainable development in Nigeria.
Olajide explained that  “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 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.”
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