Nigeria’s digital economy is experiencing unprecedented growth under President Bola Ahmed Tinubu, with foreign direct investment (FDI) in the Communications and Digital Economy sector surging ninefold in the first quarter of 2024. This was revealed by Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, in an interview for an upcoming State House documentary marking the President’s second year in office.
According to Dr Tijani, FDI in the sector rose from $22 million in Q1 2023 to $191 million in Q1 2024. He also disclosed that the momentum has continued into Q2, with investments climbing from $25 million in 2023 to $114 million in 2024.
The minister attributed this surge to foundational reforms, the growing startup ecosystem, and advancements in artificial intelligence (AI). He emphasized that these developments are positioning Nigeria as a global leader in the digital economy.
A major highlight of the administration’s digital strategy is the $2 billion Project Bridge, aimed at deploying 90,000 kilometres of fibre optic infrastructure nationwide. The initiative, expected to begin in Q4 2025, is designed to provide high-quality, affordable connectivity across Nigeria.
“We are preparing a $2 billion investment to ensure every Nigerian can access affordable, high-quality connectivity regardless of location,” Tijani stated, adding that even a 10% increase in connectivity hubs could drive a 2.5% growth in GDP.
The Minister also provided updates on the 3 Million Technical Talent (3MTT) programme, which aims to build a tech-savvy workforce. Since its launch in October 2023, over 117,000 Nigerians have been trained—far exceeding the initial target of 30,000. An additional 35,000 are currently undergoing training, putting the programme close to achieving 10% of its goal.
In a further demonstration of progress, Tijani highlighted that Nigeria is now ranked among the top 60 countries globally in AI readiness. The country has developed a homegrown large language model and launched the AI Collective platform in partnership with global tech giants such as Google, Microsoft, and Pierre Omidyar.
To boost research and innovation, the ministry has funded 55 academic researchers exploring AI applications in agriculture, healthcare, and education. Additionally, ₦300 million has been invested in 10 startups leveraging AI and blockchain to enhance agricultural productivity.
Dr Tijani also spoke about the Nigeria Startup House in San Francisco, an initiative aimed at attracting $5 billion in funding for Nigerian startups. The effort is supported by the Startup Pact and Trade Desk initiatives, which seek to connect local tech innovators with international opportunities and procurement platforms.
In the area of government capability, more than 500 technologists have been trained in AI and Digital Public Infrastructure (DPI), and the Digital Economy Bill has passed its first reading in the National Assembly.
To close the rural connectivity gap, the Federal Executive Council has approved the deployment of 7,000 telecom towers, with a goal of achieving 98% nationwide coverage. Twelve states have already adopted zero-rated Right-of-Way policies, easing the rollout of broadband infrastructure.
These initiatives support the National Broadband Plan’s ambition to raise penetration from 48% in 2024 to 90% by 2025. Dr Tijani projects the sector’s contribution to GDP will rise from 16% to 22%, calling the expected economic impact “unprecedented.”
“This is not about quick wins,” he concluded. “The results we want to provide for Nigeria are long-lasting reforms that will transform our economy for generations to come.”