• Metascholar News Portal
• Africa , Economy
• May 20, 2025
• 4903 views
• 3 minutes Read

Minister Reports $191 Million Investment Boost for Nigeria’s Digital Economy in 2024

Nigeria’s digital economy has experienced remarkable transformation and growth under the current administration, positioning the country as an emerging global hub for digital innovation and investment. This was disclosed by the Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, during a recent briefing where he outlined significant strides made in infrastructure, digital skills training, foreign direct investment (FDI), and artificial intelligence (AI) development. According to Dr. Tijani, foundational policy reforms and strategic focus on digital infrastructure, AI advancement, and a thriving startup ecosystem have created an enabling environment that attracted substantial foreign investments. Comparing foreign direct investment inflows year-on-year, he highlighted a significant leap: “In Q1 2023, the digital sector recorded $22 million. However, by Q1 2024, under this administration’s proactive efforts, investment surged to $191 million. This upward trend continued in Q2, with figures rising from $25 million in 2023 to $114 million in 2024.” Central to the administration’s digital capacity-building initiative is the 3 Million Technical Talent (3MTT) programme, launched in October 2023. The minister reported that over 117,000 Nigerians have already been trained in digital skills far surpassing the initial target of 30,000. With an additional 35,000 individuals currently undergoing training, the programme is swiftly progressing toward its goal of developing a pool of three million tech-savvy citizens. On digital connectivity, Dr. Tijani revealed plans to launch Project Bridge, a bold initiative aimed at deploying 90,000 kilometers of fibre optic cable across the country. This $2 billion investment is expected to ensure universal access to affordable, high-quality internet services. The minister emphasized the economic impact of broadband connectivity, noting that a mere 10 per cent increase in connectivity hubs could drive a 2.5 per cent rise in GDP. Nigeria has also made notable advancements in AI. The country now ranks among the top 60 globally in AI readiness and is developing a homegrown large language model. Dr. Tijani also introduced the AI Collective, a collaboration platform supported by partners like Pierre Omidyar, Google, and Microsoft, aimed at fostering AI-driven innovation. Furthermore, ₦300 million has been invested in 10 startups leveraging AI and blockchain to enhance agricultural productivity. The ministry is also supporting 55 academic research projects exploring tech applications in agriculture, healthcare, and education. In an ambitious global outreach strategy, the government launched the Nigeria Startup House in San Francisco, targeting $5 billion in startup funding through partnerships and trade facilitation. Additionally, over 500 government technologists have been trained in AI and digital public…