Nigeria’s Communications, Innovation, and Digital Economy sector has recorded a remarkable upswing under President Bola Ahmed Tinubu’s administration, attracting $191 million in Foreign Direct Investment (FDI) in Q1 2024—an almost ninefold increase from the $22 million recorded in Q1 2023.
This was revealed by the Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, in a feature interview for a forthcoming State House documentary marking the President’s second year in office, according to a statement released by Presidential Spokesman, Bayo Onanuga.
Highlighting the sector’s transformation, Dr. Tijani attributed the success to foundational reforms, massive investment in infrastructure, digital skills development, and support for innovation ecosystems.
“These foundational reforms, coupled with advancements in artificial intelligence and the startup ecosystem, have positioned Nigeria as a global leader in the digital economy,” Tijani stated.
He added that the trend in FDI remained strong into Q2 2024, with investment rising from $25 million in Q2 2023 to $114 million in Q2 2024.
A central component of the workforce development strategy is the 3 Million Technical Talent (3MTT) programme, launched in October 2023. It has already trained over 117,000 Nigerians—far surpassing its initial target of 30,000—with another 35,000 currently in training.
“We’re nearing 10% of the three million target. By the end of this administration, we aim to fully achieve it,” he said.
Dr. Tijani unveiled Project Bridge, a $2 billion infrastructure programme aimed at deploying 90,000 kilometres of fibre optic cable across Nigeria. The project is set to commence in Q4 2025 and is expected to provide high-quality, affordable connectivity to all Nigerians, regardless of location.
“Increasing connectivity hubs by just 10% could yield a 2.5% GDP growth,” he noted.
Nigeria is also making strides in artificial intelligence. The country now ranks among the top 60 countries globally for AI readiness and has developed a homegrown large language model.
The AI Collective platform, supported by global partners including Pierre Omidyar, Google, and Microsoft, was recently launched to drive collaboration in AI innovation.
The government also funded 55 academic research projects exploring AI applications in agriculture, healthcare, and education, and invested ₦300 million in 10 startups leveraging AI and blockchain to boost agricultural productivity.
To globalize Nigeria’s startup ecosystem, the ministry launched the Nigeria Startup House in San Francisco, with the goal of attracting $5 billion in startup funding through initiatives like the Startup Pact and Trade Desk, which connect local tech firms with international opportunities and government procurement.
Over 500 government technologists have been trained in AI and digital public infrastructure. The Digital Economy Bill has passed its first reading at the National Assembly.
7,000 telecom towers are set to be deployed to bridge rural connectivity gaps, with the goal of achieving 98% nationwide coverage. 12 states have adopted zero-rated Right-of-Way policies, enabling rapid infrastructure rollout. The National Broadband Plan targets 90% penetration by 2025, up from 48% in 2024.
Dr. Tijani projected that the digital economy’s contribution to Nigeria’s GDP could rise from 16% to 22%, adding:
“If a sector can increase its contribution by 3 to 4 per cent to the GDP, we’re about to see economic growth like never before. Technology allows us to bridge the gap between governments and the people.”
He concluded by reiterating the government’s long-term vision:
“We’re not chasing quick wins. These are long-lasting reforms designed to transform our economy for generations.”
