Investment in digital economy grows ninefold, rollout of $2bn fibre optic infrastructure begins Q4 – Bosun Tijani

Tijani

By JAMIU JAMODU

Nigeria’s Communications and Digital Economy sector has witnessed massive growth under President Bola Ahmed Tinubu, attracting $191 million in foreign direct investment (FDI) in Q1 2024—a ninefold increase from $22 million in Q1 2023.

The Minister of Communications, Innovation, and Digital Economy, Dr Bosun Tijani, disclosed this during an interview for an upcoming State House documentary marking President Tinubu’s second anniversary.

Dr Tijani highlighted the sector’s robust workforce development, driven by the 3 Million Technical Talent (3MTT) programme, and revealed plans for a $2 billion initiative to deploy 90,000 kilometres of fibre optic infrastructure nationwide, starting in Q4 2025.

“These foundational reforms, coupled with advancements in artificial intelligence (AI) and the startup ecosystem, have positioned Nigeria as a global leader in the digital economy”, Tijani stated.

Comparing FDI inflows, he said: “In Q1 2023, the sector had about $22 million; by Q1 2024, with this administration well underway, we reached $191 million. The trend continued in Q2, increasing from $25 million in 2023 to $114 million in 2024.”

According to the Minister, the 3MTT programme, launched in October 2023 to create a tech-savvy workforce, has already trained over 117,000 Nigerians in digital skills, surpassing its initial target of 30,000.

“By last year, we already moved that to over 117,000. With an additional 35,000 in training, the programme is nearing 10% of its 3 million goal. And in the rest of the time in office, we hope to reach the 3 million,” he said.