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Nigeria’s Digital Economy Sector To Generate N18.3bn By 2026 – Minister

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…as NASS say national digital economy bill will revolutionise Nigeria
 
By Gloria Ikibah 
 
Nigeria’s digital economy sector is estimated to generate about N18.3 billion by 2026, this is as stated by the Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani.
 
The Minister revealed this at a press briefing on the National Digital Economy and e-Governance Bill organised by the Senate Committee on Information, Communication Technology (ICT) and Cybersecurity and House of Representatives Committee on Digital and Information Communication Technology.
 
According to him, the bill was long overdue to properly and fully harness the potential of the sector in the country, especially as the sector is the backbone for any economy and a prerequisite for any prosperous nation. 
 
He said, “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, 
 
“It will create jobs. The sector is extremely special and unique because of its capacity to unlock opportunities and raise productivity in every sector. If the digital economy is strong, it will catalyse development in every other sector.
 
“The bill we are here today is a bill that will accelerate the progress in our digital economy. There is no clear legislation that is pushing competition and ensuring development in that digital space.
 
“Today this bill which we are here to support, our hope is also that it will also be the first bill that would travel across the entire country. We have to ensure we take it to every state. It’s an important bill for all Nigerians and we want to give them the opportunity to give us feedback.
 
“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 ministeradded.
 
Chairman of Senate Committee on ICT and Cybersecurity, Senator Shuaib Afolabi Salisu, said the Bill is important as it is the first attempt to put an omnibus legislation to cater to online activities.
 
This he said would revolutionise the economy and also unleash the full potential of the ICT sector. 
 
“ICT is not just a sector like other sectors. It is a sector that without it other sectors cannot function. This Bill was introduced in the senate less than a week ago. We are engaging the media first because the media is critical to the success bill.
 
“We don’t want this bill to be misunderstood. We want you to have an understanding of what this Bill seeks to do. This Bill is not about levies, it’s not about commission but creating an environment for the digital economy to thrive and we cannot do that without the partnership of the media”, Senator Salisu said.
 
He therefore called on Nigerians to hold them accountable for the bill.
 
Chairman, House Committee on Digital and ICT, Rep. Stanley Olajide, said it is a crucial legislation thst has the potential to transform the Nigeria’s digital economy and position it for sustainable development.
 
“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”, he stated.
 
Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, representated by Ag. Director, Emmanuel Edet,  explained that the essence of the bill is to serve as an enabler to ensure that they are able to achieve the goals designed for Nigeria especially under the present government.
 
He said, “It is to enhance the use of the digital economy in the entire country, especially in government as well as in the private sector. As you may understand, the ecosystem is growing and there is a need for us to harness the potential of this ecosystem in order for us to develop our economic desires based on the advantages we have in terms of population, capacity and other facilities that are available. The Bill basically tries to ensure that digital technologies are accommodated in our day to day lives and experiences.”
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INEC announces date, activities for FCT Area Councils election

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The Independent National Electoral Commission has stated that the federal capital territory area council elections will be held on February 21, 2026.

The INEC chairman, Mahmood Yakubu, stated this on Wednesday during a consultative meeting with political parties in Abuja.

According to Yakubu, the last area council election in the FCT was held on February 12, 2022, adding that the tenure of the current chairmen and councillors will end next year.

“Consequently, the commission has approved that the 2026 area council election in FCT will be held on Saturday 21st February 2026.

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“Voting will take place in all the designated Polling Units across the 68 constituencies to elect the six Area Council Chairmen and 62 Councilors.

“In compliance with the mandatory legal requirements, the notice for the election will be published next month i.e. 26th February 2025. Party primaries will be held from 9th – 30th June 2025. The candidate nomination portal will open from 9.00am on 21st July 2025 to 6.00pm on 11th August 2025,” he said.

Yakubu said the final list of candidates will be published on September 22, 2025, adding that campaigns will commence on September 24 and end at midnight on February 19, 2026.

“The detailed timetable and schedule of activities for the election as well as the list of constituencies and type of elections in the FCT will be uploaded to our website before the end of this meeting.

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“Hard copies of the two documents have been included in your folders for this meeting. For your guidance, we are also including the hard copies of the regulation and guidelines for political parties 2022 in your folders while the softcopy is already available from our website www.inecnigeria.org.

“In due course, the commission will come up with plans for other routine activities such as the resumption of nationwide Continuous Voter registration and the conduct of outstanding bye-elections,” he added.

The INEC chairman said regarding the Anambra State governorship election to be held on November 8, 2025, the next activity is the conduct of primaries by political parties.

“May I remind leaders of political parties that primaries for the nomination of candidates for the Anambra State Governorship election begin in the next two months, that is, 20th March to 10th April 2025.

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“You may similarly recall that at our last regular meeting, we agreed that you would forward your schedule of activities for the election to the commission to enable us to work together and plan better for the deployment of personnel and resources for the monitoring of your party primaries and campaign activities, to avoid the last-minute rush with the attendant inability to meet deadlines and unnecessarily dissipate our energy and lean resources.

“So far, only a few parties are in compliance. I urge those that have not done so to submit the details by the end of this week,” he said.

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$30,000: EFCC on trail of officer who allegedly looted exhibit room in Kaduna

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Unidentified EFCC Operative Takes Own life

The Economic and Financial Crimes Commission (EFCC) is on the trail of one of its staff who allegedly disappeared due to his inability to explain the whereabouts of over $30,000 from exhibit room in Kaduna.

Although the leadership of the commission, including Mr Ola Olukoyede and the Head of the Media and Publicity, Mr Dele Oyewale, were yet-to comment on the development, a source said the commission was determined to get to the bottom of the issue.

An online news platform raised the red flag on Tuesday night that EFCC was enmeshed in another internal scandal as an officer in charge of Kaduna Zonal Office’s exhibit room, identified as Polycarp, allegedly absconded with over $30,000 and other valuable exhibits in his custody.

This development is seen as counterproductive for an anti-corruption agency like EFCC, especially with its recent demonstration of zero tolerance for indiscipline within the commission.

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In recent times, the commission had dismissed 27 staff who were investigated and confirmed to have been involved in similar scandalous acts as the commission’s officials.

The commission had also detained 10 staff for similar offences while other investigations are ongoing in its zonal offices across the country.

The online news platform revealed that the Zonal Director of EFCC, Benedict Ubi, had a couple of weeks ago ordered an audit of the directorate’s exhibit room following the internal heist that occurred in Lagos, which led to the disappearance of the said staff.

“Immediately after the order for the audit was given, he took an excuse to ease himself. Efforts were made to contact him but all his telephone lines were switched off.

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“This is only what the preliminary audit on foreign currency shows. There are chances that more could be uncovered after a thorough audit of the exhibit room”, the platform quoted its source.

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NASS queries minister for allocating over 70% projects to Edo

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Members of the Joint Senate and House of Representatives Committee on Regional Development were forced to go into a closed-door session on Tuesday over alleged lopsidedness in the Ministry of Regional Development’s budget.

The lawmakers queried the Minister of Regional Development, Abubakar Momoh, for alleged lopsidedness in the Ministry’s budget, indicating that 70 per cent of projects in the ministry were allocated to Edo State.

The Minister was queried when he appeared before the Committee alongside the Minister of State, Uba Maigari, to defend the 2024 budget performance and the 2025 proposal.

The lawmakers noted that the Ministry’s budget favoured Edo State over other states that were supposed to have benefitted from its projects.

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The Ministry was also queried for nonadherence to the federal character principle in situating projects of the defunct Ministry of Niger Delta.

According to them, 70 percent of the Ministry’s projects for 2024 were domiciled in Edo state.

The lawmakers said this should not be so as the Ministry is expected to cover the interest of the entire Niger Delta region.

A member of the House of Representatives, Hon Matthew Nwogu questioned the minister on why 70 percent of the projects for 2024 were located in Edo State.

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Nwogu said, “Mr Minister, tell us why most of these 2024 budgets (projects) are situated in Edo State?”

The lawmaker wondered why other states under the Ministry were excluded while the bulk of the projects went to Edo State.

Another member of the Committee, Rep Chinedu Ogar, also asked the Minister to explain to the committee on why 70 percent of the 2025 proposed projects of the ministry are also located in Edo State.

“Honorable Minister, I am happy that you are a product of the National Assembly. My constituents are not happy with this your budget because it negates the constitutional principle of federal character. About 70 percent of your projects are located in Edo state. Why?” Ogar questioned.

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Chairman, House Committee on Regional Development, Eugene Okechukwu, urged the questions to be discussed in an executive session. The committee thereafter dissolved into an executive session to interface with the minister on the matter.

Earlier, while presenting the 2024 budget performance, the Minister had told the members that out of the N20 billion allocated to the Ministry in 2024 for capital budget, N2 billion was provided for zonal intervention in the Ministry’s budget by the House Leader, Prof Julius Ihonvbere, who is from Edo State.

The Minister told the Committee that the Ministry’s total budget proposal for 2025 was N28.9 billion comprising N24 billion for capital projects; N2.7 billion for personnel cost and N1.6 billion for recurrent.

He said of the amount, a total sum of N2 billion was reserved as a zonal intervention project for the Leader of the House of Representatives.

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The Minister lamented that the amount earmarked for the Ministry of Regional Development to address the development needs of the five regional development commissions is inadequate.

He appealed to the joint committee to increase the budget of the ministry to enable it to address the development issues of the regions through the commissions.

The minister lamented that due to inadequate budgetary allocation, the ministry had been facing the challenges of a litany of abandoned and uncompleted projects; delay in project completion and poor performance.

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