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

Published

6 months ago

July 10, 2024

Gloria Ikibah

…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.”

News

Just in: Tinubu exposes those behind deadly stampedes

Published

4 hours ago

December 23, 2024

Austin Ojomah

President Bola Tinubu has accused organisers for the deadly stampedes that occurred during the distribution of relief materials in three states.

Recall in the past week, chaotic scenes in Ibadan, Anambra and Abuja led to the deaths of over 60 people, including children, as crowds scrambled for food items.

During a Presidential Media Chat on Monday, Tinubu described the events as a critical failure in planning and execution.

Condolences to those who lost a family member, but it is good to give. I have been giving out food stuff, commodities, etc. in Bourdillon.

“I am an organized person and that’s why I have been giving people food for the past 25 years and no incident has happened.

“Let this tragedy not affect us”, the Nigerian leader said.

The president also said he has no plans to reduce his cabinet or sack more ministers.

For the controversial tax reform bills, he said it has come to stay.

He also revealed he has no regrets removing fuel subsidy.

He declared utmost confidence in his security chiefs saying over the past decades, wanton killings has reduced drastically.

News

Tinubu To Hold Maiden Presidential Media Chat Tonight

Published

7 hours ago

December 23, 2024

Naijablitznews

President Bola Tinubu will hold first presidential chat since assuming office on Monday night.

Accoding to a statement released by presidential spokesperson, Bayo Onanuga, the chat will be broadcast at 9 p.m. on the stations of Nigerian Television Authority (NTA) and Federal Radio Corporation of Nigeria (FRCN).

All television and radio stations are requested to hook up to the broadcast.

“The first Presidential Media Chat with President Bola Ahmed Tinubu will be broadcast at 9 p.m. on Monday, December 23, on the Nigerian Television Authority and Federal Radio Corporation of Nigeria.

“All television and radio stations are requested to hook up to the broadcast,” the statement.

News

‘Putin waiting to meet me as soon as possible’ to end Ukraine war – Trump

Published

8 hours ago

December 23, 2024

Naijablitznews

The US President-elect took to the stage AmFest in Phoenix to talk about his contact with the Russian leader.

He told the crowd: “President Putin has said he want to meet with me as soon as possible.”

Trump went on to brand the war “horrible” and stated it needed to end. It is not known whether or not this meeting will take place in person. His comments at the event in the US come as Putin met with another world leader.

Putin held talks in the Kremlin today (December 22) with Slovakia’s prime minister, Robert Fico, in a rare visit to Moscow by an EU leader since Russia’s all-out invasion of Ukraine in February 2022.

Fico arrived in Russia on a “working visit” and met with Putin one-on-one. Kremlin spokesman Dmitry Peskov told Russia’s RIA agency that the talks would focus on “the international situation” and Russian natural gas deliveries.

Visits and phone calls from European leaders to Putin have been rare since Moscow sent troops into Ukraine, although Hungary’s PM Viktor Orban visited Russia in July. Orban’s visit drew condemnation from Kyiv and European leaders.Fico’s views on Russia’s war on Ukraine differ sharply from most other European leaders. The Slovakian PM returned to power last year after his leftist party Smer (Direction) won parliamentary elections on a pro-Russia and anti-American platform. Since then, he has ended his country’s military aid for Ukraine, hit out at EU sanctions on Russia, and vowed to block Ukraine from joining NATO.