May 20, (THEWILL) – The communications and digital economy sector attracted $191 million in foreign direct investment in Q1 2024, indicating a nine-fold increase from $22 million in Q1 2023, the Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, disclosed in a State House documentary on President Bola Tinubu’s second year anniversary.
A statement by Bayo Onanuga, the Special Adviser to the President on Information and Strategy, also revealed plans for a $2 billion initiative to deploy 90,000 kilometres of fibre optic infrastructure nationwide, beginning from the fourth quarter (Q4) of 2025.
Reeling out the achievements of his Ministry, Tijani said, “These foundational reforms, coupled with advancements in artificial intelligence and the startup ecosystem, have positioned Nigeria as a global leader in the digital economy.
“In Q1 2023, the sector had about $22m; by Q1 2024, with this administration well underway, we reached $191m. The trend continued in Q2, increasing from $25m in 2023 to $114m in 2024.”
He said the 3MTT programme launched in October 2023 to create a tech-savvy workforce, had trained over 117,000 Nigerians in digital skills, surpassing its initial target of 30,000.
“By last year, we had 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 three million.”
On connectivity, the minister pointed out that Project Bridge, focused on deploying 90,000 kilometres of fibre optic cable, will commence in the fourth quarter of 2025.
“We are preparing a $2 billion investment to ensure every Nigerian can access affordable, high-quality connectivity regardless of location. A 10% increase in connectivity hubs can contribute up to 2.5% growth in GDP”, he said.
The statement also highlighted the launch of the AI Collective platform, supported by leading partners such as Pierre Omidyar, Google, and Microsoft, all targeted at fostering collaboration and innovation in artificial intelligence.
Explaining the feat recorded in the 3 Million Technical Talent (3MTT) programme launched in October 2023 to build a skilled digital workforce, he said the programme had already trained over 117,000 Nigerians–far surpassing the initial 30,000 target–and currently has an additional 35,000 in training.
“With these numbers, we’re approaching 10% of our target. We remain focused on hitting the 3 million mark before the end of the administration”, Tijani said, as he highlighted Nigeria’s inclusion among the world’s top 60 countries for AI readiness, stating that the country was developing its own large language model (LLM).
“For the first time in the country, the ministry has funded 55 academic researchers to explore technology applications in agriculture, healthcare, and education. In addition, N300m was invested in 10 startups using AI and block chain to enhance agricultural productivity”, he said.
On the Nigeria Startup House in San Francisco, a $5 billion startup funding initiative, Tijani said: “Our goal is to attract $5 billion in investments for Nigerian startups, supported by the Startup Pact and Trade Desk initiatives, which will connect local tech firms to global opportunities and government procurement.”
He disclosed that over 500 government technologists have been trained in AI and Digital Public Infrastructure, and the groundbreaking Digital Economy Bill has passed its first reading in the National Assembly.
To bridge rural connectivity gaps, Tijani projected that 7,000 telecom towers would be deployed, targeting 98 percent nationwide coverage, adding that the Federal Executive Council had already approved the project.
On the Right-of-Way issues, he described it as a game-changer for the country, stating that 12 states in the federation had already adopted zero-rated Right-of-Way policies. These efforts, according to him, will support the National Broadband Plan’s goal of achieving 90% penetration by 2025, up from 48% in 2024.
While projecting the sector’s GDP contribution to rise from 16 percent to 22 percent, the minister said: “If a sector can increase its contribution by three to four percent to the GDP, we’re about to see the economic growth we’ve not seen before. Technology allows us to bridge the gap between governments and the people.
“The results we want to provide for Nigeria are long-lasting reforms that will transform our economy for generations to come. Technology allows us to break the gap between governments and the people.”
Felix Ifijeh is a journalist with years of professional reporting experience. Known for his keen news sense, compelling storytelling and commitment to accurate, impactful reporting, he has built a reputation for turning leads into clear, engaging, and well-structured reports that resonate with readers. His work reflects deep newsroom experience and a commitment to accurate, impactful journalism.
