The Minister of Communications, Innovation, and Digital Economy, Dr Bosun Tijanil, said on Tuesday that the digital economy sector is expected to generate up to N18.3 billion for the nation by 2026.
The Minister stated this while speaking at a press briefing on the National Digital Economy and e-Governance Bill in Abuja, which was organised by the Senate Committee on Information and Communication Technology (ICT) and Cybersecurity and the House of Representatives Committee on Digital and Information Communication Technology, respectively.
While pointing out that the sector “is the backbone for any economy today and is a prerequisite for any prosperous nation,” he disclosed that the bill was long overdue to properly and fully harness the potential of the sector in the country.
According to him, “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 per cent of GDP. In Q4 2023, the sector contributed about 16.6 per cent of GDP.
“The digital economy recorded about N5.49 billion in revenue in 2019. This sector is projected to generate up to N18.3 billion by 2026.
“Nigeria is one of the top two destinations for foreign direct investment in 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 with today is a bill that will accelerate 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, will also be the first bill to 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 an enabling environment for fair competition to promote innovation, growth, and competitiveness in the Nigerian economy,” he said.
In his submission, the Chairman of the Senate Committee on ICT and Cybersecurity, Senator Shuaib Afolabi Salisu (Ogun-APC), explained that the bill was crucial and very important to the growth of the nation’s economy as it was the first attempt to put in place omnibus legislation to cater to online activities in the country.
He said it would revolutionise the economy and also unleash the full potential of the ICT sector.
According to him, “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 of the 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,” he said.
He urged Nigerians to hold them accountable for the bill.
Also speaking on the importance of the bill, the Chairman of the House Committee on Digital and Information Communication Technology, Hon. Stanley Olajide, Oyo-PDP, said that the bill was crucial legislation that has the potential to transform the nation’s digital economy and position it for sustainable development in Nigeria.
According to him, “The bill that has undergone its 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, enhance cyber security, and encourage innovation and entrepreneurship. It has the potential to unlock Nigeria’s digital potential and improve the lives of Nigerians.”
The Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, also said the essence was to serve as an enabler to ensure that they were able to achieve the goals designed for Nigeria, especially under the present government.
Represented by an acting director, Emmanuel Edem, 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 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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