National Digital Economy and e-Governance Bill to Boost ICT Sector’s Revenue to N18.3b by 2026.

11 Jul 2024

The Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, has projected significant growth for Nigeria’s digital economy sector, anticipating revenue of N18.3 billion by 2026. He made this announcement during an event in Abuja, organized by the Senate and House Committees on ICT and Cybersecurity.

Dr. Tijani highlighted the ICT sector's critical role in Nigeria’s GDP, contributing around 13 to 18%. In the last quarter of 2023, the sector alone accounted for 16.6%. The sector’s revenue has surged from N5.49 billion in 2019, largely due to Nigeria’s appeal as a top destination for foreign direct investment (FDI) in technology, with tech startups attracting about $2 billion in FDI last year.

The minister emphasized the digital economy’s potential to create jobs and boost productivity, catalyzing wider economic development. The National Digital Economy and e-Governance Bill is central to this growth, designed to establish a comprehensive legal framework for innovation and fair competition in the digital space.

Senator Shuaib Salisu, Chairman of the Senate Committee on ICT and Cybersecurity, stressed the bill’s importance, noting that ICT is foundational for other sectors. Hon. Stanley Olajide, Chairman of the House Committee on Digital and Information Communication Technology, added that the bill aims to develop digital literacy, skills, and cybersecurity, emphasizing stakeholder collaboration.

The Director-General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, through representative Emmanuel Edet, described the bill as essential for integrating digital technologies into daily life and governance.

The bill, set for release on July 23, 2024, comprises 16 parts with over 60 sections, covering electronic transactions, digital contracts, and consumer protection. The Ministry plans nationwide stakeholder engagement and technical workshops to refine the draft and ensure its applicability and relevance.

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