Bosun Tijani: A strong digital economy will open up opportunities in all sectors

Bosun Tijani, Minister of Communications, Innovation and Digital Economy, says a strong digital economy will catalyze development in other sectorsS

Tijani spoke on Tuesday before members of the Senate Committee on Information and Communication Technology and Cybersecurity and the House of Representatives Committee on Digital Affairs and ICT on the draft law on the national digital economy and e-government.

Tijani said the digital economy was crucial to the development of other sectors, adding that it was estimated to generate up to N18.3 billion by 2026.

“Those who are following the growth and trajectory of our economy in Nigeria should probably know that the ICT sector contributes about 13 to 18 percent to the GDP. In the fourth quarter of 2023, the sector contributed about 16.6 percent to the GDP,” the minister said.

“The digital economy recorded about N5.49 billion in revenue in 2019. The sector is projected to generate up to N18.3 billion by 2026.

“This sector is extremely unique and unrepeatable for its ability to open up opportunities and increase productivity in every sector.

“If the digital economy is strong, it will be a catalyst for growth in every other sector.”

The minister said the law would accelerate the development of the country’s digital economy, noting that there are no clear regulations that would stimulate competition and ensure development in this sector.

“The Act will support the growth and transformation of the Nigerian economy through the application and exploitation of the digital economy in all aspects of life in Nigeria,” Tijani said.

“This will create an environment conducive to fair competition, which will translate into increased innovation, growth and competitiveness of the Nigerian economy.”

Shuaib Salisu, chairman of the Senate ICT and Cybersecurity Committee, said the bill would “revolutionize the economy and unleash the full potential of the ICT sector.”

“ICT is not just a sector like any other sector. It is a sector without which any other sector cannot function,” Salisu said.

“This bill was introduced to the Senate less than a week ago. We are engaging the media first because the media is critical to the success of this bill.

“We do not want this bill to be misunderstood. We want you to understand what this bill is about.

“This bill is not about taxes or commissions; it is about creating an environment in which the digital economy can thrive, and we cannot do that without working with the media.”

On his part, Stanley Olajide, chairman of the House Committee on Digital and ICT, said the bill aims to establish a regulatory framework for the digital economy.

Olajide added that the bill is also intended to promote the development of digital competences and skills and strengthen cybersecurity, innovation and entrepreneurship.