The Presidency on Monday announced a significant surge in foreign direct investment (FDI) in Nigeria’s Communications and Digital Economy sector, which reached $191 million in the first quarter of 2024—a ninefold increase from $22 million recorded in Q1 2023.
The Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, revealed this in an interview for an upcoming State House documentary commemorating President Bola Tinubu’s second year in office. His remarks were also highlighted in a statement signed by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, titled “Investment in Digital Economy Grows Ninefold, Rollout Of $2 Bn Fibre Optic Infrastructure Begins Q4.”
“In Q1 2023, the sector had about $22 million; by Q1 2024, with this administration well underway, we reached $191 million,” Tijani said. “The trend continued in Q2, increasing from $25 million in 2023 to $114 million in 2024.”
Tijani attributed the sector’s momentum to foundational reforms and robust workforce initiatives, including the 3 Million Technical Talent (3MTT) programme. Launched in October 2023, the programme has already 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,” he noted. “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.”
He also announced a major infrastructure project, Project Bridge, which aims to deploy 90,000 kilometres of fibre optic cables starting in Q4 2025.
“We are preparing a $2 billion investment to ensure every Nigerian can access affordable, high-quality connectivity regardless of location,” he said, adding that “increasing connectivity hubs by just 10 per cent could yield a 2.5 per cent GDP growth.”
Tijani celebrated Nigeria’s advancement in artificial intelligence, noting the country’s inclusion in the world’s top 60 nations for AI readiness and the development of a homegrown large language model. The ministry has also launched the AI Collective platform in partnership with Google, Microsoft, and philanthropist Pierre Omidyar to foster collaboration and innovation.
In a first for the country, the ministry has funded 55 academic researchers to explore AI and blockchain applications in sectors like agriculture, health, and education. Furthermore, N300 million has been invested in 10 startups leveraging these technologies to boost agricultural productivity.
Tijani also highlighted the Nigeria Startup House in San Francisco, a bold initiative aimed at attracting $5 billion in startup investments.
“Our goal is to attract $5 billion in investments for Nigerian startups,” he said. “This is being supported by the Startup Pact and Trade Desk initiatives, which will connect local tech firms to global opportunities and government procurement.”
Other milestones include the training of over 500 government technologists in AI and Digital Public Infrastructure, as well as progress on the Digital Economy Bill, which has passed its first reading in the National Assembly.
To bridge rural connectivity gaps, the Federal Executive Council has approved the deployment of 7,000 telecom towers to achieve 98 per cent national coverage. Tijani also described the adoption of zero-rated Right-of-Way policies by 12 states as a “game-changer,” which will support the National Broadband Plan’s goal of reaching 90 per cent penetration by 2025, up from 48 per cent in 2024.
Projecting the sector’s GDP contribution to rise from 16 per cent to 22 per cent, Tijani said: “If a sector can increase its contribution by three to four per cent 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.”
He concluded: “The government is not chasing quick wins. The results we want to provide for Nigeria are long-lasting reforms that will transform our economy for generations to come.”