• Nigeria targets ICT sector to reach 21% of GDP by 2027

• Government launches fiber, skills, and regulatory initiatives to boost ICT

• Startups raised over $5 billion since 2019, data shows

Nigeria expects its information and communications technology (ICT) sector will account for 21% of its gross domestic product (GDP) by 2027, according to Communications, Innovation and Digital Economy Minister Bosun Tijani.

Speaking at the Gitex Nigeria Tech Expo & Future Economy Conference, Tijani said the ICT sector had become the nation's fastest-growing contributor to GDP. "The ICT sector, which I oversee, has become the fastest-growing contributor to our GDP, rising from less than 5 per cent a decade ago to 16–18 per cent today. By 2027, we aim for it to reach 21 per cent, and we’re on track to achieve that," he said.

To support this growth, the government is focusing on several major initiatives. These include the Project Bridge, which aims to install 90,000 km of fiber optic cable to connect all states and local government areas, and the 3MTT initiative, touted as the world's largest digital skills development program. Additionally, a new law, the National Digital Economy and New Governance Bill, is being drafted to regulate the sector and boost investor confidence.

Nigeria's startup ecosystem has been attracting billions of dollars for several years. According to data from Partech Africa, Nigerian startups raised $747 million in 2019, $307 million in 2020, $1.8 billion in 2021, $1.2 billion in 2022, $469 million in 2023, and $520 million in 2024.

If these projections hold, Nigeria would cement its status as a technology hub in Africa, with anticipated benefits in skilled employment, innovation, and international competitiveness. However, a clear regulatory framework, macroeconomic stability, and the ability to curb a brain drain of talent are among the conditions that will determine if the digital sector can truly supplant oil as the main engine of the national economy.

Adoni Conrad Quenum