Bosun Tijani: Strong digital economy will unlock opportunities in all sectors

Bosun Tijani, minister of communications, innovation, and digital economy, says a strong digital economy will catalyse development in other sectors.

Tijani spoke on Tuesday while addressing members of the senate committee on information and communication technology and cybersecurity and the house of representatives committee on digital and ICT on a bill for a national digital economy and e-governance.

Tijani said the digital economy is central to the development of other sectors, adding that it is projected to generate up to N18.3 billion by 2026.

“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 percent of GDP. In Q4 2023, the sector contributed about 16.6 percent of GDP,” the minister said.

“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.

“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 minister said the bill will accelerate the progress of the nation’s digital economy, noting that there is no clear legislation that is pushing competition and ensuring development in that sector.

“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,” Tijani said.

“It will create the enabling environment for fair competition to promote innovation, growth, and competitiveness in the Nigerian economy.”

Shuaib Salisu, chairman of the senate committee on ICT and cybersecurity, said the bill would “revolutionise the economy and also unleash the full potential of the ICT sector”.

“ICT is not just a sector like other sectors. It is a sector that, without it, other sectors cannot function,” Salisu said.

“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 is not about commission; it is about creating an environment for the digital economy to thrive, and we cannot do that without the partnership of the media.”

On his part, Stanley Olajide, chairman of the house committee on digital and ICT, said the bill seeks to establish a regulatory framework for the digital economy.

Olajide added that the bill is also to promote digital literacy and skills development, and enhance cyber security, innovation, and entrepreneurship.