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FG projects N18.3bn from Digital Economy by 2026 

 
The federal government of Nigeria has disclosed that it has a projection of about N18.3 billion to be generated through the Digital Economy by 2026.
 
The Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani stated this, Tuesday during a press briefing on the National Digital Economy and e-Governance Bill currently being considered by the Natiomal Assembly.
 
At the event jointly organised by the Senate Committee on Information and Communication Technology (ICT) and Cybersecurity, and the House of Representatives Committee on Digital and Information Communication Technology, the Minister said the sector is the backbone for any economy today, adding that it was long overdue to properly and fully harness the potentials of the sector in the country.
 
“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 digital economy recorded about N5.49 billion in revenue in 2019….This sector is being projected to generate up to N18.3 billion by 2026. Nigeria is one of the top two destinations for capital foreign direct investment to technology staff in Africa. Last year we recorded about 2 billion dollars in FDI to tech startups, 
 
“It will create jobs. 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 bill we are here today is a bill that will accelerate the progress in our digital economy. There is no clear legislation that is pushing competition and ensuring development in that digital space.
 
Chairman of the Senate Committee on ICT and Cybersecurity, Senator Shuaib Afolabi Salisu, said the Bill is important as it is the first attempt to put an omnibus legislation to cater to online activities. “ICT is not just a sector like other sectors. It is a sector that without it other sectors cannot function.
 
“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’s not about commission but creating an environment for the digital economy to thrive and we cannot do that without the partnership of the media,” he said.
 
Chairman of the House Committee on Digital and Information Communication Technology, Stanley Olajide, said it is crucial legislation that has the potential to transform the nation’s digital economy and position it for sustainable development in Nigeria.
 
 “The bill which has undergone first reading in the National Assembly aims to provide a legal framework for the development and regulation of our digital economy,” he added.