The Director General, National Information Technology Development Agency, NITDA, Kashifu Inuwa, has projected that by 2030, Nigeria’s digital start-ups will generate up to $36billion, while African internet economy would be worth $180 billion.
Mr Inuwa stated this while speaking at the African Investment Forum session during the ongoing Gulf Information Technology Exhibition, GITEX 2020, in Dubai, United Arab Emirate, UAE.
According to Mr Inuwa, Africa has unique opportunities to benefit from the new normal created by the COVID 19 pandemic, saying that the changes precipitated by the pandemic means that all activities would be powered by technology.
Mr Abdullahi said the commitment by African leaders to create the world’s largest free trade zones would translate the continent into the single largest market for digital economy.
Also speaking, the Minister of Communications and Digital Economy, Dr Isa Ali-Pantami, who led the Nigeria delegation to the Forum said the country has all it takes in terms of population, human and material resources as well as its centrality to the African countries and the global community to drive digital growth and investments in the continent.
Mr Pantami described as apt the theme of the Forum: “Nigeria and Africa Business Focus: Start Up Entrepreneurship and Digital Economy “, asserting that the agenda of the present administration was aimed at using digital technology to transform the economy in all sectors.
He said his ministry and all the agencies under it have been given targets in ensuring that the vision of President Muhammadu Buhari is translated into concrete reality especially in the areas of jobs creation, poverty eradication and wealth creation.
In his part, the Chairman of the Senate Committee on Communications and Digital Economy, Oluremi Tinubu, assured potential investors that legislations that would create enabling environment and safety of investments would be put in place.
According to her, experts agreed that Africa would be the destination for investments in digital solutions and platforms in the next decades.
Mrs Tinubu, who is the senator representing Lagos Central senatorial district, said the country would welcome investors and encourage them with legislative instruments that would promote their businesses and, at the same time, create economic opportunities for the country.
She spoke against the backdrop of submissions by telecommunications experts, stakeholders and entrepreneurs that African digital economy would grow exponentially in the next decades due to its huge population and adoption of digital platforms by its youth population.
It was projected that by 2025 African Digital Economy would be at the level of 712 billion dollars, while African youths would take the centre stage in start-ups and digital platforms due to their vibrant adoption of digital technology.
Others who spoke in the same vain are Eric Osiakwan, Managing Partner, Chanzo Capital, Lanre Ayoola, Group Chairman of Tranter IT, Jawad Abbassi, Head of MENA, GSMA and the Managing Director of Galaxy Backbone, Prof Abubakar Bello.