Nigeria's communications and digital economy sector is experiencing a significant boom, attracting a staggering $191 million in Foreign Direct Investment (FDI) in the first quarter of 2024. This marks a remarkable ninefold increase from the $22 million recorded in Q1 2023, signaling growing investor confidence under the current administration.

The impressive figures were disclosed by the Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, during an interview for an upcoming State House documentary commemorating President Tinubu’s second anniversary in office. The Special Adviser on Information and Strategy to the President, Bayo Onanuga, further detailed these developments.

Minister Tijani highlighted several key initiatives driving this growth, including the ambitious 3 Million Technical Talent (3MTT) program aimed at developing a skilled tech workforce. He also unveiled plans for a monumental $2 billion initiative to deploy 90,000 kilometers of fiber optic infrastructure nationwide, with commencement slated for the fourth quarter of 2025.

"These foundational reforms, coupled with advancements in artificial intelligence and the startup ecosystem, have positioned Nigeria as a global leader in the digital economy," Tijani stated, emphasizing the strategic direction of the sector.

Comparing FDI inflows, the Minister underscored the significant leap: “In Q1 2023, the sector had about $22 million; by Q1 2024, with this administration well underway, we reached $191 million. The trend continued in Q2, increasing from $25 million in 2023 to $114 million in 2024.”

The 3MTT program, launched in October 2023 with an initial target of training 30,000 Nigerians in digital skills, has already surpassed expectations, training over 117,000 individuals. "By last year, we had already moved that to over 117,000. With an additional 35,000 in training, the program is nearing 10% of its 3 million goal. And in the rest of the time in office, we hope to reach the three million,” Tijani confirmed.

In a move set to revolutionize connectivity across the nation, Tijani announced that "Project Bridge," the initiative to deploy 90,000 kilometers of fiber optic cable, will kick off in Q4 2025. "We are preparing a $2 billion investment to ensure every Nigerian can access affordable, high-quality connectivity regardless of location. Increasing connectivity hubs by just 10 percent could yield a 2.5 percent GDP growth,” he projected.

Nigeria's strides in artificial intelligence were also celebrated by the Minister, noting the country's ranking among the world's top 60 for AI readiness and the development of a homegrown large language model. He further highlighted the launch of the AI Collective platform, backed by key partners including Pierre Omidyar, Google, and Microsoft, fostering a collaborative environment for AI innovation.

In a first for the country, the ministry has provided funding to 55 academic researchers exploring technology applications in critical sectors such as agriculture, healthcare, and education. Additionally, N300 million was invested in 10 startups leveraging AI and blockchain to boost agricultural productivity.

Addressing the "Nigeria Startup House" in San Francisco, an initiative aimed at attracting significant startup funding, Tijani outlined ambitious targets: “Our goal is to attract $5 billion in investments for Nigerian startups, supported by the Startup Pact and Trade Desk initiatives, which will connect local tech firms to global opportunities and government procurement.”

The Minister also revealed that over 500 government technologists have received training in AI and Digital Public Infrastructure, and a groundbreaking Digital Economy Bill has successfully passed its first reading in the National Assembly, setting the stage for further legislative support.

To bridge rural connectivity gaps, Tijani projected the deployment of 7,000 telecom towers, targeting 98 percent nationwide coverage, a project already approved by the Federal Executive Council. He lauded the progress on Right-of-Way issues as a "game-changer," noting that 12 states have now adopted zero-rated Right-of-Way policies.

These concerted efforts, according to Tijani, will significantly contribute to the National Broadband Plan’s goal of achieving 90% penetration by 2025, a substantial leap from the current 48% in 2024. He optimistically projected the sector’s GDP contribution to rise from 16 percent to 22 percent, stating, “If a sector can increase its contribution by three to four percent 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.”

Emphasizing a long-term vision, Tijani concluded, “The results we want to provide for Nigeria are long-lasting reforms that will transform our economy for generations to come.”