Nigeria’s GDP growth decelerated in 2022 amid global headwinds, including elevated commodity prices and soaring inflation resulting from Russia’s invasion of Ukraine. The IMF’s GDP growth projection of 3.2% for 2023 is in recognition of the measures Nigeria has undertaken to boost oil production. Nevertheless, the country’s medium-term economic plan, the National Development Plan (NDP) 202
Russia’s invasion of Ukraine in early 2022 has caused disruptions across the global economy, from food to energy, and prompted an increase in the number and sophistication of cyberattacks – exacerbating similar impacts from the Covid-19 pandemic. According to a poll of 800 chief audit executives conducted by the UK-based Chartered Institute of Internal Auditors, 77% of respondents thought the…
While the first tech start-ups in Nigeria emerged in the early 2000s, the ecosystem truly began to develop in the years from 2012. Financial technology (fintech), e-commerce and retail technology enter-prises dominate the current start-up landscape; however, the ecosystem has expanded to encompass key areas of the national economy including recruitment, mobility and logistics, agri-tech and entertainment. Nigeria,…
A strong ICT ecosystem provides the foundation for an efficient modern economy, significantly enhancing business procedures, public services and job creation. With this in mind, Nigeria’s government is following a long-term development blueprint with the aim of harnessing digital technological capabilities to diversify the economy and reduce dependence on hydrocarbons revenue. Sector-specific strategies…
What steps must be taken to implement Nigeria’s National Digital Economy Policy and Strategy? INUWA: The National Digital Economy Policy and Strategy (NDEPS) outlines eight pillars to facilitate the digitisation of the economy. This comports with former President Muhammadu Buhari’s vision to diversify Nige-ria’s economy away from its dependence on oil and gas. To fulfil the NDEPS’ goals,…
In your view, how feasible is the central bank’s financial inclusion target for 2024? AKANMU: In 2020 the financial inclusion rate was 64%, which the Central Bank of Nigeria (CBN) can feasibly grow to 80-90% by leveraging the expanding range of financial technology services. However, roughly 50% of the population holds a formal bank account, whereas informal financial services largely service…
With a population of close to 220m and an internet penetration rate of 51% at the beginning of 2022, Nigeria’s large ICT consumer market offers room for growth, making it an enticing prospect for local and international investors, particularly with the population forecast to reach 377m by 2050. Inadequate policy implementation has long prevented the sector from reaching its potential, but the government’s…
Regtech Africa Conference is the premier Conference on Regulatory Services Innovation and Excellence with focus on Africa. It provides the platform for regulators, regulated and key industry stakeholders to engage, collaborate and share knowledge around new technologies and practices that support better regulations. The annual event connects hundreds of executives, thought leaders and decision…
Nigeria is the biggest economy in Africa, with GDP of $432.3bn in 2020, according to the World Bank, and home to one of the largest proven oil reserves on the continent. The country has developed an investment-friendly business climate over two decades of civilian rule and in the nearly 60 years since independence, boosted by its oil and gas wealth, and the entrepreneurial spirit of its young popu
While the Covid-19 pandemic rapidly accelerated a worldwide trend of digital transformation, inadequate infrastructure has hampered the shift in many emerging economies, limiting their capacity to fully capitalise on the opportunities stemming from the disruption. As such, it is necessary for public and private actors to collaborate on closing the gap, as high-quality ICT infrastructure is key to enhancing…
