ICT
From The Report: Nigeria 2022
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Nigeria is one of Africa’s largest ICT markets in terms of its share of telecoms subscribers and internet users, and this sector is set to grow in 2021, even as other areas of the economy remain constrained by the pandemic. ICT is being prioritised as part of the country’s longer-term goal of developing a digital economy supported by its large, youthful population. Indeed, the government has made progress on removing several barriers faced by telecoms providers and created opportunities for the private sector as it works to boost broadband penetration across the country. In addition to improving the ecosystem for entrepreneurs, infrastructure development and the future deployment of 5G will be crucial to Nigeria reaching its goal of fostering a digital economy.

This chapter contains interviews with Isa Ali Ibrahim Pantami, Minister of Communications and Digital Economy; and Olugbenga Agboola, Co-founder and CEO of Flutterwave.

Articles from this Chapter

Overview

Digital drive: Focus on regulatory reform and infrastructure development to enhance access to mobile and fixed internet
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Nigeria is one of Africa’s largest ICT markets in terms of its share of telecoms subscribers and internet users, according to the US International Trade Administration. The ICT sector is a critical driver of non-oil growth and a significant contributor to the country’s GDP. Furthermore, it is an enabler for digitalisation and the development of other key sectors such as health care, education, agriculture and manufacturing. The government has prioritised the expansion of ICT through dedicated…

Interview

Digital future: Isa Ali Ibrahim Pantami, Minister of Communications and Digital Economy, on leveraging technology and investment
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Interview:Isa Ali Ibrahim Pantami In what ways did the Covid-19 pandemic affect Nigeria’s ICT sector and digitalisation efforts? ISA ALI IBRAHIM PANTAMI: In recent years the government has prioritised achieving an indigenous digital economy. In 2019 President Muhammadu Buhari renamed the Ministry of Communication Technology to the Federal Ministry of Communications and Digital Economy, highlighting the importance of technology in economic growth. In November of that year the government…

Interview

Innovative solutions: Olugbenga Agboola, Co-founder and CEO, Flutterwave, on consumers’ shift towards digital tools
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Interview: Olugbenga Agboola In what ways has internet connectivity in Nigeria impacted the payments industry and the adoption of cashless payment options? OLUGBENGA AGBOOLA: Internet penetration in Nigeria is growing at a high rate. In 2020 Nigeria had 99.1m internet users, and this figure is projected to grow to 131.7m by 2023. Internet connectivity in Africa and Nigeria specifically is growing at a rapid rate, and the payments industry has a lot to gain from this. The industry depends on the…

Analysis

Tech support: Local start-ups work to promote financial inclusion and serve the large unbanked population
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Financial technology (fintech) has been gaining momentum in Nigeria as start-ups look to create innovative solutions to fill socio-economic gaps such as exclusion from the formal banking system. An estimated 56% of Nigerian adults are unbanked and 36.8% do not have access to financial services. The country’s more than 200 fintech firms – which account for over half of all start-ups – aim to close this gap. Segments The focus of Nigerian fintech companies is primarily on payment and lending,…

Analysis

Closing the gap: Public and private efforts to strengthen digital infrastructure in emerging economies are expected to bridge disparities in access
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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 economic growth. This is especially notable as each additional 10% of internet penetration…