ICT
From The Report: Nigeria 2023
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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 willingness to enter into public-private partnerships is a reason for optimism. Moving forwards, the burgeoning, responsive financial technology space and wider start-up ecosystem are bright spots for the domestic economy. Greater public-private cohesion in those areas would give the government an opportunity to collaborate with the country’s most innovative minds to develop effective solutions to macro and socio-economic challenges.

This chapter contains interviews with Kashifu Inuwa, Director-General and CEO, National Information Technology Development Agency; and Olu Akanmu, President and Co-CEO, OPay Nigeria.

Articles from this Chapter

Overview

Direct connection: Enhanced connectivity and a burgeoning start-up ecosystem are driving improvements in digital services and human capital
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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 and roadmaps are designed to boost ICT infrastructure. The telecommunications segment is key…

Interview

Streamlined growth: Kashifu Inuwa, Director-General and CEO, National Information Technology Development Agency (NITDA), on the necessary steps for digitising the country’s economy
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Interview:Kashifu Inuwa What steps must be taken to implement Nigeria’s National Digital Economy Policy and Strategy? KASHIFU 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 Nigeria’s economy away from its dependence on oil and gas. To fulfil the NDEPS’ goals, the NITDA developed its Strategic Roadmap and Action Plan 2021-24,…

Interview

The way ahead: Olu Akanmu, President and Co-CEO, OP ay Nigeria, on improving financial inclusion and optimising value-added services
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Interview:Olu Akanmu In your view, how feasible is the central bank’s financial inclusion target for 2024? OLU 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 the 64% figure cited. This represents an enormous opportunity to double…

Analysis

Innovation destination: The domestic start-up ecosystem continues to attract investment as public-private partnerships seek to improve capacity
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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 enterprises 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, and in particular the largest city Lagos, is the primary hub for African start-up activity.…

Analysis

Heightened concern: Governments work to counter a global rise in cyberthreats stemming from digitalisation and the shift to remote work
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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 war had elevated cybersecurity and data-security risks. Senior cybersecurity analysts have said that…