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.