By Busola Bamidele
Nigeria's communications and digital economy sector attracted $191 million in foreign direct investment (FDI) in Q1 2024, marking a massive jump from $22 million in Q1 2023. This was revealed by the Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijjani, during an interview for a State House documentary celebrating President Bola Ahmed Tinubu's second year in office.
According to Dr. Tijjani, the surge in investment is driven by foundational reforms and deliberate efforts to position Nigeria as a global tech hub. He disclosed that the ministry is working on a $2 billion initiative to deploy 90,000 kilometres of fibre optic infrastructure across the country, starting in the last quarter of 2025.
The Minister also highlighted workforce development as a core pillar of growth, citing the success of the 3 Million Technical Talent (3MTT) programme, which has trained over 117,000 Nigerians in digital skills since its launch in October 2023—far surpassing its initial target of 30,000.
"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," Tijjani said.
These investments and talent initiatives are already benefiting Nigeria's growing startup ecosystem. Through the ministry's Nigeria Startup House in San Francisco, the government aims to attract $5 billion in global funding for local startups. The initiative is backed by the Startup Pact and Trade Desk platforms, which connect Nigerian tech firms to international markets and procurement opportunities.
Further boosting innovation, ₦300 million was invested in 10 AI and blockchain-enabled agri-tech startups. In a first-of-its-kind initiative, 55 academic researchers are being funded to explore technology's impact on agriculture, healthcare, and education.
The Minister noted that Nigeria now ranks among the top 60 countries for artificial intelligence readiness, with the recent launch of a homegrown large language model (LLM) and the AI Collective platform, supported by global partners such as Google, Microsoft, and Pierre Omidyar.
Read also:
Efforts to close the rural connectivity gap include a plan to deploy 7,000 telecom towers, aiming for 98% coverage nationwide. Already, 12 states have adopted zero-rated Right-of-Way policies to ease infrastructure rollout. These efforts support Nigeria's target of 90% broadband penetration by 2025—up from 48% in 2024.
Dr. Tijjani projected the sector's GDP contribution to grow from 16% to 22%, calling the momentum a major opportunity for inclusive economic growth.
"This is not about chasing quick wins," he said. "We are laying the foundation for long-term, generational impact through reforms that will empower small businesses, innovators, and everyday Nigerians."
The Digital Economy Bill, which recently passed its first reading, and the training of over 500 government technologists in AI and digital public infrastructure, are further signs of the administration's long-term digital vision.
