Investing in Nigeria: ICT as the next brain gain-Tech Central Nigeria

“To build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation”. This is the 9th goal earmarked by the United Nations to achieve its sustainable development goals (SDGs) across nations of the world.

As an advancement from the earliest industrial economy to the computer revolution age and the emergence of the Internet to the dawn of the information revolution, the projected shift into the connected revolution is visioned to provide infinite possibilities for nations to strive in the global market.

While some experts say that the exponential character of frontier technologies will ensure a faster transition than before, it will also pave the way for artificial intelligence and quantum computing among others.

Nigeria as an emerging global power and one of the top 20 improvers in doing business as listed by the world bank, provides ample opportunities to be tapped, in her economic diversification process engaging digital technologies.

Digital technologies have grown to become powerful forces driving social and economic development, opening new opportunities for income generation and with the expansion of access to high-speed broadband resulting in drastic cost reductions in technology, its influence on a nation’s growth could never be undermined.

The Nigerian Information Communication Technology sector remains a key driver of growth and development contributing over 10 percent to the gross domestic product of the country which stood at 397.30 billion US dollars in 2018 representing 0.64% of the world economy and presently at 114.0 billion US dollars as at June 2019.

The country’s ICT sector grew to 14 percent compared to growth of 13.12 percent in the previous quarter as people relied more on digital platforms during the lockdown.

Leveraging on her huge technology-driven youth population, Nigeria provides a veritable ground for young innovators to strive in the global market.

Over the past years, more than ten private sector incubators alongside twenty-seven government-owned incubation centres have been set up to provide support for startups which has placed Nigeria among the top five start-up communities in Africa.

Asides from being Africa’s largest mobile market with over 122 million internet users as of July 2019, Nigeria has been cited by the international telecommunications union (ITU) as one of the fastest-growing telecommunications markets in the world with a 91.65% teledensity recorded in July 2019.

Accordingly, reports show that Lagos, Nigeria is set to outpace Nairobi to become Africa’s start-up epicentre.
The innovative progression such as the development of “3D prosthetic limbs” in the north-east, the development of the “chip interconnection technology”, an innovation of the “Next-generation diseases diagnoses” by pathogenic among other innovations shows the potentiality of the Nigerian IT sector which is made possible by digitization and Nigeria’s ICT innovation and entrepreneurship vision. These sustained efforts have so far attracted foreign direct investment of $68 billion out of the 99.6 billion generated in 2018.

The operationalization of a new electronic platform that integrates the tax authority and Corporate Affairs Commission (CAC), the provision of an easier process of getting electricity, and the upgrade of the CAC name reservation platform which enables online registration of businesses are few advantages left to be explored by businesses and start-ups in Nigeria.

As Nigeria fully joins the connected community in 2020, the country seeks to improve her technologies and status quo by harnessing opportunities with the right partnerships, management, and investments.

Agriculture, Power, Steel & mining, Recycling are some of the many viable sectors waiting to be explored by the international community in Nigeria.


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