Government officials and key stakeholders in the tech industry have called for a unified effort to drive Nigeria’s digital economy and support businesses facing the country’s current economic difficulties.
During the recently concluded Nigerian Economic Summit (NES30), participants stressed the importance of close cooperation between the public and private sectors while investing in technology and digital skills development to bridge the growing talent gap.
Specifically, the West Africa Director for Google, Olumide Balogun, highlighted the transformative potential of technology, noting its power to reshape economies and improve lives.
Balogun emphasized the immense opportunities that could be unlocked by collaborative efforts across government, business, and communities, positioning Nigeria as a digital leader in Africa.
Leveraging technology for economic growth
While noting that Nigeria currently stands on the brink of significant economic change, he said the country faces both complex challenges and immense potential.
“Technology holds the power to transform lives and economies. We believe that by working together—across government, business, and communities—we can unlock the immense potential that Nigeria’s digital economy holds for the future,” Balogun said.
- Citing recent research by Public First, Balogun noted that for every $1 invested in digital technology, $8 is generated for the Nigerian economy, demonstrating the value of embracing a digital shift.
- Balogun referenced a survey conducted by Africa Practice, which revealed that 46% of businesses in Nigeria experienced revenue declines due to inflation and macroeconomic pressures.
- He, however, noted that despite these challenges, 70% of business leaders are actively turning to digital solutions to adapt, innovate, and fuel future growth.
- Balogun said the widespread adoption of digital tools signals strong readiness among Nigerian businesses to embrace technology as a critical force for transformation, adding that Google is committed to supporting this transition by exploring local payment solutions through partnerships to ensure greater access to digital tools for businesses across the country.
Collaboration between public and private sectors
Also speaking, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, expressed optimism about the forum, highlighting the importance of private-sector collaboration in driving digital transformation.
- He emphasized that the private sector cannot thrive without aligning efforts with the public sector, stating that digital transformation must start with the government as a foundation.
- Oyedele stressed that initiating this dialogue and maintaining momentum would enable the country to achieve significant progress in its digital economy goals.
- Similarly, former Chief Executive Officer of the Nigerian Economic Summit Group (NESG), Laoye Jaiyeola, pointed out that policy formation is only as effective as the effort behind it.
- He noted that over the years, the NESG, through its Digital Economy Policy Commission, has provided a platform for the private sector to contribute meaningfully toward advancing digital solutions.
What you should know
Despite the opportunities presented by the digital economy, stakeholders highlighted key challenges hindering its adoption.
Financial constraints, insufficient infrastructure, and limited access to foreign currency were identified as critical barriers.
However, the government said it is hoping to address some of these challenges through its National Digital Economy and E-governance Bill, which is currently before the National Assembly.
