The Acting Director-General of the Nigerian-American Chamber of Commerce (NACC), Ms. Wofai Samuel, has said that Nigeria’s technology sector cannot thrive without a reliable power supply
She noted that power supply and technology are deeply interconnected, and without addressing power challenges, Nigeria’s tech sector cannot move forward.
Samuel made these remarks during an interview with the News Agency of Nigeria (NAN) on Monday, where she discussed the relationship between power, technology, and national development.
“Without power, how do we even drive technology? So, power is correlated to technology. Technology is correlated to power.
‘’Given the current global trade landscape, particularly with tariffs imposed by America on various countries and the potential limitations of the African Growth and Opportunities Act (AGOA) for African exports, technology is a key avenue for diversification.
“One of the easiest ways, one of the easiest platforms West Africa can diversify into is the technology sector,” she said.
She stressed that the rapid advancement in global technology is driven by internet access and data, highlighting how developed countries are leveraging tech to stimulate growth and innovation.
Collaboration and global relevance
Samuel urged Nigeria and other African countries to emulate global collaboration models, citing the recent $600 billion investment by Saudi Arabia in the U.S. tech sector as a notable example.
“An example of America’s collaborative efforts is the recent investment of approximately $600 billion by Saudi Arabia’s Crown Prince in the U.S. technology sector to advance its technological capabilities.
“If America is collaborating with other regions and countries on advancing the tech sector, whereas America is the biggest tech sector, then who are we in Africa not to follow suit?” she queried.
She further referenced the dominance of U.S. tech giants such as Meta, Google, Tesla, and X, as well as innovations in Artificial Intelligence like ChatGPT and Meta AI, as proof of the transformative role of technology.
Using the Nigerian banking sector as a case study, she explained that technology has already demonstrated its potential to drive growth and efficiency.
Samuel referenced the World Bank’s projection that banking and fintech would be among Nigeria’s fastest-growing sectors in 2025. She attributed this forecast to innovations in online and mobile banking, which are reshaping how financial services are delivered.
Call for policy support
Ms Samuel urged tech platforms in Africa to take advantage of technology-focused conferences within and outside the continent to build strategic partnerships and enhance visibility.
She also called on government actors, especially ministers of communications and commissioners of science and technology, to get involved in policy formulation and sector leadership to enable sustainable development.
What you should know
Nairametrics reported that Nigeria’s Information and Communication Technology (ICT) sector contributed approximately 17.68% to the country’s real GDP in 2024, marking a slight increase from 17.34% in 2023.
In the fourth quarter of 2024, the sector accounted for 17 percent of real GDP, compared to 16.66 percent in the same period the previous year. Telecommunications remains the dominant sub-sector, contributing about 14.40 percent to Nigeria’s GDP in the last quarter of 2024, making it the third-largest GDP contributor after crop production and trade.
Earlier in February, Dr. Bosun Tijani, Nigeria’s Minister of Communications, Innovation, and Digital Economy, announced that the country’s digital economy is projected to contribute 21% to Nigeria’s Gross Domestic Product (GDP).
