Nigeria’s Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijjani, has announced a significant surge in foreign direct investment (FDI) into the country’s digital economy sector, with figures rising to $191 million in the first quarter of 2024, a ninefold increase from $22 million recorded during the same period in 2023.
Speaking in an interview for an upcoming State House documentary marking President Bola Tinubu’s second anniversary in office, Dr Tijjani outlined transformative plans for the sector, including a $2 billion nationwide fibre optic rollout. The ambitious project aims to deploy 90,000 kilometres of fibre infrastructure across the country, beginning in the fourth quarter of 2025.
“This administration’s reforms, coupled with progress in Artificial Intelligence (AI) and the tech startup ecosystem, have positioned Nigeria as a global player in the digital economy,” the Minister said.
Dr Tijjani further revealed that FDI inflows continued to grow in the second quarter, increasing from $25 million in Q2 2023 to $114 million in Q2 2024. He attributed this to improved investor confidence and foundational reforms introduced under President Tinubu’s leadership.
A key highlight of the administration’s strategy has been the 3 Million Technical Talent (3MTT) programme, launched in October 2023 to upskill the workforce for a digital future. Over 117,000 Nigerians have already been trained, exceeding its initial goal of 30,000. With 35,000 more currently undergoing training, the programme is nearing 10% of its three million target.
In a statement released by the Special Adviser to the President, Mr Bayo Onanuga, Dr Tijjani also celebrated Nigeria’s recent inclusion among the top 60 countries in global AI readiness and the development of a homegrown large language model (LLM). The launch of the AI Collective platform, supported by leading global partners including Google, Microsoft and Pierre Omidyar, is expected to further accelerate innovation and collaboration in AI development.
The Ministry has also funded 55 academic researchers to explore AI applications in agriculture, education and healthcare. In addition, ₦300 million has been invested in 10 AI and blockchain-driven startups focused on agricultural productivity.
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On the international front, the Nigeria Startup House in San Francisco is seeking to attract $5 billion in startup funding. According to Dr Tijjani, initiatives such as the Startup Pact and Trade Desk will help local tech companies connect with global markets and government procurement opportunities.
The Minister also noted progress in rural connectivity, with a plan to deploy 7,000 telecom towers aimed at achieving 98% nationwide coverage. This complements ongoing efforts under the National Broadband Plan, which targets 90% penetration by 2025, up from 48% in 2024.
Twelve states have already adopted zero-rated Right-of-Way policies to ease broadband deployment, a development Tijjani described as a “game-changer.”
In legislative progress, the Digital Economy Bill has passed its first reading in the National Assembly. The Ministry has also trained over 500 government technologists in AI and Digital Public Infrastructure (DPI), underscoring its commitment to long-term digital transformation.
Dr Tijjani concluded by stressing the government’s focus on sustainable reforms rather than short-term gains. “Technology allows us to bridge the gap between governments and the people. With the right investments, we can drive inclusive growth and transform Nigeria’s economy for generations to come,” he said.
