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NITDA DG: Nigeria’s Tech Ecosystem Attracts $4.4 Billion in Investment

The National Information Technology Development Agency’s (NITDA) Director General, Kashifu Inuwa, emphasized the notable expansion of Nigeria’s tech sector by noting that $4.4 billion in investments were made there between 2015, 2019, and 2020.

During his speech at the Leaders Without Borders Annual Business Summit and International Honours 2023 in London, the Director-General of the National Information Technology Development Agency (NITDA) emphasized the significant contribution of the Information and Communication Technology (ICT) sector to Nigeria’s Gross Domestic Product (GDP), accounting for approximately 18.5 percent.

The summit served as a platform to encourage global partnerships, sustainable investments, and collaboration among business leaders and entrepreneurs from around the world. Inuwa highlighted the role of NITDA, a government agency established in 2001 to promote the use of information technology among Nigerians.

In his address, Inuwa mentioned that Nigeria attracts nearly 30 percent of Africa’s Foreign Direct Investment, showcasing the country’s appeal as an investment destination. He also highlighted NITDA’s efforts in supporting startups, with 753 startups benefiting from various forms of assistance, including training, seed funding, and grants.

Through these initiatives, over 120 million Nigerians now have access to the internet, not only through computers but also via other digital devices, expanding digital connectivity across the country.

Inuwa emphasized the positive impact of the digital economy on African youth, enabling them to emerge as global leaders by leveraging their potential. He cited the example of Nigeria’s fintech industry, which is almost twice the size of the country’s largest bank. While the largest bank is valued at around $1.6 billion, Flutterwave, a prominent fintech company, boasts a valuation of approximately $3.6 billion.

Furthermore, Inuwa highlighted NITDA’s efforts in digital literacy, including training programs conducted in local languages, aiming to equip every Nigerian with the skills to use digital devices and access digital services. To date, over 3.3 million Nigerians have received training in digital literacy, contributing to the growth of the economy.

The NITDA DG also mentioned the agency’s work in developing regulatory frameworks for IT in government establishments, promoting digital skills in educational institutions, rural areas, and cities, and ensuring universal access to digital services to foster a knowledge-based economy.

Through its IT project clearance initiative, NITDA has successfully saved the country over N305 billion by avoiding project duplication across various ministries, departments, and agencies. These savings have enhanced the efficiency and effectiveness of government IT projects throughout Nigeria since 2019.

In conclusion, Inuwa emphasized the positive outcomes of NITDA’s initiatives in driving Nigeria’s digital economy, empowering startups, promoting digital literacy, and fostering innovation and technological advancements across the country.

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