By Ernest Ogezi

The impact of the digital economy in Nigeria has been astronomical, lifting the country out of recession on two occasions as per the NBS. No other sector has had a greater influence on the Nigerian economy in the past decade. It’s no wonder the new administration has already developed plans and strategies to ensure the sector remains significant and capable of making even greater impacts as we usher in a brand-new administration under the leadership of His Excellency, President Asiwaju Bola Ahmed Tinubu, GCFR. With renewed hopes of economic prosperity, revolutionising the digital sector, improved security, and all-round growth of the country, there is already a manifesto detailing the methods and modalities of consolidating the digital economy for national prosperity. These are the focal areas:

Implement policies that train and build capacity among Nigeria’s large and youthful population to take greater advantage of opportunities in the industry. NITDA is already implementing several youth-focused interventions in the sector to harness Nigeria’s youthful population for tech talent acceleration and position Nigeria as a global IT Talent Factory. The Agency will continue to prioritise the establishment of more strategic training programs that cater to the needs of Nigeria’s young population. These programs will cover a wide range of technical skills, including programming, software development, data analytics, cybersecurity, and emerging technologies such as artificial intelligence, cloud computing, and blockchain. Through the Agency’s One million developers initiative, 215,524 Nigerians have completed or are undergoing related capacity-building programs. Additionally, various multi-sectoral capacity-building programs have been launched to promote digital literacy, with 823,814 individuals trained so far.

Develop and implement innovative strategies and policies to support local funding opportunities and access to capital for start-ups, while also encouraging foreign investors to continue investing in Nigeria. To achieve a thriving and globally competitive start-up ecosystem capable of attracting foreign investments, NITDA has strategically created the Office for Nigerian Digital Innovation (ONDI) as a Special Purpose Vehicle. This aims to implement innovative strategies and policies targeted at supercharging the start-up ecosystem for global competitiveness. Since 2019, the Agency has supported 219 start-ups through various means, including facilitating grants, seed funding, and sponsorships to global events. Furthermore, the Nigerian start-up ecosystem has attracted over USD$4 billion in investments, making it the highest in Africa. NITDA, as the Secretariat for the implementation of the Nigeria Start-up Act (NSA), will continue to collaborate with public and private sector stakeholders to scale up these initiatives, creating a more favourable landscape for the creation of Innovation-Driven Enterprises (IDEs) and start-ups that significantly contribute to national economic growth and prosperity.

These initiatives have created global visibility for Nigerian start-ups and fostered increased foreign investments. As we move forward, NITDA will remain committed to working with relevant stakeholders to scale up these efforts, providing an even more conducive environment for the growth of Innovation-Driven Enterprises (IDEs) and start-ups, which will be instrumental in driving Nigeria’s economic growth and prosperity.

Incentivising value drivers within the start-up ecosystem, such as technology hubs, parks, accelerators, and angel investors, is crucial for fostering a responsive and vibrant entrepreneurial environment. To address the digital infrastructure gaps in Nigeria, NITDA has deployed 601 digital infrastructures, including Digital Economy Centers, IT Hubs, Innovation Parks, and IT Community Centers.

As part of the implementation of the NSA, NITDA aims to partner with and further incentivise incubators, accelerators, and investors to expand initiatives like the TIES Scheme, iHatch Incubation Program, and the Bridge to MassChallenge Nigeria Program, among others. This will strengthen existing collaborations and provide these start-up support organisations with the necessary resources to encourage the growth and expansion of start-up entities in Nigeria.

Investing in infrastructure and transportation is essential for the growth and development of the e-commerce industry. Nigeria currently ranks as the 39^th  largest market for e-commerce globally, with a predicted revenue of 7.63 billion US dollars by 2023, surpassing Israel. The market volume is projected to reach 11.7 billion US dollars by 2027. Strategic investment in infrastructure and transportation is paramount to fueling the growth and development of the e-commerce industry. As Tinubu’s administration prioritises digital job creation, e-commerce is a promising archetype to realise that. Therefore, NITDA strategically supports e-commerce start-ups to develop innovative solutions that stimulate small and medium-scale entrepreneurship, harnessing the sector’s vast potential.

Promoting local technology equipment manufacturing is a key step toward becoming a digitally independent nation. Developing our own technological products is essential, particularly considering that all digital devices have a backend. Local productivity is pivotal in achieving self-reliance, enhancing technological capabilities, and driving economic growth. NITDA consolidates the geometric improvements already recorded in the indigenous Original Equipment Manufacturers (OEMs) sub-sector by expanding and improving their capabilities and production capacities. So far, NITDA has approved licenses for 12 indigenous OEMs, with the majority having acquired ISO 9001:2015 certification to improve the quality of products. Indigenous OEMs have an annual aggregate sale of nearly a million devices.

Prioritising the implementation of government digital services is crucial to improving the efficiency and functioning of the government. Expanding the e-Government interoperability drive will ensure transparent and fully citizen-centric governance. Upscaling service delivery, fostering transparency, and ensuring seamless interactions between government agencies and citizens will increase the efficiency and effectiveness of the government. This will ensure that Federal Public Institutions (FPIs) are viewed as partners in progress by the citizenry. Through the IT Projects Clearance process, the Agency has successfully assessed and cleared 835 unique IT projects from over 340 FPIs, resulting in saving ₦306.3 billion for the Federal Government. This ensures that the government’s digital transformation investments are effective and aligned with the e-Government Masterplan and the interoperability framework. NITDA has established the Digital Transformation Technical Working Group (DTTWG) to support initiatives aimed at achieving a digital Nigeria. NITDA also leverages the DTTWG to bolster collaborations and further drive the implementation of government digital services in Nigeria.

Encouraging private sector job creation through the provision of development and support services to government agencies is a key objective for NITDA. The Agency recognises the agility and expertise of the private sector in achieving significant results with minimal bureaucracy. By leveraging the private sector’s capabilities, NITDA aims to enhance digital capabilities, optimise service delivery, and create an environment conducive to job growth and economic prosperity. Partnerships between NITDA and the organised digital private sector have facilitated the exchange of knowledge, skills, and resources, enabling government agencies to tap into the private sector’s technological expertise. Through initiatives like the IT Clearance Process, the Agency encourages the patronage of indigenous capacities, resulting in over 3 million new jobs and the potential for many more.

Another crucial aspect is reforming government policies to encourage the prudent use of blockchain technology. By embracing blockchain and consolidating the existing regulatory environment, the new administration, through NITDA, will implement the National Blockchain Policy. This policy aims to unlock the potential of this transformative technology, foster innovation, enhance security and transparency, and facilitate economic growth. Blockchain offers decentralised and tamper-resistant solutions for identity verification, authentication, and secure transactions. Establishing an advisory committee composed of experts from the blockchain industry, technology leaders, legal professionals, and policymakers will play a vital role in reviewing the existing regulatory framework and suggesting changes to create a more efficient and business-friendly environment for blockchain technology and virtual asset services.

Encouraging the Central Bank of Nigeria (CBN) to expand the use of the digital currency, the e-Naira, is another important step. By embracing cutting-edge ICT technologies and leveraging the benefits of digital currencies, the financial landscape can be revolutionised, enhancing financial inclusion and driving economic growth. Blockchain technology provides transparency, immutability, and enhanced security, ensuring the integrity of transactions and safeguarding against fraud. The CBN can foster trust and confidence in the e-Naira by harnessing the power of blockchain, enabling seamless and secure digital transactions. Promoting interoperability and seamless integration of the e-Naira within existing financial systems and digital platforms is crucial for its success. It’s worth noting that NITDA collaborated with the CBN on the e-Naira Hackathon, which aimed to develop innovative solutions for financial inclusion and position the e-Naira as the African gateway to the digital economy.

The Tinubu administration’s plans for One Million jobs in the digital economy are commendable and inspiring. NITDA will remain a vital institution driving change in this sector, deploying the best minds and strategies to ensure Nigeria reaps the maximum benefits of the digital economy. The ultimate goal is to improve the overall economy and enhance the quality of life for Nigerians.