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Tag: digital economy

  • Nigeria’s digital economy takes centre stage at digital growth summit

    Nigeria’s digital economy takes centre stage at digital growth summit

    Nigeria’s business landscape is embracing the digital revolution, with industry experts and thought leaders gathering at the Digital Growth Summit to discuss the future of digital marketing in the country.

    The summit, held in collaboration with Intense Group and Leadway Group, highlighted the importance of digital transformation, data-driven decision-making, and customer-centric strategies in driving business growth across various sectors.

    Leye Makanjuola, CEO of Intense Group, emphasized the need for businesses to be data-focused. 

    “The biggest mistake is not being data-focused… You need to know how much you’re putting into it and how much you expect digital to bring out of that experiment or out of that campaign.”

    Makanjuola also stressed the importance of partnership between businesses and agencies to achieve revenue generation goals. 

    “You can’t do it alone, especially when it comes to revenue generation. It has to be a partnership where you have the marketing team or the data team on the client side partnering with the agency side to achieve these goals.”

    Femi Adebayo, Executive Director of Leadway Pensions, highlighted the importance of digital transformation in the financial services industry. 

    “The digital side of the digital transformation today is an area that is very critical to our own aspirations… We need to take advantage of digital platforms to capture people’s attention and turn it into purchase decisions.”

    Adebayo added that digital transformation is essential for reaching a larger audience and acquiring new customers. 

    “Our aspiration is to, first, manage the customers that we have, grow capacity, grow in terms of penetration, and also be able to acquire a lot more customers. And the biggest reach is digital.”

    Diana Mulili, Head of Digital Business at Leadway Holdings Group, discussed the company’s digital roadmap. 

    “We believe technology will play a big role in driving the future in terms of engagement with customers… We’re aligning with the likes of Intense on a digital roadmap, such that we can fully integrate into a process where people can assess product service lines via digital platform ease of doing business, ease of access.”

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    Mulili emphasized the importance of leveraging brand equity to drive awareness and conversion across subsidiaries. 

    “The strategic shift will be looking at leveraging the brand equity Leadway Assurance has… How can we help the other leverage on that brand so that they can also drive their own awareness in the market and eventually acquire more customers for their products and services.”

    Ikeh Chidi, Creative Director at Intense, emphasized the importance of building trust through storytelling and engagement. 

    “We must be able to view that trust in the mind of the target audience and the best way to do it is to be present to the audience in real-time, where culture is being shaped.” Chidi added that signals and data maturity are critical for driving business growth.

    “Signals are everywhere… How can we now begin to consolidate this data, especially as we go into 2026, to ensure that we can begin to build on those signal points?”

    Timilehin Oyedeji, Senior Client Partner at Aleph, highlighted the growing digital opportunity in Nigeria. 

    “The honest truth is Nigeria has over 220 million people with internet penetration of over 50%… That is a huge opportunity for any brand playing in the financial service space to do two things: Create awareness and acquire customers and also build relationships and drive retention.”

    Oyedeji also shared common mistakes businesses make when trying to drive digital growth. 

    “Develop a good product, understand your target market, leverage touch points where your target audience spends time, and make conversion points seamless… Serious-minded brands don’t make those mistakes.”

    When asked about the most effective way to grab attention, Mulili said, “From our experience, we’ve seen that when you create relatable content that has stories people can relate to, that’s when we grab people’s attention… We’ve shortened the distance between us and our customers with that.” 

    Oyedeji also emphasized the importance of personalization in customer engagement. 

    “You need to understand your target audience and profile your target market segments based on your offerings… Make conversion points seamless.”

    The summit concluded that the future of digital marketing in Nigeria’s financial sector lies in leveraging data analytics, customer-centric design, and automation to drive business growth and revenue. With the right strategies and investments, Nigerian businesses can unlock new opportunities and drive growth in the digital age.

    Makanjuola emphasised the importance of digital adoption for business growth. 

    “We feel like there’s a lot of market opportunity. It just takes a lot of hard work and persistence, and obviously a lot of strategic movements and smart thinking… We are going to double down on investment in data, technology, and media.” 

    Adebayo also noted that technology is a front burner in the direction of the company. 

    “Technology for Leadway is very essential… We believe technology will play a big role in driving the future in terms of engagement with customers alike.”

    The Digital Growth Summit highlighted the need for Nigerian businesses to adopt digital strategies to drive growth and revenue. With the right investments and partnerships, Nigerian businesses can unlock new opportunities and drive growth in the digital age.

  • Digital economy: Legal basis project launched in FCT

    Digital economy: Legal basis project launched in FCT

    As part of efforts to educate and broaden Nigerians’ understanding of the dynamics of the digital economy, especially the lawful use of data, stakeholders on Monday gathered in the Federal Capital Territory (FCT) for the launch of The Legal Basis Project, an innovative data protection initiative.

    The project, developed and executed by Tech Hive Advisory, with the support of Meta, brought together policymakers, legal experts, tech players in the private sector, the media and sectoral regulators, including representatives of the Nigeria Data Protection Commission (NDPC) to chart a common front for clarity on legal basis for data processing to foster the ethos of compliance and accountability.

    Other stakeholders present at the launch include representatives of the Central Bank of Nigeria (CBN), the Nigeria Communication Commission (NCC), the Federal Competition and Consumer Protection Commission, the National Identity Management Commission (NIMC), the Medical Laboratory and Science Council of Nigeria, and members of relevant civil society groups, law firms, media, academia, and think tanks.

    The stakeholder explored lawful basis dynamics that allow businesses to collect and use data, focusing on thematic areas such as consent, contract performance, compliance with legal obligations, protection of concerned interests, and the processing of data for public interest and other legitimate interests.

    In his keynote address, Mr Solomon Musa Odole, Project Coordinator, Nigeria Identification for Development (ID4D) Project, lauded Tech Hive Advisory for the visionary initiative.

    He said the project seeks to enhance understanding of the legal basis for data processing in the simplest way possible, such as reading simple articles, visualising complex issues, and playing the games. This experience can be accessed via legalbasis.ng.

    According to him, “this project represents not just another addition to Nigeria’s growing data protection ecosystem, but a strategic intervention that goes to the very heart of lawful data processing and accountability.

    He noted that, “In today’s digital economy, data is often described as the new oil, but unlike oil, data’s value is not extracted from the ground; it is derived from trust; Trust that our information will be used lawfully, fairly, and for legitimate purposes. This trust depends on one critical element, the legal basis for processing personal data.

    “Whether we process data for public service delivery, for commercial transactions or for research and innovation, our legitimacy rests on understanding and applying the correct legal basis.

    “Yet, as we all know, this is easier said than done. Across sectors, we see confusion about which legal basis applies in a given context, consent where public interest should apply, legitimate interest invoked without proper balancing or contractual necessity stretched beyond its intent.”

    Odole said the Legal Basis Project was conceived in response to the growing need for a clear understanding of the concept of the legal grounds for processing personal data under the Nigeria data protection law, a homegrown Nigeria Data Protection Act.

    He noted that “over the past few months, the team behind it have collaborated with experts from government, industry, youths, academia, civil society, law firms, the media, and everyday data subjects to develop practical tools and resources that will help clarify the legal bases for data processing and foster a culture of compliance and accountability.”

    Ridwan Oloyede, Emerging Technologies and Policy Lead and Co-founder, Tech Hive Advisory Africa, said Nigerians need not be left behind as societies become rapidly digital, adding that there is a need for clear legal direction for data protection.

    According to him, the Legal Basis Project seeks to address existing knowledge gaps, align understanding of the Nigerian data protection laws with international best practices and as well help everyone in the ecosystem understand how the law applies.

    “The idea of the project is basically to bring information closer to people, make it more meaningful, make it more actionable, but also ensure people are empowered through knowledge, and then they can make better informed decisions.

    “Everybody in the ecosystem, from the regulators themselves to the policymakers, to the everyday data subjects, people in the markets, in stores, people who sell, people who do grocery, folks in academia, youth, and everybody generally becomes a common stakeholder in this ecosystem.

    “The key thing, really, when you talk about legal basis generally just to get a sense of what the legal reason is? What is the legal explanation? What is the legal justification for using information for using people’s information in decision making?” he said.

    Oloyede emphasized that “what we’ve done with this project is to create a couple of toolkits, resources that can help organisations, people themselves, the everyday data subjects, the everyday Nigerian, to be more aware, to have a deeper understanding of what it is, but also, most importantly, to make better decisions now that they are fully empowered.”.

    He noted that although regulators have crucial roles to play, others in the ecosystem also have a role to play, “which is democratising access to this information, simplifying this information, making it more relatable, making it the reality that people actually deal with every day.”

    According to him, through simple everyday realities, games, articles, visualisations, decision trees, and tools that help people write things like privacy notices, the project, with support from Meta, its principal partner, has made great progress in the data ecosystem.

    Also, Toulu Akerele, Global Data Project Officer and ISMS Manager, Paystack Payment Limited, stresses the need for education on a lawful basis.

    She said that, besides regulations, efforts should be channelled towards practical mass education for everyone in the ecosystem to instinctively understand that data use must have a legitimate and legal standing.

    “I think awareness is something that we’ve seen missing when it comes to legal basis, even data protection in general; although the NDPC is doing a lot to raise awareness across the country, more still needs to be done.

    “We had a lot of great conversations today, including different stakeholder engagements, and we looked at why consent seems to be incorrectly relied upon, especially with privacy policies.

    “I think consent, when used properly, is a great tool; companies should actually ask and seek consent before they send direct marketing or targeted marketing, emails, texts, phone calls, anything like that.

    “If you can not use a service without consenting, that means consent is not the appropriate legal basis because it’s forced consent, it’s coerced consent, it’s not freely given.

    Kamfon Josephneke, Senior Legislative Aide to the President of the Senate, stressed the need for the implementation of legislation, policies, and regulations on data privacy and protection.

    He called for a multisectoral approach in ensuring that everyone in the ecosystem is well informed about the lawful usage of data.

    The Legal Basis Project launch is part of an elaborate, ongoing effort towards ensuring that Nigeria has a robust legal framework for data protection.

  • Experts brainstorm on digital economy

    Experts brainstorm on digital economy

    Experts and leaders in private and public sectors will gather this weekend at the 2025 Conference of the Finance Correspondents Association of Nigeria (FICAN) to discuss emerging trends in Nigeria’s digital economy.

    The conference has already received strong backing from key financial institutions and regulators, underscoring its significance as a platform for shaping discourse on Nigeria’s digital economy.

    Among the supporters of the annual event were the Federal Inland Revenue Service (FIRS), the Central Bank of Nigeria (CBN), Nigeria Export-Import (NEXIM) Bank, United Bank for Africa (UBA), the Nigeria Deposit Insurance Corporation (NDIC) Zenith Bank, First City Monument Bank, Unity Bank, Stabic IBTC Bank among other key financial institutions.

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    Their involvement highlighted the growing recognition of digital transformation as a driving force in taxation, banking, and finance.

    Now in its 35th edition, the FICAN Annual Conference is scheduled to take place on September 20, 2025 at Orchid Hotels, Dreamworld Africana Way, Lekki, Lagos. The theme for this year is: “Bracing for the Digital Economy in Nigeria: Taxation, Banking and Finance.”

    Organisers said that apart from the convergence of ideas from regulatory and operations perspectives, the event will provide fresh insights and practical strategies for navigating the fast-changing digital landscape.

    The conference will feature Dr Zacch Adedeji, Executive Chairman of FIRS, as Guest Speaker. Dr Adedeji is expected to shed light on how Nigeria can harness technology to strengthen tax administration and improve government revenues in the digital era.

  • ‘Youths excluded from digital economy’

    ‘Youths excluded from digital economy’

    The House of Representatives Committee on Corporate Social Responsibility said yesterday that despite having one of the fastest growing youth populations in the world millions of Nigerian young people remain excluded from the digital economy, with limited access to the skills, technologies, and opportunities that define the modern world.

    Speaking at Diplomatic CSR Roundtable in Abuja organised by the Committee in collaboration with the Ministry of Foreign Affairs, Vice Chairman of the Committee, Afolabi Afuape call for collaboration to address the challenges associated with CSR in the country.

    He said if well-channeled, CSR can bridge this gap. It can help us leapfrog into the fourth industrial revolution, while also addressing traditional gaps in education, healthcare, and social security.

    He said the Roundtable is not just another meeting, but a defining moment when Nigeria, through the leadership of its legislature, opens its doors to the global diplomatic community, to development partners, to the private sector, and to civil society, to chart a new path on how corporate responsibility can become a vehicle for shared prosperity, human development, and global collaboration.

    He said the 21st century has shown us that no nation, no sector, and indeed no community can thrive in isolation. Today’s challenges — whether in digital exclusion, poverty eradication, climate change, or social integration — demand solutions that are bold, collaborative, and forward-looking.

    “This is why we are gathered here: to reimagine CSR not as charity, but as a strategic tool for national development and international partnership. CSR, in its best form, is not a photo opportunity. It is not tokenism. It is a powerful bridge between the resources of the private sector, the policymaking of government, and the aspirations of the people.

    “It is the currency with which we can buy digital inclusion for our young people, sustainable development for our communities, and trust between nations,” he said.

    He explained that the International Legislative Exchange Program (ILEP) was conceived by the House of Representatives Committee on CSR to create a platform for policy dialogue, global best practice exchange, and institutional collaboration.

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    Under this framework, he said “the #CSR4DEV Initiative has emerged — a bold national program that seeks to harness the power of CSR to drive digital literacy and AI-powered skills development; financial inclusion for underserved communities; Institutional strengthening through global legislative exchange and sustainable Nigeria CSR Fund to pool and deploy resources for development impact.

    “It is within this context that today’s Diplomatic CSR Roundtable has been designed: not as a ceremonial gathering, but as a working dialogue where embassies, private sector leaders, international agencies, and government institutions can deliberate, commit, and co-create solutions.”

    While underscore th fact that this is particularly urgent for Nigeria and for Africa, Afuape said “Nigeria today has over 200 million people, with one of the fastest growing youth populations in the world. Yet, millions of our young people remain excluded from the digital economy, with limited access to the skills, technologies, and opportunities that define the modern world.

    “CSR, if well-channeled, can bridge this gap. It can help us leapfrog into the fourth industrial revolution, while also addressing traditional gaps in education, healthcare, and social security.

    “The diplomatic community brings global experience, international linkages, and tested models. The private sector brings innovation, capital, and agility. The government brings policy frameworks, enabling environments, and national vision. Together, we can forge a development compact that is bigger than the sum of its parts”

    He call concrete actions, not just promises, while building a cross-border partnerships, ensuring that Nigeria learns from global best practices while also sharing its own innovations, while recognising that every naira, every dollar invested in CSR is not a cost, but an investment — an investment in peace, stability, inclusion, and shared prosperity.

    He assured that the Diplomatic CSR Roundtable is not a one-off event, but the beginning of an annual convening — a standing platform anchored by the House Committee on CSR, in partnership with the Ministry of Foreign Affairs and other stakeholders, to keep the global conversation on CSR alive in Nigeria.

    Chairman of the Nigerians in Diaspora Commission, Abike Dabiri-Erewa commended the initiative, saying such lies at the heart of Nigeria’s future by leveraging the immense potential of the nation’s diaspora for community empowerment and national development.

    Represented by a Abdulrahaman Terab, Director in the agency, she said the Nigerian diaspora has proven to be a formidable force—contributing not only to the economies of their host countries but also to the growth and transformation of our own.

    She said: “From remittances that sustain families and fuel entrepreneurship, to investments that create jobs and drive innovation, the diaspora is a cornerstone of our national progress. Nigeria receives billions of dollars annually in remittances, a testament to the enduring commitment of our citizens abroad.

    “But beyond financial contributions, the diaspora offers something even more powerful: knowledge, networks, and a deep-rooted desire to give back. Through initiatives like the BRIDGE Programme—launched recently in collaboration with the Federal Ministry of Education—we are harnessing the expertise of Nigerian professionals abroad to strengthen our education sector.

    “Similarly, the Nigeria Diaspora Investment Summit and other engagements by Commission continue to attract investors across sectors such as real estate, agriculture, health, and fintech.

    “Philanthropy has also flourished. This year alone, we’ve seen remarkable efforts from  organizations like the Nigerians in Diaspora UK Foundation, which raised about £20,000 in June, and the Zumunta Foundation from the United States, which conducted ICT and medical outreach programs in Nasarawa State in July.

    “These acts of generosity are not just commendable—they are transformative. Cultural exchange remains another vital avenue. Through programs held in the UK and Canada this year, we have fostered deeper ties and mutual understanding between Nigeria and the global community.

    ‘With the launch of the Home and Abroad Housing Platform and the NHF Diaspora Mortgage Scheme, we are making it easier for our diaspora to own homes and invest in their future back home.

    “To fully unlock this potential, we must do more. We must empower the Nigerians in Diaspora Commission (NIDCOM) to expand its engagement platforms, create targeted incentives for investment and entrepreneurship, and build robust regulatory frameworks that instill confidence.

    “Partnerships—with diaspora organizations, international allies, and local stakeholders—must be deepened and sustained.

    “Let us recognize the diaspora not just as contributors, but as co-architects of Nigeria’s future and development story. Together, we can build a nation that thrives on innovation, inclusivity, and shared purpose.”

    A member of the House of Representatives and Chairman of the House Committee on Public Petition, Kwamoti Bitrus Lao’ri asked Nigerians to support the creation of a Nigerian Corporate Social Responsibility Fund, an initiative poised to redefine social investment in our great nation.

    He said “the #CSR4Dev initiative and the establishment of the Nigeria CSR Fund are more than just programs – they are bold commitments to harness the power of corporate responsibility for sustainable development, social equity and shared prosperity.

    “Recognizing the critical need for transparency, accountability and maximum impact, the House of Representatives has forged a strategic partnership with the Cyber Future Academy (CFA), a leading institution dedicated to ensuring these principles are upheld.

    “Together, we will implement the project across all six geopolitical zones of Nigeria, guaranteeing inclusiveness, efficiency and real change in every corner of our country.

    Nigeria stands at a crossroads of immense opportunity and daunting challenges – poverty, inequality, environmental issues – that demand innovative and collaborative solutions.

    “The Nigeria CSR Fund is that solution. It is designed to mobilize resources with integrity, empower communities and elevate the quality of life for millions of Nigerians. Your support – be it through financial resources, expertise, or partnership – will be instrumental in magnifying the Fund’s reach and transforming it into a model of excellence in international cooperation.

    “Your esteemed presence here today exemplifies the strong diplomatic relations we share and the commitment of your nations and organizations to Nigeria’s progress. I urge you to embrace this partnership with open hearts and shared vision. By supporting the Nigeria CSR Fund, you become active participants in crafting pathways for inclusive growth, resilient communities and a brighter future for all Nigerians.

    “Diplomacy, therefore, is not confined to political dialogue – it is a powerful tool for social good. Together, let us harness this power to create an enduring legacy of transformation. Join us in this journey to uplift millions, to create sustainable impact and to demonstrate that when Nigeria thrives, the benefits ripple far beyond her borders.”

  • Nigeria and future of digital economy in Africa

    Nigeria and future of digital economy in Africa

    By Don Pedro Aganbi

    In the ever-evolving landscape of the 21st century, technological innovations are not just transforming individual industries—they are reshaping entire economies and societies. Across Africa, a new wave of game changers is emerging, with Nigeria leading the charge as a beacon of digital transformation on the continent. These innovations are breaking barriers, fostering economic growth, and creating new opportunities that are reshaping the future of the digital economy, governance, telecom infrastructure, and more.

    In Africa, Nigeria is fast becoming one of the largest digital economies driven by a burgeoning tech startup ecosystem, a youthful population, and rapid urbanisation. Technologies like blockchain, artificial intelligence (AI), and mobile payments are transforming how businesses operate and how citizens interact with the economy.

    The rise of fintech startups like Paystack, Flutterwave, and Interswitch has revolutionised digital payments, enabling seamless, cross-border transactions that were once a challenge. This innovation is not just about technology—it’s about inclusion. Digital payment systems are opening up financial services to millions of Nigerians who were previously excluded from the formal financial system.

    AI and machine learning are also beginning to play a pivotal role in business analytics, helping companies to optimise operations, personalise customer experiences, and create new market opportunities. As Nigeria continues to nurture its digital economy, it is positioning itself as the continent’s tech leader, with the potential to drive Africa’s digital future.

    The Nigerian government is increasingly leveraging technology to improve governance and public service delivery. Digital identity initiatives, such as the National Identity Management Commission (NIMC), are helping to provide millions of Nigerians with access to essential services like voting, healthcare, and social welfare. By digitising public records and adopting blockchain for data security, Nigeria is making strides towards more transparent and accountable governance.

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    Nigeria is also exploring the potential of blockchain technology for transparent public sector management. For example, blockchain-backed systems could be used for secure land registries, ensuring that property ownership is verifiable and tamper-proof. In the coming years, innovations like these will make governance more accessible, reduce corruption, and foster trust in public institutions.

    Nigeria’s telecommunications sector is the cornerstone of Africa’s digital transformation. With over 200 million mobile subscribers, the country is not only Africa’s largest telecom market but also one of the most rapidly growing. Telecom infrastructure is enabling a digital revolution across the continent, with Nigeria leading the way.

    The rollout of 4G networks has already set the stage for the anticipated arrival of 5G, which promises to further accelerate the adoption of smart technologies like IoT, autonomous vehicles, and smart cities. These advancements will have a profound impact on industries such as healthcare, agriculture, and education.

    Nigeria’s government is also driving investment into fiber-optic networks, aiming to expand internet access to underserved regions. By improving connectivity, Nigeria is ensuring that its digital economy will continue to grow, providing opportunities for innovation and job creation in rural areas.

    Nigeria is not just adopting emerging technologies; it is actively shaping their development. From AI-powered agriculture to mobile health solutions, Nigeria is positioning itself as a hub for technological innovation in Africa.

    One of the most exciting areas of development is the fintech sector, where Nigeria is leading the continent. Startups like Flutterwave, Chipper Cash, and Paga are not only transforming how Nigerians transact, but they are also expanding into other African countries and internationally, bringing African fintech to the global stage.

    Nigeria is also embracing the power of the Internet of Things (IoT) and big data. For instance, smart farming solutions are helping Nigerian farmers increase yields by utilising sensors and data analytics. With over 70% of the population employed in agriculture, these innovations are critical to improving food security and empowering smallholder farmers.

    Meanwhile, in education and healthcare, Nigeria is pioneering the use of telemedicine and e-learning platforms to provide access to quality services in remote areas. The growth of these sectors will help bridge Africa’s infrastructure gaps and create a more equitable society.

    While Nigeria and Africa at large are witnessing unprecedented opportunities through digital innovation, challenges remain. The continent still faces issues such as inadequate infrastructure, a lack of skilled labour, and regulatory uncertainty. However, these hurdles present opportunities for growth and collaboration.

    Nigeria’s youthful population—over 70% of Nigerians are under the age of 30—provides a vast talent pool for the growing tech sector. Governments, businesses, and educational institutions must focus on equipping the workforce with the necessary skills to thrive in a digital-first world.

    Another significant challenge is the need for inclusive digital policies that ensure all citizens, including those in rural areas and marginalised communities, can access the benefits of the digital revolution. Governments and private enterprises must work together to close the digital divide and promote equitable access to technology.

    Nigeria stands at the forefront of Africa’s digital transformation, with its innovation ecosystem, evolving telecom infrastructure, and emerging technologies paving the way for a brighter, more inclusive future. As the continent’s largest economy and most populous nation, Nigeria is uniquely positioned to lead Africa’s digital revolution and inspire other nations to follow suit.

    The key to success will lie in embracing change, fostering innovation, and ensuring that technological advances are harnessed for the greater good of society. With the right policies, investments, and collaborations, Nigeria and Africa can continue to be the game changers of the digital age.

    •Aganbi – donpedrocode@gmail.com

  • Tinubu calls for focus on youth empowerment, digital economy

    Tinubu calls for focus on youth empowerment, digital economy

    President Bola Ahmed Tinubu has urged the business and banking community to prioritise capacity building, talent development, and youth empowerment as essential drivers of Nigeria’s future economic growth.

    Represented by Vice President, Senator Kashim Shettima, President Tinubu delivered this message at the 17th Annual Banking and Finance Conference organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday.

    To promote financial inclusion and drive innovation, the Tinubu administration has placed a priority on the digital economy.

    Through programmes like Digital Nigeria, the government is expanding broadband access and fostering the growth of tech startups.

    President Tinubu then disclosed that the government is currently training 3 million Nigerian youths in digital technology and essential skills, with plans to deploy them to innovation firms across the country.

    “We are committed to achieving a 70 percent digital literacy level by 2027 through collaboration and innovation.

    “We must focus on capacity building, talent development, and youth empowerment. These are the hands of our youth, and we must equip them with the skills, knowledge, and opportunities needed to drive our nation forward,” Tinubu stated.

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    He emphasized that these initiatives will be critical to Nigeria’s progress, adding, “The journey ahead will require determination, but I am confident that with the support of the Nigerian banking and finance sector, we can accelerate economic growth and ensure prosperity for all Nigerians.”

    President Tinubu outlined the government’s plan to restore confidence in the Nigerian economy, emphasizing measures to reduce inflation, stabilize the foreign exchange market, and improve fiscal management.

    The removal of the fuel subsidy, he explained, is a key short-term strategy aimed at freeing up budgetary resources for critical investments in infrastructure and social services.

    “Our focus is on strengthening infrastructure development,” Tinubu noted, highlighting the administration’s commitment to upgrading roads, railways, and energy projects through public-private partnerships. “We are reducing transportation costs and improving market access by investing in infrastructure that supports economic growth.”

    He further stressed the importance of financial inclusion, noting that formal financial inclusion in Nigeria grew from 56% in 2020 to 64% in 2023.

    “This progress has been driven by increased bank access and advancements in non-bank areas, such as mobile money services,” he stated.

    President Tinubu reaffirmed his administration’s commitment to climate finance and environmental sustainability.

    He cited the Green Bond Program and partnerships with international development agencies as key initiatives for mobilizing resources to fund projects aimed at reducing Nigeria’s carbon footprint.

    “Our climate finance initiatives are designed to mitigate the impact of climate change on our economy and promote sustainable development,” Tinubu said.

    Speaking on fiscal policies, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, assured that the ongoing reforms are expected to help Nigeria achieve a 3.7 percent economic growth target by the end of the year.

    “The oil and gas sector saw a 10% increase in the second quarter, while the non-oil sector maintained steady growth at 2.8%,” he reported. However, Edun acknowledged that challenges remain in sectors like transportation, manufacturing, and retail trade due to economic shocks.

    To alleviate transportation costs, Edun announced plans to enhance the supply of Premium Motor Spirit (PMS) by 25 million litres starting in September, through the Dangote refinery.

    The procurement of biofuel buses and compressed natural gas (CNG) conversion kits was also highlighted as part of efforts to reduce reliance on petrol and diesel, which contribute to high production and transportation costs.

    Edun added that government revenue collection reforms are yielding positive results, with aggregate federal revenue for the first half of 2024 reaching N9.1 trillion, more than double the amount collected in the same period in 2023. Non-oil revenue increased by 30 percent, surpassing budget expectations.

    While acknowledging the progress made in controlling inflation, Edun noted that food inflation remains a significant challenge.

    “The consumer price index eased from 34 percent in June to 33 percent in July, but food prices continue to rise sharply,” he said.

    The government is implementing several initiatives to boost food supply and tackle food inflation, including strategic import programs and efforts to enhance local food production.

    Edun also highlighted the administration’s focus on improving agricultural productivity. “We are working to increase staple crop production from 127 million metric tons in 2023 to 135 million metric tons by the end of the year,” he announced. These efforts include providing fertilizers and seeds to smallholder farmers and fostering partnerships with large-scale commercial farmers.

    Addressing the energy sector, the finance minister stated that the government is targeting an increase in electricity supply from the national grid, with plans to boost output from 4.5 gigawatts to 6 gigawatts by the end of 2024. Oil production is also set to rise to 2 million barrels per day as part of efforts to enhance the sector’s competitiveness and attract further investments.

    The administration’s healthcare reforms are focused on improving access to essential medicines for 80 to 90 million Nigerians. Wale Edun also mentioned that healthcare insurance coverage for one million vulnerable people is being expanded through the Vulnerable Group Fund, in collaboration with state governments.

    He emphasized the importance of collaboration between the government, private industry, and civil society to achieve sustained economic growth. “To ensure long-term growth, we must align our policies with the changing global landscape, but this requires strategic investments from the private sector,” he stated.

    In addition to domestic reforms, the administration is working closely with international financial institutions and development partners to unlock the necessary investments to support economic advancement. The issuance of a $500 million bond earlier this month is expected to finance critical programs across the economy, including a nationwide student housing initiative in collaboration with Family Home Funds.

    The Governor of the Central Bank of Nigeria (CBN) represented by Dr. Blaise Ijebor Director, Risk Management Department, noted that as bankers “bankers are not just critical stakeholders but also more of a track driver of inclusive growth and because of that our decisions and actions have significant consequences on the lives of millions of Nigerians and indeed Africans”.

    The Central Bank of Nigeria he said has been said before looking forward to the actionable points that will come out of these delibrations of the conference “because it will help to move this country forward especially as we journey towards a one trillion dollar economy envisioned by the president of the federal republic of Nigeria”.

    At the conference, Mr. Tony Elumelu, Chairman of Heirs Holding, who delivered the keynote address, called for urgent measures to address insecurity, which he cited as a key driver of food inflation and economic instability. “We must prioritize security to protect our people, attract investment, and foster change,” Elumelu stressed.

    He also underscored the need to support youth entrepreneurship, urging the government and private sector to create opportunities that allow young Nigerians to realize their potential within the country.

    According to him, “We must incentivize our youth to embrace the challenge of driving economic growth. We face a choice. Either we offer our young a future where opportunity is absent in Nigeria, forcing our best and brightest to leave, to undertake tough journeys that split families and destroy lives.

    Or we create a Nigeria where value and well-being can take place at home, not abroad, where our young ones can realize their dreams in Nigeria, for Nigeria. By supporting their businesses and creating an enabling environment, we can collectively empower small and medium-scale enterprises to catalyze our progress during these transformative and challenging times. We must not waste the current times we live in.”

  • Digital economy is the backbone of any economy, says Minister

    Digital economy is the backbone of any economy, says Minister

    The Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, has said the digital economy sector is the backbone for any economy today and is a prerequisite for any prosperous nation.

    Tijani, who said this at a press briefing on the National Digital Economy and e-Governance Bill in Abuja, projected to generate up to N18.3 billion by 2026.

    It was organised by the Senate Committee on Information and Communication Technology (ICT) and Cybersecurity and the House of Representatives Committee on Digital and Information Communication Technology.

    The Bill, he said, was long overdue to properly and fully harness the potential of the sector in the country.

    He said, “For those who follow the growth and trajectory of our economy in Nigeria, you should probably know that the ICT sector contributes about 13 to 18 percent of GDP. In Q4 2023 the sector contributed about 16.6 percent of GDP.

    “The digital economy recorded about N5.49 billion in revenue in 2019….This sector is being projected to generate up to N18.3 billion by 2026.

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    “Nigeria is one of the top two destinations for capital foreign direct investment to technology staff in Africa. Last year we recorded about 2 billion dollars in FDI to tech startups.

    “It will create jobs. The sector is extremely special and unique because of its capacity to unlock opportunities and raise productivity in every sector. If the digital economy is strong, it will catalyse development in every other sector.

    “The Bill we are here today is a Bill that will accelerate the progress in our digital economy. There is no clear legislation that is pushing competition and ensuring development in that digital space.

    “Today this Bill which we are here to support, our hope is also that it will also be the first Bill that would travel across the entire country. We have to ensure we take it to every state. It’s an important Bill for all Nigerians and we want to give them the opportunity to give us feedback.

    “The Bill will support the growth and transformation of Nigeria’s economy through the application and use of the digital economy in all facets of life in Nigeria. It will create the enabling environment for fair competition to promote innovation, growth and competitiveness of the Nigerian economy,” he said.

    Chairman of the Senate Committee on ICT and Cybersecurity, Senator Shuaib Salisu, said the Bill is important as it is the first attempt to put an omnibus legislation to cater to online activities.

    He said it would revolutionise the economy and also unleash the full potential of the ICT sector.

    “ICT is not just a sector like other sectors. It is a sector that without it other sectors cannot function. This Bill was introduced in the senate less than a week ago. We are engaging the media first because the media is critical to the success bill.

    “We don’t want this Bill to be misunderstood. We want you to have an understanding of what this Bill seeks to do. This Bill is not about levies, it’s not about commissions but creating an environment for the digital economy to thrive and we cannot do that without the partnership of the media,” he said.

    He urged Nigerians to hold them accountable for the Bill.

    Chairman of the House Committee on Digital and Information Communication Technology, Hon Stanley Olajide, said it is crucial legislation that has the potential to transform the nation’s digital economy and position it for sustainable development in Nigeria.

    “The bill which has undergone first reading in the National Assembly aims to provide a legal framework for the development and regulation of our digital economy. Furthermore as we gather here today, I want to emphasise our commitment to an inclusive process in the development of this bill.

    “It is going to be very inclusive. We recognise the importance of collaboration and stakeholders in ensuring legislation that reflects the needs and aspirations of Nigerians.

    “This event marks the beginning of a series of engagements with various stakeholders and the general public.

    “It is comprehensive legislation that seeks to establish a regulatory framework for the digital economy for digital literacy and skills development, enhanced cyber security and encourages innovation and entrepreneurship. It has the potential to unlock Nigeria’s digital potential and improve the lives of Nigerians.”

    Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, also said the essence is to serve as an enabler to ensure that they are able to achieve the goals designed for Nigeria especially under the present government.

    Represented by an Acting Director, Emmanuel Edet, he said, “It is to enhance the use of the digital economy in the entire country, especially in government as well as in the private sector.

    “As you may understand, the ecosystem is growing and there is a need for us to harness the potential of this ecosystem in order for us to develop our economic desires based on the advantages we have in terms of population, capacity and other facilities that are available.

    “The Bill basically tries to ensure that digital technologies are accommodated in our day to day lives and experiences.”

  • Digital economy to generate N18b by 2026, says Minister

    Digital economy to generate N18b by 2026, says Minister

    The Minister of Communications, Innovation and Digital Economy, Bosun Tijani, has said the digital economy sector is projected to generate up to N18.3 billion by 2026.

    He said this at a press briefing on the National Digital Economy and e-Governance Bill in Abuja.

    It was organised by the Senate Committee on Information and Communication Technology (ICT) and Cybersecurity and the House of Representatives Committee on Digital and Information Communication Technology.

    He said the sector is the backbone for any economy today and is a prerequisite for any prosperous nation.

    The Bill, he said, was long overdue to properly and fully harness the potential of the sector in the country.

    He said: “For those who follow the growth and trajectory of our economy in Nigeria, you should probably know that the ICT sector contributes about 13 to 18 percent of GDP. In Q4 2023 the sector contributed about 16.6 percent of GDP.

    “The digital economy recorded about N5.49 billion in revenue in 2019. This sector is being projected to generate up to N18.3 billion by 2026.

    “Nigeria is one of the top two destinations for capital foreign direct investment to technology staff in Africa. Last year we recorded about 2 billion dollars in FDI to tech startups.

    “It will create jobs. The sector is extremely special and unique because of its capacity to unlock opportunities and raise productivity in every sector. If the digital economy is strong, it will catalyse development in every other sector.

    “The Bill we are here today is a Bill that will accelerate the progress in our digital economy. There is no clear legislation that is pushing competition and ensuring development in that digital space.

    “Today this Bill which we are here to support, our hope is also that it will also be the first Bill that would travel across the entire country. We have to ensure we take it to every state. It’s an important Bill for all Nigerians and we want to give them the opportunity to give us feedback.

    “The Bill will support the growth and transformation of Nigeria’s economy through the application and use of the digital economy in all facets of life in Nigeria. It will create the enabling environment for fair competition to promote innovation, growth and competitiveness of the Nigerian economy,” he said.

    Chairman of the Senate Committee on ICT and Cybersecurity, Senator Shuaib Salisu, said the Bill is important as it is the first attempt to put an omnibus legislation to cater to online activities.

    He said it  would revolutionise the economy and also unleash the full potential of the ICT sector. 

    “ICT is not just a sector like other sectors. It is a sector that without it other sectors cannot function. This Bill was introduced in the senate less than a week ago. We are engaging the media first because the media is critical to the success bill.

    “We don’t want this Bill to be misunderstood. We want you to have an understanding of what this Bill seeks to do. This Bill is not about levies, it’s not about commissions but creating an environment for the digital economy to thrive and we cannot do that without the partnership of the media,” he said.

    He urged Nigerians to hold them accountable for the Bill.

    Chairman of the House Committee on Digital and Information Communication Technology, Hon Stanley Olajide, said it is crucial legislation that has the potential to transform the nation’s digital economy and position it for sustainable development in Nigeria.

    “The bill which has undergone first reading in the National Assembly aims to provide a legal framework for the development and regulation of our digital economy. Furthermore as we gather here today, I want to emphasise our commitment to an inclusive process in the development of this bill.

    “It is going to be very inclusive. We recognise the importance of collaboration and stakeholders in ensuring legislation that reflects the needs and aspirations of Nigerians.

    “This event marks the beginning of a series of engagements with various stakeholders and the general public.

    “It is comprehensive legislation that seeks to establish a regulatory framework for the digital economy for digital literacy and skills development, enhanced cyber security and encourages innovation and entrepreneurship. It has the potential to unlock Nigeria’s digital potential and improve the lives of Nigerians.”

    Read Also: Firm to boost Africa’s digital economy

    Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, also said the essence is to serve as an enabler to ensure that they are able to achieve the goals designed for Nigeria especially under the present government.

    Represented by an Acting Director, Emmanuel Edet, he said: “It is to enhance the use of the digital economy in the entire country, especially in government as well as in the private sector. 

    “As you may understand, the ecosystem is growing and there is a need for us to harness the potential of this ecosystem in order for us to develop our economic desires based on the advantages we have in terms of population, capacity and other facilities that are available. 

    “The Bill basically tries to ensure that digital technologies are accommodated in our day to day lives and experiences.”

  • Firm to boost Africa’s digital economy

    Firm to boost Africa’s digital economy

    In a critical boost to Africa’s digital economy that will support connectivity and economic growth, PAIX Data Centres, a pan-African developer and operator of data centres, has announced the expansion of its facility in Accra, Ghana, to 1.2 MW.
    This comes on the heels of an investment of over $30 million in growth equity in PAIX Data Centres by pan-African infrastructure investor and asset manager, Africa50, to support the company’s expansion into new markets and upgrade current facilities.

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    Africa50’s investment in PAIX Data Centres is part of a growing portfolio of digital infrastructure assets that will drive growth in Africa’s digital economy.
    In a statement, Managing Director, Head of Infrastructure at Africa50 and Chairman of the Board of PAIX, Raza Hasnani, said: “We share a deep conviction that high quality, sustainable infrastructure transforms economies and societies. Our over $30 million equity investment in PAIX Data Centres is part of our broader strategy to create the connectivity required to accelerate Africa’s digital transformation. We are proud that PAIX Data Centres is expanding and adopting best in-class sustainability practices.”

  • Administrators not clear on ways to tax digital economy – CITN

    Administrators not clear on ways to tax digital economy – CITN

    Tax administrations in Africa including Nigeria are unclear on the most effective and efficient way to tax the digital economy now worth  15 and 20 per cent of the global Gross Domestic Product (GDP), the 16th President/Chairman of Council, Chartered Institute of Taxation of Nigeria (CITN), Samuel Agbeluyi, has said.

    Speaking at the 49th induction ceremony of the institute in Lagos, he said challenges arising from technological advancement and intricate business models continue to mount, increasing the likelihood of tax revenue leakages for economies.

    He said the digital economy has grown dramatically, with digital Multinational Enterprises (MNEs) such as Amazon, Facebook, and Google having significant presence in the global digital space.

    Agbeluyi, said there were several international and regional efforts that had been made in recent times to address these issues, the most notable being the Organisation for Economic Co-operation and Development (OECD) Two Pillar Solution.

    “While there have been serious engagements between the FIRS and the OECD to modify and consider the applicability of the Two Pillar solution in Nigeria, we as tax professionals must continually support the development and implementation of tax policy options, rules and frameworks that will maximise the benefits of the taxing rule for Nigeria,” he said.

    He said recognising the intricate challenges that Nigeria faces in its fiscal and taxation landscape, one cannot overlook the commendable efforts by the current government.

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    “The establishment of the Presidential Committee on Fiscal Policy and Tax Reforms reflects a resolute commitment to charting a course for sustainable economic growth through effective and efficient taxation. The outcome of the committee’s work if properly implemented holds great potential for bridging fiscal policy gaps and fortifying the taxation framework in Nigeria. You will all agree with me that the quality of the Quick Win Report of the Committee corroborates this position,” he said.

    He called on highly competent professionals to oversee every facet of the tax system in Nigeria is now more than ever important.

    “The Federal Government of Nigeria in cognizance of the complex and pivotal role of taxation, established the CITN through an Act of the National Assembly (No.76 of 1992, re-designated as Cap.

    C10, Laws of the Federation of Nigeria, 2004) and mandated the Institute to regulate the practice of taxation in all its ramifications in the country,” he said.

    Chairman, Membership and Professional Conduct Committee, Dr. Titilayo Eni-Itan Fowokan, said the induction is not just a formality, but the first step towards becoming an integral part of the Institute.