May 24, 2024

The Federal Government has said it expects $40bn in private capital investments in digital infrastructure by 2025.

The government disclosed this in its ‘National Development Plan 2021-2025: Volume I.’

It said, “To achieve the goals outlined in the sector, the estimated public investment is N150bn from 2021-2025. Allocations will be made to priority projects in the sector as well as projects essential to the operations of the relevant ministries.

“In addition, the ICT sector is projected to facilitate the formation of up to $1bn in private equity and private capital investments in digital infrastructure of approximately $40bn.”

According to the government, to unleash Nigeria’s potential for industrialisation and sustainable economic growth, it will take measures to digitise the economy and make digitalisation a key driver of national economic development strategies.

It said it would grow the digital economy from 10.68 per cent to 12.54 per cent and improve e-governance by 100 per cent by 2025.

It added that to unleash the nation’s digital economic objective, it would need to improve legal framework of the sector through policy amendment and implementation; drive investment for infrastructural development through public funds and blended financing; prioritise skills development through the promotion of STEM and digital technology education; and drive local and foreign investments.

The government said, “There has been a gradual global transition to a fourth industrial revolution through the diffusion of digital technologies encapsulated in 5G, cybersecurity, artificial intelligence, machine learning, robotics, Internet of Things, computer vision, etc.

“These global trends have created an urgency for Nigeria to improve its digital and technological capacity in order to generate innovations that will enable Nigeria to harness the benefits of digitalisation for economic development and competitiveness.

“For economies to build resilience in a fast-paced, and ever-changing global environment, there is a need for a robust digital, ICT, and R&D ecosystem to drive innovation and continuous adaptability for sustainable economic growth. With its teeming, young, and tech-savvy population, and increased investor interest, Nigeria holds the potential to become a leading technological powerhouse and boost productivity across its economic sectors.”

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