NES30 Summit: Nigerian ICT Stakeholders Recommit to Digital Economy Advancement

Stakeholders in Nigeria’s ICT sector have reaffirmed their commitment to advancing the country’s digital economy and supporting businesses facing economic challenges.

This pledge was made during a roundtable organised by Google at the 30th Nigerian Economic Summit (NES30) in Abuja. Themed “Leveraging Digital Solutions to Navigate Economic Volatility,” the discussion focused on how digital technology can empower businesses to thrive amidst Nigeria’s economic difficulties.

As Nigeria stands at the crossroads of economic change, the nation has both challenges and great potential. With a rapidly expanding tech sector and a young, dynamic population, Nigeria is well-positioned to lead digital innovation in Africa. Research suggests that every $1 invested in digital technology generates $8 for the Nigerian economy, underscoring the value of digital transformation in boosting growth, productivity, and living standards.

During the roundtable, stakeholders stressed the importance of cross-sector collaboration to drive Nigeria’s economic progress.

A CEO survey by Africa Practice revealed that 46% of businesses experienced revenue declines due to inflation and macroeconomic pressures. However, 70% of business leaders are looking for digital solutions to adapt, innovate, and drive future growth, demonstrating a readiness to embrace technology.

Despite the enthusiasm for digital transformation, businesses face barriers such as financial constraints, insufficient infrastructure, and limited access to foreign currency.

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Government officials committed to accelerating the digitisation of public services and addressing fiscal obstacles, while Google pledged to explore local payment solutions to improve access to digital tools.

Industry leaders emphasised the importance of private-sector collaboration with the government to invest in technology and bridge the digital skills gap.

Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, highlighted the importance of working together for the success of digital transformation.

Former CEO of the Nigerian Economic Summit Group, Laoye Jaiyeola, underscored the need for sustained business engagement in policy formation. Google’s West Africa Director, Olumide Balogun, stressed the transformative power of technology and the importance of collaboration between government, businesses, and communities to unlock Nigeria’s digital economy potential.

The session concluded with a declaration outlining a roadmap for the continued growth of Nigeria’s digital economy, with a strong commitment from both the public and private sectors to turn challenges into opportunities.