Financial Derivatives CEO Calls for More Investment in Digital Infrastructure

Bismarck Rewane, Chief Executive Officer of Financial Derivatives Co. Ltd., has called for increased investment in digital infrastructure to foster inclusive growth and expand economic opportunities in Nigeria.

He made this statement during the inauguration of the Nigeria Broadband Alliance for Nigeria (NBAN) on Tuesday in Lagos.

Investment in digital infrastructure is expected to enhance Nigeria’s economic growth, with Gross Domestic Product projected to rise from $472.6 billion in 2022 to $502 billion over the next four years.

Rewane stated that the expansion of Nigeria’s fibre optic network by 90,000 km, supported by a $2 million United States grant, would push internet penetration above 70 per cent.

He explained that this expansion would also reduce internet access costs by more than 60 per cent, making it more affordable for Nigerians.

Rewane highlighted that the World Bank had pledged $500 million to support network expansion, which would greatly benefit the country’s economy.

He added that increased connectivity would strengthen key sectors, including agriculture, oil and gas, manufacturing, and commerce, driving economic transformation.

Rewane noted that Nigeria’s telecoms sector contributed 12.1 per cent to GDP in 2024, but with the right investment, this figure could rise to 16.8 per cent by 2028.

Investing in digital infrastructure, he said, would also promote inclusive access, empowering underserved communities by improving education, healthcare, and economic opportunities.

He also mentioned that broadband expansion would create tech jobs and stimulate demand for digital skills, supported by training programmes and government initiatives.

Also Read: Nigeria Targets 2027 for Full Digital Infrastructure Upgrade

Rewane emphasised that Nigeria’s base station count had increased by 273 per cent, reaching 137,992 in 2023 from 37,000 in 2020.

He stated that this growth in digital infrastructure would improve efficiency and productivity, leading to higher incomes and reduced poverty.

Rewane also pointed out that improved connectivity would transform agriculture by enabling extension services, precision farming, and better market access.

“In the oil and gas sector, increased connectivity will enable remote monitoring and enhanced communication, boosting efficiency and productivity.

“In manufacturing, digital solutions will drive IoT and AI adoption, helping businesses streamline processes, improve quality, and reduce costs,” he said.

He added that broadband expansion would also promote commerce through the growth of e-commerce, mobile payments, and greater price transparency.

According to him, increased investment in digital infrastructure is expected to significantly impact Nigeria’s economic growth and development.