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Digital Economy to Generate more Revenue than Oil — NITDA DG
The National Information Technology Development Agency (NITDA) has said that Nigeria is realising its goal of a digital economy, where the country will generate more revenue from Information and Communication Technology (ICT) than crude oil.
Kashifu Inuwa, CCIE, Director-General of NITDA, stated this in Kaduna on Thursday at a One Day Stakeholder’s Engagement Program organised to create understanding between the Agency and its stakeholders in pursuit of Digitization and Entrepreneurial Evolution of Nigeria.
The Engagement Ring, which was tagged; ‘Creating Opportunities, Breaking Boundaries: Towards Digitization and Entrepreneurial Evolution,’ brought together Technology Solution Experts, Business Owners, Non-Governmental Organizations and Academics, amongst many others.
Declaring the Program open, Kashifu Inuwa, CCIE, the Director-General and Chief Executive Officer of NITDA, represented by the Agency’s Director of Zonal Offices Directorate, Babajide Ajayi, said the meeting with the stakeholders cut across the Public and Private sectors, the Hubs, and every sector of the country was organised as part of efforts to realise the agency’s goal.
According to Kashifu, “We are engaging the vast stakeholders because we want to get to the level of the advanced countries, where we can generate more revenue from tapping into ICT than crude oil.”
“We are in the process of realising our dream of a booming digital economy. You will notice that our Ministry, formally known as Communications was changed to Communications and Digital Economy. This is not just for the sake of changing name but to ensure we achieve all forms of Digitization in this country.”
“In addition to that, our Policy Document, SRAP 2021-2024, that is our Strategic Roadmap and Action Plan, will serve as the guide to the Agency towards the realisation of Nigeria’s vision to digitization,” he said.
The NITDA boss added that, the Agency deemed it necessary that it collaborates more with its stakeholders, with a view to ensuring that developmental strides at the national level come down to the states and local government levels.
“In addition to that, we also need to hear from them where we are doing well and where they think we are not doing well enough. We have had similar engagement meetings in Gombe, Bauchi, Lagos, Ogun and Kano States. And we are getting a good response because there are things we didn’t even know about that are coming out, and we are taking these feedback back to Abuja to map out how we can have a better working relationship with the stakeholders,” he said.
Also speaking, Alhaji Sheikh Abubakar Lawan, the Head of North-West Zonal office of NITDA, said the Agency was putting measures in place to address fraudulent activities associated with Information Technology which has being the fear of many stakeholders.
Some of the stakeholders who spoke at the event called for a closer working relationship between the Agency and stakeholders in Public and Private sectors towards ensuring speedy delivery of NITDA’s mandate.
Patience Okala, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office has urged African countries to stop exporting raw materials and instead focus on adding value to its natural resources if it is to fully harness the opportunities offered by the African Continental Free Trade Area.
She stated this on Thursday at the Streamsowers & Köhn 20th Anniversary Business Forum, where she stressed that value addition and beneficiation are essential to Africa’s industrialisation and long-term economic growth.
According to a statement issued on Friday by the Nigeria AfCFTA Coordination Office, she said the AfCFTA goes beyond the elimination of tariffs, serving as a framework for industrialisation, value addition, and job creation across the continent.
“AfCFTA is not only about tariffs; it is also about value addition. Africa has to stop exporting raw materials. We need to add value and ensure that beneficiation is done on the continent,” she said.
Okala also said Africa’s economic transformation would depend on the effective implementation of the AfCFTA rather than on the signing of trade agreements alone.
“We have moved beyond negotiations. The success of AfCFTA will be measured by the extent to which businesses can access new markets, trade seamlessly across borders, and benefit from the opportunities created by the agreement,” she said.
She noted that Nigeria had intensified efforts to implement the agreement under the leadership of the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, including the development of simplified AfCFTA guides in six languages to help businesses understand and take advantage of opportunities under the trade pact.
Okala called for stronger collaboration among governments, regulators, and the private sector to eliminate barriers to trade and investment and build a truly integrated African market.
“As we move from policy to implementation, our collective responsibility is to ensure that the opportunities created by AfCFTA become practical realities for businesses, particularly MSMEs, women-owned enterprises, and young entrepreneurs across the continent,” she said.
Cisco is exploring artificial intelligence (AI)-powered solutions to support smallholder farmers in Nigeria, as part of efforts to expand digital inclusion and technology adoption.
The initiative focuses on improving agricultural productivity through accessible, data-driven tools.
The move aligns with growing collaboration between Nigeria and the United States under the Commercial and Investment Partnership, which prioritises the digital economy, agriculture and infrastructure.
Speaking at the 2026 World Business Chicago, Brian Tippens, chief social impact and inclusion Officer at Cisco, said the company is assessing practical AI applications to help farmers combine local knowledge with data insights.
He said Cisco is exploring tools such as AI-enabled WhatsApp communities, geospatial mapping and weather intelligence to support day-to-day farming decisions.
The approach reflects a shift towards low-cost, mobile-first solutions suited to rural environments.
Tippens added that the Cisco Foundation is investing in early-stage startups developing technologies for local agricultural challenges.
Industry analysts note that AI adoption in emerging markets depends on locally relevant solutions, rather than large-scale enterprise deployments alone.
Beyond agriculture, Cisco plans to expand digital skills development in Nigeria through programmes such as the Cisco Networking Academy’s One Million Learners initiative.
Tippens said the programme also supports partnerships with organisations working with persons with disabilities, including those developing tools for people with visual impairments.
He added that Cisco’s social impact strategy aims to improve access to technology and promote inclusion, including in conflict-affected regions such as Borno State.
Cisco’s initiatives form part of broader efforts to link digital skills, connectivity and AI adoption to economic development in Nigeria.
Africa Prudential Plc has reaffirmed its commitment to sustainable growth and digital transformation after posting another strong half-year financial performance, driven by robust growth in its core registrar business, technology-driven solutions and increased activity in Nigeria’s capital market.
Speaking during the company’s H1 2026 Investor Call on Tuesday, the management outlined plans to deepen revenue diversification and accelerate innovation as part of efforts to reduce reliance on interest income and strengthen long-term profitability.
The company reported gross earnings of ₦4.28 billion for the first half of 2026, representing a 27 per cent increase from ₦3.34 billion recorded in the corresponding period of 2025.
Profit before tax rose by 22 per cent to ₦2.41 billion, while profit after tax climbed 18 per cent to ₦1.59 billion.
Net operating income also increased by 27 per cent to ₦4.21 billion, while total assets grew by 13 per cent to ₦46.53 billion. Shareholders’ funds similarly rose by 13 per cent to ₦12.52 billion.
According to the company, the impressive performance was driven by sustained growth in its registrar business, increased corporate actions across the Nigerian capital market, stronger treasury earnings supported by the prevailing interest rate environment and rising adoption of its technology-enabled products and services.African Mineral Wealth
Managing Director and Chief Executive Officer, Dr. Catherine Nwosu, said Africa Prudential is steadily evolving from a traditional share registrar into a diversified technology and business solutions provider serving the broader capital market ecosystem.
Addressing concerns from investors about the sustainability of earnings if interest rates decline, Nwosu said the company was deliberately expanding its non-interest income sources.
“Interest rates influence our treasury income positively, but that is why we are deliberately diversifying our revenue streams. Our strategy is to grow recurring fee-based business lines such as our digital solutions, Know Your Customer (KYC) services, AGM technology, probate services and the SabiVest mobile app. Over time, this will reduce our reliance on interest income and create a more balanced and resilient earnings mix,” she said.
She noted that increasing activity in the Nigerian capital market presents fresh opportunities for technology-driven solutions.
“With capital market activity nearly doubling over the past year, demand for seamless digital investor experiences, improved market efficiency and stronger compliance standards continues to grow. We are investing in technology-enabled solutions that position us to capitalise on these opportunities while delivering sustainable value to our shareholders,” she added.
Looking ahead, the company identified five strategic priorities for the second half of 2026, including driving sustainable growth through its core registrar business and new revenue streams, accelerating technology-led product innovation, strengthening brand leadership, investing in talent development and reinforcing corporate governance.
The investor call attracted institutional investors, shareholders, analysts, regulators and other capital market stakeholders, reflecting strong interest in Africa Prudential’s earnings outlook, revenue diversification strategy and long-term growth plans.
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