Telecom
Start-Ups in Nigeria can Generate $3Bn Annually- NITDA DG
Kashifu Inuwa Abdullahi, director-general of the Nigeria Information and Technology Development Agency (NITDA), has said that Nigerian IT start-up environment is capable of generating $3 billion annually.
Kashifu Inuwa Abdullahi, DG, NITDA
Abdullahi, disclosed this in an interview with Economic Confidential and noted that the development translates to $30 billion revenue generation by 2030.
Abdullahi noted that realizing the projection will entail harnessing the power of the internet by Nigerian innovators, adding that the Nigerian government is creating an enabling environment for start-ups to thrive.
The director-general described Nigeria as a country with great potential, going by its economic size, which, he said, makes up 18 per cent of Africa’s GDP.
“Africa, apart from China, has the opportunity to benefit from the new world we are creating. Our size, our population is of advantage because the world is shifting from the way we eat, the way we work and the way we do things.
“This new normal is powered by technology and technology is derived by people. People that drive this technology migration are young people and Africa has the highest youth population in the world.
“It is also projected that by the year 2050, Africa will have 1 in 3 youths in this world,” he said.
This, he said, is a potential advantage for Africa that Nigeria needs to harness well in order to benefit from the new economy, noting that three trends are shaping and creating the African economy.
According to him, the three trends, include increase, affordability and fast internet speed across the continent; startups to transform business landscape and the general economy.
He further explained that when you look at the emerging technology ecosystem, and the market they are creating, you will realize that there are two promising emerging technologies that are going to change a lot of things in the world: Blockchain and Artificial Intelligence.
He said that based on two reports by PWC, they projected that by year 2030, Blockchain technology will add up to $1.76 trillion to global GDP.
And based on that report, they said that developing countries, at least, can add 4 percent of the GDP if they use that technology. For example, Nigeria’s GDP today is more than $400 million.
The 4 percent of $400 million is more than $10 billion.
That is the minimum GDP Blockchain technology can generate.
He further said that in another report, PWC projected that Artificial Intelligence can add more than $10 trillion to the global GDP by 2030 and based on that report, they said developing countries like Nigeria can add up to 5.6 percent to the GDP. So, still Nigeria, let’s say we are targeting only $10 billion which is far less than 5.6 percent of our GDP today. So, you can see we have 20 billion already.
“We are doing a lot of things to ignite innovative activities in these sectors like for Blockchain, we have developed National Adoption Strategy as approved by the Minister of Communication and Digital Economy, Dr Isa Ali Pantami. Because they are foundational technologies, they cut across so many sectors. So, we have developed that foundational strategy and we are working with the startups ecosystem to develop prototypes and identify the most promising ones”.
A member of both British Computer Society (BCS) Nigeria Computer Society (NCS) and the 1st Cisco Certified Internetwork Expert (CCIE) in Nigeria’s Public Sector, Kashifu remarked that in the area of Artificial Intelligence, Nigeria has built the National Centre for Robotics and Artificial Intelligence which is helping to harness these potentials. So, that’s $20 billion out of the $30 billion that we said.
“And today, based on Startups Genome report of 2020, Lagos startups ecosystem is valued at more than $2 billion and also recently, two of our startups have reached unicorn level that means evaluation of more than $1billion each. That is Flutterwave and Interswitch.”
“So, now we have $4 billion. Lagos ecosystem has $2 billion, Flutterwave $1 billion, Interswitch $1 billion, and then Jumia is already valued at $1.9 billion. Roughly you have $6 billion in Lagos alone talk less of the other parts of the country”.
Abdulahi said the media and entertainment industry is powered by digital technology, mostly startups, and based on PWC report also, the Nigeria media entertainment sector will be valued at $10 billion by 2023. So, you can see that we are almost at that targeted $30 billion.
“So, we hope we will exceed that target and we are on track based on our initiatives, based on government policies like the National Digital Economy Policy and Strategy (NDEPS), and other government interventions in form of policies and infrastructural interventions. All these can help us to reach that target of $30 billion by 2030.
Nigerian Exchange Group (NGX) hosted its annual Made of Africa (MOA) 2025 Awards on Monday, February 4, 2026. The event, held during the NGX year-end celebrations, brought together regulators, listed companies, and market operators such as MTN, BUA, Dangote, Transcorp, to celebrate achievements in compliance, sustainability, and market performance.
In his opening remarks, Dr. Umaru Kwairanga, the Chairman of Nigerian Exchange Limited, said “Excellence in compliance, sustainability, and several other categories recognises the fact that capital market operators and quoted companies must be standards not only in terms of the size of their operations but also adherence to regulations and best practices of corporate social responsibilities.”
He emphasised that the awards serve as a benchmark for excellence. He noted that the 2025 honourees demonstrated significant improvements in branding, customer service, and operational standards despite a challenging economic environment in Nigeria.
Among the evening’s significant winners was MTN Nigeria, which was honoured for its commitment to corporate transparency. The technology giant received the award for Leadership in Sustainability Reporting, emerging as the winner in a category that included Seplat Energy, BUA Cement, and Transnational Corporation of Nigeria PLC.
The award recognised the brand’s adherence to both national and global reporting standards, reflecting its role in advancing environmental, social, and governance (ESG) practices within the Nigerian corporate space.
Tobe Okigbo, Chief Corporate Services & Sustainability Officer, MTN Nigeria, said “This recognition for Leadership in Sustainability Reporting underscores our commitment to transparency and aligning with global best practices.
“As the capital market moves toward greater accountability, MTN Nigeria remains dedicated to demonstrating resilience and faith in the Nigerian economy through comprehensive and standard-compliant reporting.”
The ceremony saw several other major players in the financial sector secure multiple accolades. Chapel Hill Denham emerged as one of the night’s most successful firms, winning in categories including Fund Manager with the Largest Listed Fund Size and Market Operator with the Highest Value of Foreign Portfolio Investment (FPI) Transactions.
Other notable winners included: Cardinal Stone Securities Limited, named Broker of the Year and Equity Trader of the Year, Dangote Cement was awarded Best Issuer in terms of Fixed Income Listings, BUA Cement PLC was recognised as the Most Compliant Listed Company, and Transnational Corporation of Nigeria (Transcorp) PLC received special recognition for Capital Market Excellence in Equity.
Mr. Jude Chiemeka, the Chief Executive Officer of Nigerian Exchange Limited, congratulated the recipients, noting that the market saw a 51% close in the All-Share Index last year, making it the second-best performing market globally. He urged winners and nominees alike to continue striving for excellence to further the aspiration of a $1 trillion Nigerian economy.
Nigeria’s broadband landscape remains anchored by 4G LTE at 52.95% market share in December 2025, with 2G holding steady at 37.37%, while 5G penetration crawls at just 3.77%, per Nigerian Communications Commission (NCC) data.
4G’s dominance stems from urban smartphone migrations and MTN-Airtel infrastructure expansions, fuelling the digital economy, as 2G persists in rural areas due to feature phone reliance and a stubborn device gap.
5G growth stalls from high smartphone costs amid inflation, telco preference for 4G’s quicker returns over capital-heavy 5G rollouts, and limited mainstream apps beyond elite urban streaming in Lagos and Abuja.
Broadband subscriptions topped 112 million, lifting penetration to 51.97%—up from 42.2% in October 2024—crossing the halfway mark for the first time, though monthly gains of 2-3 million slowed mid-year amid population growth and regional disparities.
The NCC’s 70% target stays elusive, highlighting sustained urban-rural demand but underscoring needs for affordable devices, infrastructure, and use cases to accelerate high-speed access nationwide.
Nigeria’s internet subscriber base surged to 148.2 million by December 2025, achieving 68.3% penetration, even amid 50% tariff hikes and naira depreciation, according to Nigerian Communications Commission (NCC) data.
MTN and Airtel dominated with 86% market share, Airtel adding 1 million subscribers in December alone, while Glo and 9mobile lagged as legacy players.
Data consumption exploded 35% to 13.25 million terabytes yearly, but Nigerians spent ₦20.87 billion daily—totalling ₦7.62 trillion ($5.58 billion)—as gigabyte prices doubled from ₦287 to ₦575.
User frustrations mounted from network failures, thousands of fibre cuts due to construction and vandalism between January and August 2025, and poor service quality despite billions in revenue. 4G LTE held 52.95% share as the workhorse, 2G clung to 37.37% in rural areas, and 5G remained a 3.77% urban luxury limited by device costs and base stations.
The NCC’s 70% broadband target fell short at 51.97%, though the ICT sector boosted Q3 GDP by ₦7.47 trillion and restored telco profits post-2024 losses.
In 2026, attention shifts to quality matching rising costs, with users urged to stay powered amid persistent “spinning wheel” woes.
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