News
Nigeria’s Digital Economy Sector Attracts $191m FDI
Dr. Bosun Tijjani, minister of Communications, Innovation, and Digital Economy,has said that Nigeria’s Communications and Digital Economy sector attracted $191 million in foreign direct investment (FDI) in the first quarter of 2024, a ninefold increase from $22 million in the first quarter of 2023.
Bosun Tijani, Minister of Communications, Innovations and Digital Economy
Speaking on the massive growth the sector has witnessed under the administration of President Bola Ahmed Tinubu, Dr Tijjani revealed plans for a $2 billion initiative to deploy 90,000 kilometres of fibre optic infrastructure nationwide, beginning from the fourth quarter of 2025.
The Minister disclosed these during an interview for an upcoming State House documentary marking President Tinubu’s second anniversary.
Dr Tijani, who also highlighted the sector’s workforce development, driven by the 3 Million Technical Talent (3MTT) programme, revealed plans for a $2 billion initiative to deploy 90,000 kilometres of fibre optic infrastructure nationwide, starting in Q4 2025.
“These foundational reforms, coupled with advancements in Artificial Intelligence (AI) and the startup ecosystem, have positioned Nigeria as a global leader in the digital economy,” Tijani stated.
Comparing FDI inflows, Dr Tijjani said, “In Q1 2023, the sector had about $22 million; by Q1 2024, with this administration well underway, we reached $191 million. The trend continued in Q2, increasing from $25 million in 2023 to $114 million in 2024.”
According to the Minister, the 3MTT programme, launched in October 2023 to create a tech-savvy workforce, has already trained over 117,000 Nigerians in digital skills, surpassing its initial target of 30,000.
“By last year, we had already moved that to over 117,000. With an additional 35,000 in training, the programme is nearing 10% of its 3 million goal. And in the rest of the time in office, we hope to reach the 3 million,” he said.
A statement issued by Mr. Bayo Onanuga, special adviser to the President, on the soon to be aired interviewed with Dr. Tijjani conveyed the Minister’s celebrations of Nigeria’s ranking among the world’s top 60 countries for AI readiness and developing a homegrown large language model (LLM).
He also highlighted the launch of the AI Collective platform, supported by leading partners including Pierre Omidyar, Google, and Microsoft, to foster collaboration and innovation in artificial intelligence.
For the first time in the country, the ministry has funded 55 academic researchers to explore technology applications in agriculture, healthcare, and education.
In addition, ₦300 million was invested in 10 startups using AI and blockchain to enhance agricultural productivity.
On the Nigeria Startup House in San Francisco—an initiative targeting $5 billion in startup funding—Dr. Tijani said, “Our goal is to attract $5 billion in investments for Nigerian startups, supported by the Startup Pact and Trade Desk initiatives, which will connect local tech firms to global opportunities and government procurement.”
Tijani revealed that over 500 government technologists have been trained in AI and Digital Public Infrastructure (DPI), and the groundbreaking Digital Economy Bill has passed its first reading in the National Assembly.
To bridge rural connectivity gaps, the Minister projected that 7,000 telecom towers would be deployed, targeting 98% nationwide coverage, adding that the Federal Executive Council had already approved the project.
He described the progress on Right-of-Way issues as a game-changer for the country, revealing that 12 states in the federation have adopted zero-rated Right-of-Way policies.
According to him, these efforts will support the National Broadband Plan’s goal of achieving 90% penetration by 2025, up from 48% in 2024.
He projected the sector’s GDP contribution to rise from 16% to 22%, stating: “If a sector can increase its contribution by three to four per cent to the GDP, we’re about to see the economic growth we’ve not seen it before. Technology allows us to bridge the gap between governments and the people.”
Dr Tijani emphasised that the government is not chasing quick wins, hence its desire for long lasting reforms that will transform the nation’s economy for generations to come.
The Chartered Institute of Bankers (CIBN) and the Association of Corporate Communication and Marketing Professionals in Banks (ACAMB) have enjoined banks to further deepen and prioritize financial inclusion, women’s empowerment and sustained growth through strategic mandates and frameworks, aimed at closing the financial gap and empowering more small, and medium enterprise (MSME) owners.
Both organisations made this call during a courtesy visit to the newly invested 24th President and Chairman of Council of the Chartered Institute of Bankers of Nigeria (CIBN), Dr. Dele Alabi, Ph.D, FCIB, as part of plans to congratulate him on his investiture as well as seek a stronger alliance between both bodies.
The visit followed Alabi’s investiture where he unveiled his “IMPACT” Vision, themed “Consolidating Our Local Impact, Enhancing Our Global Relevance.”
The vision rests on six pillars: Inclusion across geographic, gender, and generational lines; Membership growth and quality; Professionalism and ethics; Accountability; Competencies and skills development; Technology, automation, and innovation. Other areas of shared interest, include women empowerment, financial inclusion and literacy, as well as MSME clinics, all of which are top on his agenda.
Alabi explained that under him, the institute will be prioritising financial inclusion and women empowerment, because of its realisation that women are often the primary financial managers and caregivers in families. Access to savings, micro-credit, and insurance acts as a safety net during crisis and allows them to significantly improve living conditions.
He added that CIBN would be happy to drive joint knowledge sharing and exchange sessions with CBN and ACAMB across various platforms. “Educating the public through public awareness programmes, with ACAMB as the rallying point, is central to what we do,” he noted.
ACAMB President, Jide Sipe, who led the delegation, spoke in unison with the CIBN president, as he noted that, closing the inbalances in financial access help economies grow faster, reduces inequality, and encourages greater civic participation by all.
Lagos State has become the first sub-national government in Nigeria to establish a comprehensive Greenhouse Gas Registry, a move aimed at strengthening climate governance, improving emissions accountability and accelerating the state’s transition to a low-carbon economy.
The Lagos State Greenhouse Gas Registry (LGHGR) was unveiled at the Central Business District, Alausa, Ikeja, at a ceremony attended by Prof. Akin Abayomi, commissioner for Health, members of the State Executive Council, representatives of the Federal Ministry of Environment, development partners, TPHG Technologies, the diplomatic and business communities, academics, civil society organisations and the media.
Describing the initiative as a landmark achievement in the state’s environmental sustainability drive, Dr. Babatunde Ajayi, general manager of the Lagos State Environmental Protection Agency (LASEPA), said the Registry marks a defining moment in Lagos’ climate action journey and reflects Governor Babajide Sanwo-Olu’s commitment to building a resilient, climate-smart and environmentally sustainable economy.
According to Ajayi, the digital platform will enable the state to accurately measure, monitor, report and verify greenhouse gas emissions across key sectors, providing credible data to guide environmental policies and climate interventions.
He said the Registry would strengthen evidence-based decision-making, improve transparency and accountability, support national and international climate reporting obligations, unlock carbon market opportunities and boost investor confidence in Lagos’ environmental initiatives.
Ajayi also commended TPHG Technologies for providing the technical expertise that made the pioneering project possible.
Delivering the keynote address, Prof. Abayomi described the Registry as a major milestone that positions Lagos at the forefront of climate governance and emissions accountability in both Nigeria and Africa.
He noted that climate change has evolved into a significant public health and governance challenge, stressing that access to reliable emissions data would enable the state to formulate evidence-based policies, attract climate financing, strengthen resilience and accelerate its transition to a low-carbon economy.
Providing insights into the technical framework of the project, Dr. Mofoluso Fagbeja, lead consultant and chief executive officer, TPHG Technologies, explained that the Registry was developed from the greenhouse gas inventory jointly undertaken by LASEPA and TPHG Technologies in 2022, using 2019 as the baseline year for emissions assessment.
He said the platform is designed to close critical emissions data gaps, particularly within the industrial sector, while supporting effective climate policy implementation, emissions management and sustainable development.
Fagbeja also disclosed that the greenhouse gas inventory estimated that poor air quality contributes to about 35,000 premature deaths annually in Lagos, underscoring the urgent need for stronger emissions control measures and cleaner environmental practices.
In a goodwill message, Balarabe Abbas Lawal, minister of Environment, represented by Mrs. Adenaike Olunimpe Oludunni, federal controller of Environment in Lagos, commended Lagos State for pioneering the initiative, describing it as a significant contribution to Nigeria’s climate commitments.
He said the Registry aligns with the country’s Nationally Determined Contributions (NDCs) under the Paris Agreement and supports the Federal Government’s Energy Transition Plan, while reaffirming the ministry’s commitment to deeper collaboration with Lagos State on climate governance and environmental sustainability.
A recently released Henley Passport Index 2026, showed that Nigerian citizens can travel to at least 20 destinations outside the African continent where entry is allowed either visa-free, with a visa on arrival (VOA) at no extra cost, or via an e-visa.
This expanded access opens doors for Nigerian travellers to experience countries in the Caribbean, Asia, and beyond with greater ease.
Below is a comprehensive guide to countries outside Africa which Nigerian passport holders can visit without a traditional visa.
Visa-Free Countries outside Africa for Nigerian Passport Holders:
Barbados
Cambodia – Visa on arrival
Comoros Islands – Visa on arrival
Cook Islands
Dominica
Fiji
Haiti
Iran – Visa on arrival
Kiribati
Lebanon
Maldives – Visa on arrival
Micronesia
Montserrat
Niue – Visa on arrival
Palau Islands – Visa on arrival
Samoa – Visa on arrival
St. Kitts and Nevis
Timor-Leste – Visa on arrival
Tuvalu
Vanuatuul
Fact-Check: Elon Musk’s “Tesla Pi Phone” is Internet Rumor
Dangote Plans to Donate One-Third of Wealth to Charity as Legacy
NDPC Directs DCPMIs to Register with Agency or Face Legal Consequences
Malpass, Ex World Bank Chief Raises Alarm over Nigeria’s Secretive Debt Structures
How and Why Apps Deplete Data – ALTON
NRC, Ponzi Scheme Collapses Resulting Loss of Billions of Naira
EFCC Busts NIS Visa Overstay Racket, Uncovers N700m in an Account
Tokenization, Blockchain Technology will Transform Financial Institutions – IMF
From Scarcity to Scale: What Africa Can Learn from India’s Agricultural Transformation
BON Establishes Six Ad Hoc Committees to Modernize Broadcasting
News3 days agoSee Verified 20 Countries Nigerian Passport Holders Can Travel Visa-Free
E-Business3 days agoReport Says Cybercriminals Deploy Malware to Hijack Crypto Wallets, Monitor Browsers Telegram
Telecom3 days agoNCC, REA Partner to Cut Telecom Costs with Renewable Energy
Telecom3 days agoSubscribers, Telcos Warn FCCPC over Airtime Lending Enforcement
E-Business3 days agoNPC Opens 131 Births, Deaths Registration Centres in Anambra
General News3 days agoAfDB, Nigeria Urge African Control of Mineral Resources
News2 days agoHistory as Lagos Becomes First Nigerian State to Launch Greenhouse Gas Registry
Telecom2 days agoAI Investment Gap Threatens Africa’s Future Growth