As Africa’s digital economy continues to grow, investments in the sector become crucial. These investments play a critical role in driving sustainable development across the continent.

Nigeria has announced a $119 million investment aimed at strengthening its tech hubs and supporting the growth of micro, small, and medium-sized enterprises (MSMEs). The announcement was made following a meeting between Nigeria's Vice President Kashim Shettima and Swedish investors in Stockholm on October 17.

Vice President Shettima highlighted the importance of the investments, noting that "The government's 'Renewed Hope Agenda' emphasizes creating a competitive business environment that attracts both foreign and domestic investments.”

A key portion of the investment—$100 million—comes from Gluwa, a decentralized financial platform, which has committed to enhancing digital skills in the country. Gluwa’s Director, Akinola Jones, outlined plans to train over 30,000 Nigerians in digital technologies.

Additionally, Ericsson's Managing Director for Nigeria, Peter Olusoji Ogundele, revealed plans to invest $19 million in building a technology hub. Ogundele emphasized that the initiative would help develop local talent, positioning Nigeria as a global player in tech services.

Nigeria continues to attract substantial investor attention. At the recent GITEX Global event in Morocco, the UAE demonstrated interest in the country’s burgeoning tech sector, aiming to support the growth of its dynamic startup ecosystem. This highlights the increasing recognition of Nigeria as a key player in Africa’s tech innovation landscape.

According to Nigeria’s National Bureau of Statistics (NBS), the information and communication sector contributed 13.12% to the total Nominal GDP in the 2024 first quarter, highlighting the importance of digital transformation.

Hikmatu Bilali