By Abubakar Yunusa
The digital economy has surpassed the oil sector as a primary driver of Nigeria’s Gross Domestic Product (GDP), contributing a significant 14.8% in the first quarter of 2024.
This figure represents more than double the 7-8% contribution from the oil sector during the same period, according to the Africa Digital Economy Summit (AFRIDES).
Kelvin Jiraji, Co-Chair of the G20/Africa Digital Economy Summit, emphasized the increasing importance of technology in Nigeria’s economic development, highlighted the contributions of sectors such as telecommunications, remote work, artificial intelligence (AI), and digital taxation.
“Technology and innovation are reshaping Nigeria’s economic landscape, with digital industries far outpacing traditional sectors like crude oil,” Jiraji stated.
He noted that the integration of digital infrastructure has substantially boosted Value-Added Tax (VAT) revenues and overall economic output.
Speaking ahead of the AFRIDES Summit in São Paulo, Brazil, Jiraji outlined the summit’s goals, which are centered around “Digital Transformation for Sustainable Growth: Africa’s Path to a Connected Future.”
As a G20 initiative, the four-day summit aims to foster partnerships between governments, innovators, and the private sector to promote inclusive digital growth across Africa.
The summit will serve as a crucial platform for discussing strategies to enhance Africa’s digital infrastructure and stimulate investment.
“This event will bring together policymakers, entrepreneurs, and investors to explore avenues for wealth creation, job opportunities, and technological advancement across the continent,” Jiraji added.
