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Nigeria becomes Africa’s investment hub, receives 30% of FDI

Lagos, Nigeria

According to Kashifu Inuwa, Director General of the National Information Technology Development Agency in Nigeria, Nigeria receives close to 30% of all FDI in Africa.

He asserts that ICT accounted for over 18.5% of Nigeria’s GDP and that the country’s tech sector attracted $4.4 billion in investments in 2015, 2019, and 2020 combined.

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At the 2023 Leaders Without Borders Annual Business Summit and International Honors, which had the title “Business Beyond Borders.

Global Partnerships and Sustainable Investments” and was hosted in London, Inuwa made this declaration.

To promote collaboration and creativity in the business world, this event brings together company executives, entrepreneurs, and thought leaders from all over the world.

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The DG recalled that NITDA, a government agency established in 2001 to help Nigerians use information technology, had supported around 753 businesses through grants, training, and start-up money, among other means.

Additionally, it said that because of the agency’s efforts, 120 million Nigerians now have access to computers as well as the Internet.

He emphasized how the emergence of new technologies made possible by the digital economy has given exceptional African teenagers the possibility to reach their full potential and take the lead in the world.

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According to the NITDA director, the country’s fintech companies are almost twice as big as its biggest bank. He says Flutterwave is worth about $3.6 billion.

Whereas the biggest bank in the country is valued at only $1.6 billion.

“Nigeria is booming and has Africa’s most active IT ecosystem. We just brought some businesses to Riyadh for a competition.

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And two of them earned $150,000 each as global winners, the man stated.

To enable every Nigerian to use digital devices and access internet services, Inuwa noted that the agency had been working hard to promote digital literacy by employing local languages.

“To help the economy, we have taught digital literacy to more than 3.3 million Nigerians.

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The NITDA started working on numerous regulatory frameworks for information technology advancement in government institutions.

The program’s goals are to create human capital, provide universal access to digital services, and promote digital literacy in educational institutions, rural areas,

And urban areas with the intention of fostering a knowledge-based economy, according to the NITDA DG.

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Through the clearance of IT projects, the agency, according to Inuwa, has saved the country money by avoiding ministries, departments, and other organizations from duplicating initiatives.

He claims that implementing the project, which has increased efficacy and efficiency in carrying out government IT activities across the country.

NITDA has saved the country more than N305 billion from 2019 to the present.

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