By Chukwuma Umeorah
The Federal Government has projected that Nigeria’s Information and Communication Technology (ICT) sector will contribute up to 21 per cent of the country’s Gross Domestic Product (GDP) by 2027, consolidating its position as one of the fastest-growing drivers of the national economy.
Minister of Communications, Innovation and Digital Economy, Bosun Tijani, disclosed this on Wednesday, September 3, at the opening of GITEX Nigeria 2025 in Lagos. He explained that ICT currently accounts for between 16 and 18 per cent of GDP, up from less than 5 per cent a decade ago, with steady growth expected over the next three years.
“The ICT sector, which I oversee, has become the fastest-growing contributor to our GDP, rising from less than 5 per cent a decade ago to 16–18 per cent today. By 2027, we aim for it to reach 21 per cent, and we’re on track to achieve that,” Tijani said.
He noted that technology had reshaped the country’s economic landscape, with technology firms now leading the stock market. “On our stock exchange, the top two companies are technology companies, surpassing even our largest oil company. This shift underscores one truth: the digital economy is about technical efficiency and productivity gains that transform entire sectors, whether in agriculture, education, manufacturing, or governance,” he added.
Tijani stressed that President Bola Tinubu had placed the digital economy at the heart of the Renewed Hope Agenda, not only to grow GDP but also to foster inclusivity and shared prosperity. “His vision is very clear, that technology must not only grow GDP but also expand opportunities, reduce inequality, and create shared prosperity for all Nigerians,” he stated. The event, held under the patronage of President Tinubu and supported by the Federal Ministry of Communications, Innovation and Digital Economy alongside Lagos State Government, will run from September 1–4 across Abuja and Lagos.
Governor of Lagos State, Babajide Sanwo-Olu, highlighted the state’s role as Nigeria’s innovation hub, disclosing that Lagos attracted more than $6 billion in foreign technology investment between 2019 and 2024. According to him, Lagos accounts for over 70 per cent of the country’s tech inflows and serves as the base for most of Africa’s unicorns.
“More than 70 per cent of all unicorns emerging from Africa have their roots in Lagos,” Sanwo-Olu said. He added that innovation has also shaped the city’s services, citing the Cowry Card system, which now serves 6.5 million residents across rail, waterways, buses, and taxis. Sanwo-Olu described Lagos as “a launchpad for Africa’s tomorrow,” committed to building a data-driven government where decisions respond to real-time insights.
Director-General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullahi, said GITEX highlights Nigeria’s readiness for the “future economy,” noting that five of Africa’s unicorns originated from Nigeria. “This didn’t happen by accident; it was intentional. It was government policy that made it happen,” he said.
Abdullahi further described Lagos as a “factory of unicorns” where resilience drives innovation. “In other places, they use capital infrastructure to fuel innovation, while here, we use our resilience. Because we have no options, and we need to create the solutions. We are ready for it,” he stated.
Executive Vice President of Dubai World Trade Centre, organisers of GITEX, Trixie LohMirmand, praised Nigerian entrepreneurs for scaling despite challenges. “Silicon Valley scales with capital. Here, they scale with resilience,” she said, noting that Lagos’ population of 20 million provides “a mega high-speed testbed for technology.”
She added that the exhibition convened over 100 global companies, 650 startups, and close to 200 investors in Lagos, reinforcing global interest in Nigeria’s digital economy. While acknowledging that 80 to 90 per cent of startups fail worldwide, she said participation in GITEX would provide critical exposure and international benchmarks.
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