Digital Boom: Market Projections Target $22.82bn By 2029

Nigeria is making significant strides in digital transformation, positioning itself as a leader in Africa’s journey toward the Fourth Industrial Revolution (4IR), a report by Rome Business School Nigeria has stated.

The report highlighted the country’s progress in adopting digital technologies such as Artificial Intelligence (AI), the Internet of Things (IoT), and broadband infrastructure.

The report revealed that Nigeria’s digital transformation market size is estimated at $9.61 billion in 2024 and is projected to reach $22.82 billion by 2029. Similarly, the AI market, valued at $1.05 billion in 2024, is expected to grow to $1.05 billion in 2024, and is projected to grow to $4.64 billion by 2030. These figures underscored the rapid adoption of digital technologies in the country, driven by a tech-savvy younger population, increased broadband penetration, and robust public and private sector initiatives.

The report pointed out that “the finance and telecommunications sectors are driving this growth. Around 32 per cent of financial service providers now use AI for credit scoring, fraud detection, and customer engagement, while fintech firms like Paystack and Flutterwave have revolutionized digital payments. Expanded broadband connectivity has also fueled e-commerce and entrepreneurial opportunities, strengthening Nigeria’s digital economy.”

It added that “the ICT sector remains a key contributor to economic growth, making up 29 per cent of Africa’s internet usage and increasing its GDP contribution from 8.1 per cent in 2020 to 10.3 per cent in 2022, reaching a valuation of $55.4 billion.

“Meanwhile, digitalization is transforming agriculture and manufacturing, with RusselSmith becoming the first 3D industrial manufacturer to produce anti-corrosion components for Nigeria’s upstream petroleum sector.”

It also said, “despite these advancements, challenges such as regulatory inconsistencies, infrastructure gaps, and a shortage of skilled digital talent persist.”

Founder and dean of Rome Business School, Antonio Ragusa emphasized that digital transformation is a catalyst for economic growth, urging stakeholders to leverage Nigeria’s youthful population and tech ecosystem.

The general manager of Rome Business School Nigeria, Olakunle Asunmo highlighted the need for policy stability and skills development to sustain this momentum.

The report called for increased investment, innovation, and collaboration to position Nigeria as a global digital leader.

Rome Business School Nigeria offers Masters and MBA programs, both on-campus and online, as well as Executive Education programs, playing a vital role in driving Nigeria’s digital transformation and economic growth.