GDP: ICT To Outpace Oil By 2027, Says Minister

The nation’s Information and Communication Technology (ICT) sector will surpass oil and gas sector as the major economic driver by 2027 with a projected 21 per cent contribution to Gross Domestic Product (GDP)..

This is even as Lagos State has attracted over $6 billion in foreign tech investment, accounting for more than 70 per cent of Nigeria’s total inflows.

Speaking at the the opening of the GITEX Nigeria Tech Expo and Future Economy Conference in Lagos on Wednesday, the minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, noted that, ICT already contributes between 16 and 18 per cent to GDP, describing it as Nigeria’s fastest-growing sector.

“The digital economy is not just about apps. It is about productivity gains that will transform agriculture, education, manufacturing, and governance. Under President Tinubu’s Renewed Hope agenda, technology must not only grow GDP but also expand opportunities, reduce inequality, and create shared prosperity for all Nigerians,” Tijani pointed out.

The minister unveiled several federal initiatives to support this growth, including Project Bridge, a 90,000km fibre backbone to connect all states and local governments; the 3MTT programme, expected to become the world’s largest digital skills initiative; and the forthcoming National Digital Economy and New Governance Bill to strengthen trust, security, and accountability in the digital space.

Similarly, the Lagos State governor, Babajide Sanwo-Olu, in his keynote address, said between 2019 and 2024, the state attracted over $6 billion in foreign tech investment, accounting for more than 70 per cent of Nigeria’s total inflows.

Lagos, he added, also hosts hyperscale data centres, submarine cables, and fibre infrastructure, alongside 23 of Nigeria’s 28 fastest-growing companies, according to the Financial Times.

“Lagos is not just a city for today, it is Africa’s innovation capital and a launchpad for Africa’s tomorrow. We are creating a data-driven government where policy decisions respond to real-time insights, and inclusive connectivity empowers every citizen,” Sanwo-Olu declared.

The governor also pointed to the Lagos State Science and Innovation Council (LASIC), which provides grants of up to N80 million annually for startups, and highlighted homegrown innovations such as the state’s integrated transport payment card designed by Nigerian engineers.

Similarly, director general, the National Information Technology Development Agency(NITDA), Kashifu Abdullahi, described Lagos as ‘a crucible of innovation, where raw talent meets resilience to create solutions,’ while organisers KAOUN International hailed the city as a global testbed for necessity-driven innovation.

The four-day GITEX Nigeria, held under the patronage of President Bola Tinubu, is West Africa’s largest technology and startup gathering. Alongside the Tech Expo at Eko Hotel and the Startup Festival at Landmark Centre, the event brought together government leaders, corporates, investors, and innovators, with support from partners including AWS, Cisco, IFC, Kaspersky, and key federal ministries.