Nigeria’s Digital Economy Contributes 14.8% To GDP – AfriDES

The co-chair of G-20 Africa Digital Economy Summit (AfriDES), Kelvin Jiraji, said that Nigeria’s digital economy is booming, adding that it contributed 14.8 per cent to the country’s GDP in the first quarter of 2024.

The AfriDES co-chair made the statement on Tuesday in Abuja, while briefing journalist on the forthcoming Africa Digital Economic Summit which would be held on the sidelines of this year’s G20 Summit in Sao Paulo, Brazil, in October, with the theme “Digital Transformation for Sustainable Growth: Africa’s Path to a Connected Future.”

Jiraji said: “Nigeria’s digital economy is booming and contributing 14.8 percent to the country’s GDP in the first quarter of 2024. This figure represents more than double the 7-8 per cent contribution from the oil sector ”

He said that the integration of digital infrastructure has substantially boosted Value-Added Tax (VAT) revenues and overall economic output.

Jiraji, who is also the convener of AfriDES, said: “This Summit aligns with Africa’s institutional framework for achieving its Digital Economy Policy and Strategy and its implementation of the e-Government Master Plan.

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“The Summit is also particularly strategic for Africa’s e-governance and its ecosystem because Digital Economy resilience is the engine room for the implementation and articulation of economic and business policies and programs, both in the public and private domains, and serve as the catalyst for building efficiencies and capabilities to deliver on critical aspects of economic transformation, development and national re-engineering.

“The choice of sub themes, topics and the quality of resource persons invited to impact delivery is a reflection of the seriousness attached to this Summit. Top level FinTech Entrepreneurs, Digital Economy Policy Makers and Regulators, and other strategic professionals are mobilised to critically add value to the digital economy discourse in Africa and beyond.

“It is our strong expectation that the 4-Day Summit will also open up viable opportunities for the regeneration of the numerous economic and other viable investment opportunities that shall create wealth, provide job opportunities and stimulate development in Africa.

“The Resolutions from this Summit shall no doubt inject fresh ideas and initiatives into the policy planning architecture to reinforce a systemized and collective framework in actualizing digital economy priority objectives.”

The summit is scheduled to be held at the Intercontinental Hotel, Alameda Santos, 1123 Sao Paulo, Jardim Paulista, Brazil from 27th – 31st October, 2024.