Nigeria’s Tech Sector Growth Hinges On Reliable Electricity – NACC
THECONSCIENCE NG reports that the Acting Director-General of the Nigerian-American Chamber of Commerce (NACC), Ms. Wofai Samuel, has emphasized that Nigeria’s technology sector cannot achieve sustainable growth without a reliable power supply.
Speaking in an interview with the News Agency of Nigeria (NAN) on Monday, Samuel underscored the critical link between power infrastructure and technological advancement, stating that one cannot thrive without the other.
“Without power, how do we even drive technology? Power is correlated to technology, and technology is correlated to power,” she said.
Samuel also addressed broader economic implications, pointing out that in light of shifting global trade dynamics—such as U.S. tariffs on several countries and uncertainties surrounding the African Growth and Opportunity Act (AGOA)—technology presents one of the most viable paths for economic diversification in West Africa.
“One of the easiest sectors for West Africa to diversify into is technology,” she noted.
Highlighting the role of internet access and data in driving innovation, she urged Nigeria and other African countries to adopt global models of collaboration. She cited the recent $600 billion investment by Saudi Arabia’s Crown Prince in the U.S. tech sector as an example of strategic international cooperation.
“If America, with the world’s largest tech ecosystem, is collaborating with other countries to advance its technological capabilities, then who are we in Africa not to follow suit?” she queried.
Samuel also referenced global tech giants like Meta, Google, Tesla, and emerging technologies such as Artificial Intelligence tools including ChatGPT and Meta AI, as examples of how technology is reshaping industries worldwide.
Using the Nigerian banking sector as a local example, she pointed to the transformative power of technology. She cited World Bank projections that banking and fintech will be among the fastest-growing sectors in Nigeria by 2025, driven by innovations in online and mobile banking.
She encouraged African tech platforms to participate in both local and international technology conferences to build strategic alliances and boost visibility. Furthermore, she called on policymakers—particularly ministers of communications and commissioners of science and technology—to play a more active role in driving sector leadership and shaping policy for long-term growth.
Meanwhile, THECONSCIENCE NG reports that Nigeria’s Information and Communication Technology (ICT) sector contributed approximately 17.68% to the country’s real Gross Domestic Product (GDP) in 2024, a slight increase from 17.34% in 2023.
In Q4 2024, the sector accounted for 17% of real GDP, up from 16.66% in the same quarter of 2023. Telecommunications remains the dominant sub-sector, contributing about 14.4% in the final quarter of 2024—making it the third-largest GDP contributor after crop production and trade.
Earlier in February, Nigeria’s Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, projected that the digital economy could contribute as much as 21% to the country’s GDP.
