Nigerian Information Technology start-ups can generate $30 billion in 10 years, according to the Director-General of the Nigeria Information and Technology Development Agency (NITDA), Mr. Kashifu Abdullahi.
He made the comment during the Africa Investment Forum, at the ongoing Gulf Innovation and Technology Exhibition (GITEX) 2020, taking place at the Dubai World Trade Centre (DWTC), United Arab Emirates.
According to Kashifu Abdullahi “With the enabling environment, the Nigeria government is creating, the Nigerian IT start-up ecosystem is capable of generating $30 billion by 2030, depending on the ability of Nigerian innovators to harness the power of the internet.”
He described Nigeria as a country with great potential going by its economic size, which makes up 18% of Africa’s GDP.
“Africa, apart from China, has the opportunity to benefit from the new world we are creating. Our size and population is of advantage, because the world is shifting from the way we eat, the way we work, and the way we do things. This new normal is powered by technology and technology is derived by people. People that drive this technology migration are young people and Africa has the highest number of youth population in the world. It is also projected that by the year 2050, Africa will have 1 in 3 youths in this world.”
This, he said, is a potential advantage for Africa that Nigeria needs to harness well in order to benefit from the new economy.
Mr Abdullahi added that three trends are shaping and creating the African economy – increase affordability and fast internet speed across the continent, start-ups to transform the business landscape and the general economy, and commitment to create the world’s largest single free trade area.
“They come up with ground-breaking ideas, solving African challenges, especially in healthcare forums in remote locations in Africa, employment potentials for women as well as education among other numerous challenges.”
The DG said Africa has agreed to implement the Africa Continental Free Trade Area initiative, which will create the single largest market in the world. Nigeria, he said, has an advantage due to its location in Africa, as well as its large population.
