Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Financial system, has introduced that Nigeria’s digital financial system is on observe to contribute 21% to the nation’s Gross Home Product (GDP).
This aim is a part of the broader efforts to raise the nation’s financial panorama by means of know-how.
Tijani made the assertion throughout a go to to his alma mater, Anglican Grammar School, Onikolobo, Abeokuta, on Thursday.
Present contribution
The Minister revealed that the digital financial system at the moment contributes between 16% and 18% to Nigeria’s GDP, with a strategic plan to extend this determine to 21%.
“This implies extra jobs and alternatives. For the primary time within the historical past of this nation, an administration is investing in 90,000 kilometers of fibre optic cables throughout the nation,” Tijani mentioned,
These efforts are anticipated to drive high-speed web entry nationwide, benefiting not solely companies but additionally faculties and studying establishments.
“This infrastructure will deliver high-speed web to varsities by means of cables, not by means of jungles—enabling higher studying environments,” he added.
Digital financial system’s potential
Nairametrics reported in July 2024 that the Minister of Communications highlighted the immense potential of the digital financial system to remodel Nigeria’s financial future by producing $18.3 billion by 2026.
“The digital financial system is able to revolutionising the nation’s financial system because it has been projected to generate $18.3 billion by 2026,” Tijani said.
He identified that Nigeria has already seen the rise of unicorn firms similar to Flutterwave, Jumia, Andela, and Interswitch, which display the power of the digital financial system.
“For individuals who observe the expansion and trajectory of our financial system in Nigeria, you need to in all probability know that the ICT sector contributes about 13 to 18% of GDP. In This fall 2023, the sector contributed about 16.6% of GDP,” Tijani famous.
Tijani additional talked about that the digital financial system recorded about $5.49 billion in income in 2019 and is projected to generate as much as $18.3 billion by 2026, signifying the rising position of know-how in nationwide improvement.
Encouraging the subsequent technology
Tijani inspired college students throughout his go to to Anglican Grammar School to intention excessive and never let their backgrounds restrict their ambitions.
“I as soon as sat the place you sit right this moment. The teachings of kindness and empathy I learnt right here formed who I’m,” he mentioned, urging college students to pursue their desires fearlessly.
“You possibly can turn into ministers, ambassadors, governors, and even the President. You possibly can shake the world,” he added.
Tijani additionally introduced a fellowship program for the highest college students on the college. This system will present N100,000 yearly, together with laptops and faculty uniforms, to the highest three college students from JSS 1–3 and SS 1–2.
This initiative will profit roughly 70 college students every year, providing monetary help and entry to important academic instruments.
Moreover, Tijani revealed plans to refurbish and digitally equip a faculty constructing and undertake the college’s science laboratory, guaranteeing college students have the required assets to excel of their research.
Expertise’s position in Agriculture
Along with his academic focus, Tijani participated in an ‘Innovation and Startups Roundtable’ in Ogun, the place he mentioned the significance of know-how in bettering agricultural practices.
“Given our massive inhabitants and reliance on conventional farming, we can’t meet native meals demand with out embracing digital instruments,” he famous
He inspired Nigerian farmers to undertake cell apps, sensors, and drones to observe crops, management pests, and improve productiveness. Drawing from worldwide examples.
“International locations like Ukraine had sustained agricultural output even amid battle, resulting from their heavy funding in agricultural know-how,” he mentioned
He urged Nigerian farmers to embrace these applied sciences to cut back meals imports and protect international trade.
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