Nigeria is now home to over 48 million Internet users according to the Director General of the country’s National Information Technology Development Agency, Dr. Peter Jack.
According to him, Information and Communications Technology contributes over 8 per cent to the country’s Gross Domestic Product and is now growing at about seven percent annually. The country’s target is to grow its ICT industry to about 15 per cent of GDP.
To tap into its rapidly growing ICT sector, the country’s government is investing in building smart cities and smart government initiatives through programs like the Lekki Smart City Initiative, Lagos Innovation City, the iDEA Hub and the Lekki Software Development Academy.
The Nigerian Government is also gearing up to launch a $15 million ICT innovation fund to jumpstart and invest in the country’s burgeoning startup ecosystem.
Overall, Internet access in the country has tripled in the past three years with more aggressive growth to come. Nigeria now ranks amongst the top 15 Internet economies in the world alongside the United Kingdom, Brazil, Russia and Germany.
It is also among the continent’s fastest growing e-commerce market transacting an estimated $550 million in online commerce.