The Nigerian IT start-up ecosystem is capable of generating $30 billion by 2030, the Director-General of the Nigeria Information and Technology Development Agency (NITDA), Kashifu Abdullahi, has said.
Mr Abdullahi said attaining the projection will require harnessing the power of the internet by Nigerian innovators.
He said the Nigerian government is creating an enabling environment for start-ups to thrive.
Mr Abdullahi made the comment during the Africa Investment Forum at the Gulf Innovation and Technology Exhibition, GITEX 2020.
The director-general described Nigeria as a country with great potential, going by its economic size, which, he said, makes up 18 per cent of Africa’s GDP.
“Africa, apart from China, has the opportunity to benefit from the new world we are creating. Our size, our 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,” he said.
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.
The three trends, he explained, include increase, affordability and fast internet speed across the continent; startups to transform business landscape and the general economy.
He said: “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 third is the commitment to create the world’s largest single free trade area.
Mr Abdullahi said Africa has agreed to set and implement the Africa Continental Free Trade Area initiative, which will create the single largest market in the world.
Nigeria, he said, has an advantage, looking at its location in Africa as well as its large population.
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