ICT projected to surpass oil as Nigeria’s top earner, minister says at Lagos tech conference

Nigeria’s Information and Communication Technology (ICT) sector is on course to outperform oil and gas as the country’s biggest revenue earner by 2027, according to Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani.

Speaking at the opening of the GITEX Nigeria Tech Expo and Future Economy Conference in Lagos on Wednesday, Tijani said ICT already contributes between 16 and 18 per cent of Gross Domestic Product (GDP) and is projected to rise to 21 per cent within two years. This, he added, makes the sector the fastest-growing contributor to Nigeria’s economy, cutting across agriculture, education, manufacturing, and governance.

The minister highlighted federal government initiatives aimed at supporting the sector’s growth. These include Project Bridge, a 90,000km fibre backbone to connect every state and local government; the 3MTT programme, described as the world’s largest digital skills initiative; and the forthcoming National Digital Economy and New Governance Bill, which he said will strengthen trust and accountability.

“The digital economy is not just about mobile apps or platforms; it is about technical efficiency and delivering productivity gains that transform entire sectors,” Tijani said. He added that President Bola Tinubu has placed technology at the heart of the Renewed Hope Agenda to expand opportunities, reduce inequality, and create shared prosperity.

Between 2019 and 2024, Lagos alone attracted more than US$6 billion in foreign tech investment, securing its position as Africa’s leading digital hub. The state accounts for over 70 per cent of Nigeria’s total tech inflows and hosts hyperscale data centres, extensive fibre networks, and 23 of the country’s 28 fastest-growing companies, according to the Financial Times.

In his welcome remarks, Lagos State Governor, Babajide Sanwo-Olu, described Lagos as the “rightful capital of technology in Africa.” He recalled that the state pioneered digital revenue collection 20 years ago with Oracle technology and has since evolved into “Africa’s innovation nerve centre and a launchpad for Africa’s tomorrow.”

Sanwo-Olu said Lagos is building a “data-driven government where policy decisions respond to real-time insights,” stressing that diversity fuels the state’s resilience and creativity.

GITEX Nigeria, West Africa’s largest technology gathering, brings together industry leaders, policymakers, investors, and startups to explore digital transformation across multiple sectors. The Lagos event follows a two-day Government Leadership & AI Summit in Abuja.

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