On Tuesday, Google, government officials, and key stakeholders urged increased collaboration to propel Nigeria’s digital economy and offer support to businesses facing economic pressures.
Stakeholders emphasised the importance of partnering with the government and investing in technology and digital skills development to close the talent gap. According to Olumide Balogun, Google’s West Africa Director, technology holds the potential to transform lives and economies. He expressed that cooperation between the government, businesses, and communities could unlock the immense opportunities within Nigeria’s digital economy.
Balogun noted that Nigeria stands at a critical point, with both significant challenges and vast potential. With a fast-growing tech sector and a young, dynamic population, the country is primed to lead in digital innovation across Africa.
“Digital transformation is essential for boosting economic growth, increasing productivity, and improving living standards. Research shows that for every $1 invested in digital technology, $8 is generated for Nigeria’s economy,” said Balogun.
A survey by Africa Practice revealed that 46% of businesses reported revenue declines due to inflation and macroeconomic pressures. Despite these hurdles, 70% of business leaders are adopting digital solutions to innovate and drive future growth.
Google remains committed to enhancing access to digital tools through local payment solutions and partnerships in Nigeria.
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, highlighted the importance of public-private collaboration, stressing that the private sector cannot thrive without government involvement. He emphasised the need to embed digital transformation within government as a foundational approach.
Former CEO of the Nigerian Economic Summit Group (NESG), Laoye Jaiyeola, stressed that the impact of policy depends on the effort invested in it. He noted that NESG’s Digital Economy Policy Commission has created a platform for the private sector to contribute to advancing digital solutions.
Stakeholders acknowledged challenges like financial constraints, insufficient infrastructure, and limited access to foreign currency as major barriers to the digital economy’s growth. Public sector representatives pledged to fast-track the digitisation of public services, enhance cross-agency collaboration, and address fiscal barriers to support Nigeria’s digital transformation.
Credit: NAN (Text Excluding Headline)