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The information and communication technology (ICT) sector in Nigeria has seen significant growth and
development in recent years. The National Bureau of Statistics (NBS) revealed that the sector
contributed 18.44 per cent to the nation’s GDP in the second quarter of 2022. Experts argue that the
country’s youth-dominated 210 million-strong population is driving demand for ICT products and
services.
The government has made significant efforts to promote the development of the ICT sector and increase
access to ICT infrastructure and services. This has included initiatives such as the National Broadband
Plan, which aims to increase broadband penetration in the country, and the National eGovernment
Master Plan, which aims to increase the use of ICT in government operations and services.
Of course, there are several challenges that the Nigerian ICT sector faces, including a lack of reliable and
affordable electricity, multiple taxations, regulatory bottlenecks, limited access to ICT infrastructure in
rural areas, and a dearth of skilled ICT professionals. Despite these challenges, the sector has continued
to grow with the potential to play a significant role in the country’s economic development.
ICT will remain a significant proportion of the economy in the foreseeable future. Human capacity
development and infrastructure deployment will however dominate the ICT space in 2023
Looking ahead into 2023 here are potential trends that may shape the development of ICT in the new
year.
1. Increased adoption of cloud computing: As businesses in Nigeria look to reduce costs and improve
efficiency, many will turn to cloud computing solutions to store and process data. There are a growing
number of important players in this space including Rack Centre, Cloudflex Computing Services Limited,
and Layer3Cloud among others.
2. Growth of the e-commerce industry: Nigeria’s large and rapidly growing population and the adoption
of mobile devices and internet access has made e-commerce more accessible. With improvements in
electronic payment and logistics sectors, the growth trend is likely to continue into the coming years.
Konga, Jumia and Jiji continue to show what is possible in this space.
4. Rise of fintech: The fintech industry in Nigeria has seen significant growth in recent years, and this
trend is likely to continue as more people turn to digital financial services. Reports suggest that there are
over 200 Fintech firms in Nigeria rapidly helping to bridge the financial inclusion gap. The fintech
ecosystem covers businesses focused on mobile payments, digital banking, merchant solutions and
personal finance among others. Interswitch, Flutterwave, Paystack, PiggyVest, Paga, and E-tranzact are
some of the biggest players in this space.
5. Increasing use of artificial intelligence (AI): The use of AI in various sectors, including healthcare,
education, and agriculture, is expected to increase in Nigeria as the country looks to leverage technology
to solve problems and improve services. The early players here include Lare Ayoola’s IoT Africa
Networks Limited, Kobo360 and Data Scientists Network.
6. Growth of the outsourcing industry: Nigeria’s highly educated workforce and lower labour costs make
it an attractive destination for outsourcing. This trend is likely to continue as companies look to
outsource certain business functions to save costs, improve productivity and boost profitability. Renda,
Philip Outsourcing, and Workforce Group are leading players in this space.
ICT will remain a significant proportion of the economy in the foreseeable future. Human capacity
development and infrastructure deployment will however dominate the ICT space in 2023.
Eromosele, a Corporate Communication professional and public affairs analyst lives in Lagos.
NITDA
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