To advance Nigeria’s digital economy and support businesses facing economic headwinds, Google brought together top CEOs, government officials, and industry leaders at the 30th Nigerian Economic Summit (NES30).

The roundtable, themed “Leveraging Digital Solutions to Navigate Economic Volatility,” sparked dynamic discussions on how digital technology can empower businesses to not just survive but thrive amidst the nation’s economic challenges.

As Nigeria stands on the threshold of significant economic change, the country faces both complex challenges and vast potential. With a rapidly growing tech sector and a young, dynamic population, Nigeria is poised to become a leader 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 the Nigerian economy—underscoring the immense value of embracing the digital shift.

Held on October 16, 2024, the roundtable featured influential figures such as Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, and Laoye Jaiyeola, Former CEO of the Nigerian Economic Summit Group. They highlighted the urgent need for collaboration across sectors to drive progress.

Opening with insights from a CEO survey conducted by Africa Practice, the discussions revealed that 46% of businesses reported revenue declines due to inflation and macroeconomic pressures. Yet, despite these hurdles, 70% of business leaders are actively looking to digital solutions to adapt, innovate, and fuel future growth. This widespread adoption of digital tools signals a strong readiness among Nigerian businesses to embrace technology as a transformative force.

Financial constraints, insufficient infrastructure, and limited access to foreign currency remain key barriers to adoption. However, leaders at the roundtable didn’t just outline the challenges—they committed to action.

Government representatives pledged to fast-track the digitization of public services, improve cross-agency collaboration, and address fiscal barriers to support digital transformation. Meanwhile, Google committed to exploring local payment solutions through partnerships, ensuring greater access to digital tools for businesses across Nigeria.

Industry leaders reinforced the private sector’s role in this transformation, emphasizing the importance of working closely with the government while investing in technology and digital skills development to bridge the talent gap.

Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, stated: “I’m excited about forums like this between Private and Public sector because of the opportunity to hear from one another and ideate. I’m a firm believer in working together, because the private sector cannot thrive without carrying along the public sector. Digital transformation should be mobilised within government as foundationary and by beginning this dialogue and continuing momentum, we can achieve a true shift in how Nigeria operates, with a digital first mindset.”

Laoye Jaiyeola, Former CEO of the Nigerian Economic Summit Group, highlighted: “Policy formation is only as effective as the effort behind it. Over the years, we’ve seen businesses engage briefly but move on if there’s no immediate solution. The NESG through its Digital Economy Policy Commission provides a platform for the private sector to make meaningful contributions in advancing digital solutions.”

Olumide Balogun, West Africa Director at Google, highlighted the power of collaboration, stating: “Technology holds the power to transform lives and economies. We believe that by working together—across government, business, and communities—we can unlock the immense potential that Nigeria’s digital economy holds for the future.”

The discussion also explored the potential of Artificial Intelligence (AI) as a key driver of economic growth. Google reiterated the importance of a responsible and ethical framework for AI adoption, ensuring that innovation is inclusive and beneficial to all Nigerians.

The roundtable concluded with a shared vision for Nigeria’s digital future. The session declaration, agreed upon by all participants, outlines a roadmap for the continued growth of the country’s digital economy, reflecting a strong commitment from both public and private sectors to turn challenges into opportunities.

Telecommunications subscribers under the aegis of National Association of Telecommunications Subscribers (NATCOMS) have called on Nigerian Communications Commission (NCC) to approve a 10 per cent tariff increase for telecom providers.

NATCOMS claimed that the tariff increase will assist to reduce the sector’s escalating operational costs, which has been a long-standing issue.

Adeolu Ogunbanjo, national president of NATCOMS, in a recent statement reiterated the critical necessity for this tariff adjustment.

For the past few months, Nigerian telecom companies have been advocating for an increase in telecom tariffs and canvassing for policies that they feel will benefit them and boost their capacity to invest in networks, according to Itweb.

In August 2024, Nigerian telcos threatened to stop services, and implemented load-shedding schedule due to budgetary constraints.

While the NCC acknowledged the difficult environment, the regulator allegedly believes this is only a ploy to justify a pricing increase.

Nonetheless, Ogunbanjo voiced concern about the worsening quality of telecom services supplied by these companies, claiming that the current economic climate makes it increasingly difficult for them to maintain standards.

“Telecom services have significantly declined in quality, and operators are facing mounting pressures,” Ogunbanjo said.

He noted that, despite increased operational expenditures over the last 11 years, there has been no matching increase in service tariffs.

This lack of adjustment has left telecom businesses in a risky financial situation, necessitating collaboration among stakeholders to find a sustainable solution.

The Nigerian government and Ericsson have agreed to work together to unlock the potential of 5G connectivity.

A new memorandum of understanding (MoU) was signed during a Nigerian delegation’s October 18 visit to Ericsson’s headquarters in Sweden, led by vice president Kashim Shettima.

The MoU aims to build a framework for collaboration between the Nigeria and Ericsson in the areas of 5G technology development, deployment, and innovation.

According to Ericsson, the partnership will focus on helping Nigeria’s digital transformation goals, such as economic growth and strengthening public services, using advanced, secure, and trusted 5G technology.

Other partnership objectives include technology sector knowledge exchange and capacity building, supporting the establishment of innovation hubs and tech incubators in Nigeria, and enhancing digital literacy and skills development.

The delegation was hosted at Ericsson’s Imagine Live Studio by Patrick Johansson, head of Ericsson Middle East and Africa.

The two-hour visit included a demonstration tour of Ericsson 5G technologies as well as discussions and presentations spanning Ericsson’s history in Africa and Nigeria; technology evolution, spectrum and standardization; and cyber network and security.

The MoU was signed by Nigeria’s communications, innovation and digital economy minister, Dr Bosun Tijani and Johansson as well as Peter Olusoji Ogundele, head of Ericsson Nigeria.

Johansson says: “We look forward to working in close partnership with the Nigerian government to develop the innovation potential of 5G for Nigerian businesses, citizens and for national digital competitiveness.”

Ericsson has been present in Nigeria since 1978 supporting customer network deployments, including launching the country’s first GSM network in 2001.