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Start-Ups in Nigeria can Generate $3Bn Annually- NITDA DG

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Kashifu Inuwa Abdullahi, DG, NITDA
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Kashifu Inuwa  Abdullahi, director-general of the Nigeria Information and Technology Development Agency (NITDA), has said that Nigerian IT start-up environment is capable of generating $3 billion annually.

Start-Ups in Nigeria can Generate $3Bn Annually- NITDA DG

Kashifu Inuwa  Abdullahi, DG, NITDA

Abdullahi, disclosed this in an interview with Economic Confidential and noted that the development translates to $30 billion revenue generation by 2030.

Abdullahi noted that  realizing the projection will entail harnessing the power of the internet by Nigerian innovators, adding that the Nigerian government is creating an enabling environment for start-ups to thrive.

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 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, noting that three trends are shaping and creating the African economy.

According to him, the three trends, include increase, affordability and fast internet speed across the continent; startups to transform business landscape and the general economy.

He further explained that when you look at the emerging technology ecosystem, and the market they are creating, you will realize that there are two promising emerging technologies that are going to change a lot of things in the world: Blockchain and Artificial Intelligence.

He said that based on two reports by PWC, they projected that by year 2030, Blockchain technology will add up to $1.76 trillion to global GDP.

And based on that report, they said that developing countries, at least, can add 4 percent of the GDP if they use that technology. For example, Nigeria’s GDP today is more than $400 million.

The 4 percent of $400 million is more than $10 billion.

That is the minimum GDP Blockchain technology can generate.

He further said that in another report, PWC projected that Artificial Intelligence can add more than $10 trillion to the global GDP by 2030 and based on that report, they said developing countries like Nigeria can add up to 5.6 percent to the GDP. So, still Nigeria, let’s say we are targeting only $10 billion which is far less than 5.6 percent of our GDP today. So, you can see we have 20 billion already.

“We are doing a lot of things to ignite innovative activities in these sectors like for Blockchain, we have developed National Adoption Strategy as approved by the Minister of Communication and Digital Economy, Dr Isa Ali Pantami.   Because they are foundational technologies, they cut across so many sectors. So, we have developed that foundational strategy and we are working with the startups ecosystem to develop prototypes and identify the most promising ones”.

A member of both British Computer Society (BCS) Nigeria Computer Society (NCS) and the 1st Cisco Certified Internetwork Expert (CCIE) in Nigeria’s Public Sector, Kashifu remarked that in the area of Artificial Intelligence, Nigeria has built the National Centre for Robotics and Artificial Intelligence which is helping to harness these potentials. So, that’s $20 billion out of the $30 billion that we said.

“And today, based on Startups Genome report of 2020, Lagos startups ecosystem is valued at more than $2 billion and also recently, two of our startups have reached unicorn level that means evaluation of more than $1billion each. That is Flutterwave and Interswitch.”

“So, now we have $4 billion. Lagos ecosystem has $2 billion, Flutterwave $1 billion, Interswitch $1 billion, and then Jumia is already valued at $1.9 billion. Roughly you have $6 billion in Lagos alone talk less of the other parts of the country”.

Abdulahi said the media and entertainment industry is powered by digital technology, mostly startups, and based on PWC report also, the Nigeria media entertainment sector will be valued at $10 billion by 2023. So, you can see that we are almost at that targeted $30 billion.

“So, we hope we will exceed that target and we are on track based on our initiatives, based on government policies like the National Digital Economy Policy and Strategy (NDEPS), and other government interventions in form of policies and infrastructural interventions. All these can help us to reach that target of $30 billion by 2030.


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Fines: Meta Threatens to Shut Down Facebook, Instagram in Nigeria

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Meta may shut down its Facebook and Instagram services in Nigeria in protest against the substantial fines imposed by multiple government agencies.

Fines: Meta Threatens to Shut Down Facebook, Instagram in Nigeria

The tech giant has been ordered to pay nearly $300 million in fines in Africa’s most populous nation, following regulatory demands which Meta described as “unrealistic.”

In July 2024, the Federal Competition and Consumer Protection Commission (FCCPC), imposed a $220 million fine on Meta for allegedly discriminatory and exploitative practices against Nigerian consumers.

The commission stated that Meta had failed to engage a Data Protection Compliance Organisation and had not submitted a Nigeria Data Protection Regulation audit report for two consecutive years.

Similarly, the Advertising Regulatory Council of Nigeria (ARCON), demanded $37.5 million over unapproved advertising, while the Nigerian Data Protection Commission (NDPC), announced a $32.8 million fine for an alleged data privacy breach.

Meta challenged the decisions at the Federal High Court in Abuja but was unsuccessful, as the court upheld the fines in a ruling delivered last week.

The court directed the company to comply with payment by the end of June, but Meta has indicated it may not do so, according to the BBC.

“The applicant may be forced to effectively shut down the Facebook and Instagram services in Nigeria in order to mitigate the risk of enforcement measures,” the company stated in court documents.

Responding to the NDPC’s assertion that Meta’s data processing could expose Nigerian users to health and financial risks, the company said the agency had failed to “properly interpret the laws guiding data privacy.”

 

 

 

 

 

 

 

 


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Premier League Fever Builds as MTN Nigeria Stages Dual-City Watch Parties This Weekend

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As the Premier League season enters its final stretch, MTN Nigeria is set to stage simultaneous watch parties in Abuja and Uyo on Sunday, May 4, giving football fans a shared space to experience the highs and lows of matchday.

The events, scheduled for Farm City in Wuse and Pyramid Lounge & Grill in Uyo, are expected to attract large turnouts as MTN continues to deepen its connection with football audiences nationwide.

The line-up for the day includes four Premier League fixtures, culminating in a marquee showdown between Chelsea and Liverpool. Earlier games such as Brentford vs Manchester United, Brighton vs Newcastle, and West Ham vs Tottenham will round out a packed viewing schedule. With top four ambitions, title races, and European dreams on the line, the fixtures promise high-stakes drama and entertainment.

MTN’s EPL watch parties have grown into a recurring highlight for fans who want more than just a screen, they want atmosphere. This weekend’s events will feature expansive screen setups, branded fan zones, and side attractions including live trivia and merchandise giveaways.

For MTN, the activations represent an opportunity to tap into the communal spirit of football, a sport that unites Nigerians across regions and loyalties. The brand’s involvement in football has steadily evolved from sponsorship to full-scale experiences, allowing it to build affinity with youth audiences and sports lovers alike.

In recent years, MTN has emerged as a key driver of fan engagement through its partnership with SuperSport and broader investment in Nigeria’s football ecosystem. These dual-city events reflect that strategy in motion, bringing the Premier League closer to the streets and ensuring fans are not just spectators, but participants in the global game.

With anticipation running high and bragging rights on the line, Sunday’s watch parties are shaping up to be a celebration of sport, identity, and the power of community on and off the pitch.


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 Telecoms Services Resume in Kogi State as Telcos, Govt Resolve Dispute

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 Gbenga Adebayo, chairman of ALTON,
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Telecommunications services disrupted in Kogi State have resumed following a resolution of the dispute between MTN Nigeria and the state government, the Association of Licensed Telecoms Operators of Nigeria (ALTON) has said.

 Telecoms Services Resume in Kogi State as Telcos, Govt Resolve Dispute

Gbenga Adebayo, chairman of ALTON, told TVC News that the issues that led to the shutdown of telecom masts in the state, primarily affecting MTN, had been addressed, paving the way for service restoration.

TVC News earlier reported that businessmen and women were counting their losses as they suffered the impact of a shut down of telecommunication service in Kogi State

Over the past two weeks, telecoms connectivity had been erratic, with competing brands experiencing glitches, particularly in the Lokoja metropolis.

The State government suspended the operations of some telecom services citing unpaid taxes and fibre-related dues.

The shutdown stemmed from a compliance dispute between MTN and the Kogi State Utility Infrastructure Management and Compliance Agency, which accused the telecom giant of violating operational rules and under-declaring the extent of its optic fibre network coverage in the state.

 


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