Nigeria emerges as Africa’s top destination for foreign direct investment (FDI), having reportedly attracted over 30% of the FDI in the continent’s tech ecosystem and increasingly becoming the hub of digital technology in the continent. “Nigeria is thriving and has a vibrant tech ecosystem in Africa and almost 30% of all [FDI] into Africa ends in Nigeria.” Inuwa made this statement at the ‘2023 Leaders Without Borders Annual Business Summit and International Honors’ that was recently held in London. NITDA’s efforts drive digital transformation, as 120 million Nigerians gain internet access and the tech sector attracts $4.4 billion in investments, contributing to 18.5% of the nation’s GDP. NITDA empowers millions of Nigerians with digital literacy, training over 3.3 million individuals and saving the nation over N305 billion through efficient IT project implementation. According to NBS, the total capital importation into Nigeria stood at $1 billion in Q4 2022, lower than $2.1 billion recorded in Q4 2021, indicating a decrease of 51.51%.

Source: The North Africa Journal May 26, 2023 15:33 UTC