Bolstering Investments in Digital Technology

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President Bola Tinubu underscored his administration’s unwavering commitment to bolstering investments in digital technology, aiming to fortify the resilience of small businesses, broaden horizons across various sectors, and position Nigeria as the beacon of information and communications technology in Africa.

Addressing a delegation from Meta Platforms Incorporated, spearheaded by Sir Nick Clegg, former UK Deputy Prime Minister and Meta’s President of Global Affairs, at the State House in Abuja on Thursday, the President stressed Nigeria’s imperative stance in embracing technological progress, stressing his government’s endeavors to foster a conducive environment for innovation, deepen expertise, and nurture strategic alliances.

In alignment with his administration’s 3MTT initiative, geared towards equipping three million Nigerian youths with digital technology proficiency and essential skills prior to integrating them into innovation hubs nationwide, the President accentuated the pivotal role of Nigerian youths as the linchpin in Nigeria’s quest for digital economic advancement.

“Within Nigeria, we boast a dynamic, talented, and resourceful youth populace. Understanding that the future is poised to be AI-driven and the importance of bolstering investments in digital technology, it behooves us to prepare our youth cohort adequately, empowering them to vie and contribute meaningfully to the global economy.

“Rest assured, Nigeria is open for business. Our ambition is to chart the course for the African continent in digital technology. Recognizing the value of data in our development trajectory, we stand ready to collaborate on technological breakthroughs. Collaboration, indeed, is the only viable pathway forward. We seek a partnership that redounds to the mutual benefit of all,” affirmed President Tinubu.

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A picture of President Tinubu in a meeting with Tech Stakeholders, aimed to bolstering investments in digital technology

Underscoring the pivotal role of technology in propelling small businesses, the President reiterated his steadfast commitment to leveraging technology to invigorate and elevate micro-enterprises, thus catalyzing widespread prosperity over time.

“I am particularly intrigued by the integration of technology in bolstering small-scale enterprises. Efforts to render the business environment more conducive for you are paramount, ensuring mutual profitability for all stakeholders. I trust in our ability to foster collaboration and advance our shared interests,” remarked President Tinubu to the visiting delegation.

In his opening remarks, Sir Clegg expressed gratitude to the President for issuing an executive order facilitating the installation of the Meta-backed deep-sea cable in Nigeria.

“This represents an extraordinary infrastructural endeavor. Upon its launch in the first quarter of 2025, its capacity will surpass that of all existing subsea cables combined. The cable, buried 50 percent deeper than any other subsea cables, promises enhanced potency and expanded geographical connectivity. Its potential economic impact across the African continent could amount to a staggering 37 billion dollars in the next two to three years,” noted Sir Clegg.

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A picture of President Tinubu having a handshake with a foreign male tech official

Furthermore, Sir Clegg announced Meta’s forthcoming introduction, in June 2024, of a feature on its Instagram platform enabling Nigerian creators to monetize their content, thereby facilitating sustainable livelihoods through the app.

“We envisage substantial collaboration with Nigeria to deepen our partnerships,” added Sir Clegg.

Echoing these sentiments, Dr. ‘Bosun Tijani, Minister of Communications, Innovation, and Digital Economy, emphasized the critical role of Meta platforms in Nigeria, stressing the importance of fostering partnerships and engagements to propel development in the digital economy sector.

“We must persist in our engagement endeavors to create avenues for our populace to partake in global prosperity. Digital technology serves as a conduit to unite Africa and contribute meaningfully to global development,” asserted the Minister.

Chief Ajuri Ngelale

Special Adviser to the President

(Media & Publicity)