The West African nation, home to around 220 million people, boasts one of the youngest populations globally. Blessed with cultural diversity and a large youth population, Nigeria is leveraging the internet to find its way to newfound economic growth and opportunities. This, along with Africa’s rising dominance in the digital economic space, will continue to lead Nigeria’s economic growth and development in the coming decades. Until 2022, the country grappled with sluggish economic growth and policy hurdles, further intensified by the global disruptions caused by the pandemic. In the past two years, economic reforms and investment pushes have been crucial towards increasing job opportunities and consumer spending.
Transitioning to a New Economy
Though oil and gas, agriculture, and information and communications technology (ICT) remain the top growth drivers, ICT contributed to approximately 20% of the GDP in 2024, as per Nigerian Bureau of Statistics reports. The government has doubled its focus to strengthen the digital economy in Nigeria as a future investment for the youth demographics and to diversify the talent pool. The 3 Million Technical Talent (3MTT) Programme and Broadband Alliance are key initiatives for a strong digital future for Nigeria.
3MTT and Talent Acceleration
2025 GDP growth is projected to 2.9% over last year, with an increase in consumer spending of over 6%. Inflation will continue to be high, but solid consumption spending and remittances will provide the economic cushion to sustain growth. 70% of the population is under the age of 35, making way for an extremely lucrative market for ushering in a digital revolution in the country. The 3 Million Technical Talent (3MTT) programme, known as the largest talent accelerator in the world, is focused on building world-class Nigerian talent that can become a key export for the country.
Software and Data Development
E-commerce and software development have seen rapid growth, given increasing mobile communications usage and data connectivity in the country. Nigeria is the official host for the International Conference on Theory and Practice of Electronic Governance (ICEGOV) 2025, outlining its growing commitment to digital practices. AI and contactless payments, start-ups, and fintech are the red-hot sectors attracting global investments. Agriculture is a strong driver for smart technology solutions and drones.
Nigeria has shown resilience and economic buoyancy. Fintech received over USD 2 billion in 2024, and Nigerian start-ups like Flutterwave, MoniePoint, and OPay achieved unicorn status
Raising Unicorns
Digital special economic zones, tax incentives, simplified paperwork, and better infrastructure continue to boost public-private partnerships in Nigeria for greater economic development. Despite challenges in government and unstable global economic indices, Nigeria has shown resilience and economic buoyancy. Fintech received over USD 2 billion in 2024, and Nigerian start-ups like Flutterwave, MoniePoint, and OPay achieved unicorn status. The shortage of tech talent is a great opportunity for countries with strong technology talent, like India. Training, education, and international talent exposure continue to be on the radar of government initiatives to make Nigeria a key IT hub of Africa.
Nigeria stands at the cusp of a digital revolution, driven by its dynamic youth, rapid tech adoption, and strategic government initiatives. The start-up wave is a sweet spot for the upcoming Nigerian economy. With bold investments in talent development and digital infrastructure, the nation is poised to become Africa’s next powerhouse in technology, innovation, and economic resilience.