FG targets $40 billion investment in digital infrastructure by 2025


The federal government says it expects $40 billion in private capital investment in digital infrastructure by 2025.
The government revealed this in its “National Development Plan 2021-2025: Volume I”.
He said, “To achieve the set targets in the sector, the estimated public investment is N150 billion from 2021 to 2025. Allocations will be made to priority projects in the sector as well as projects critical to the functioning of relevant ministries. .
“In addition, the ICT sector is expected to facilitate the formation of up to $1 billion in private equity and private equity investments in digital infrastructure of approximately $40 billion.”
According to the government, to unlock Nigeria’s potential for industrialization and sustainable economic growth, it will take steps to digitalize the economy and make digitalization a key driver of national economic development strategies.
He said he would grow the digital economy from 10.68% to 12.54% and improve e-governance by 100% by 2025.
He added that to unleash the digital economic goal of the country, the legal framework of the sector should be improved through the modification and implementation of policies; stimulate investment for infrastructure development through public funds and blended finance; prioritize skills development by promoting STEM education and digital technologies; and stimulate local and foreign investment.
The government said: “There has been a gradual global transition to a fourth industrial revolution through the diffusion of digital technologies encapsulated in 5G, cybersecurity, artificial intelligence, machine learning, robotics, internet objects, computer vision, etc.
“These global trends have created an urgency for Nigeria to enhance its digital and technological capacity to generate innovations that will enable Nigeria to harness the benefits of digitalization for economic development and competitiveness.
“For economies to build their resilience in a fast-paced and ever-changing global environment, there is a need for a robust digital, ICT and R&D ecosystem to drive innovation and continuous adaptability for sustainable economic growth. .
“With its large, young and tech-savvy population, and increased investor interest, Nigeria has the potential to become a leading technology powerhouse and drive productivity across all its economic sectors.”


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