Intelligent CIO Africa Issue 76 | Page 42

The consumer usage of technology is driving digitisation in the country with mobile subscribers exceeding 200 million and Internet subscribers crossing 150 million .

Moderate growth in IT servi growth in mobile usage

A panorama shot of cityscape of Lagos Island ,
Nigeria at sunset

The most populous country in Africa and blessed with abundant natural resources , Nigeria is the continent ’ s largest economy by GDP . Combining oil and gas wealth with the entrepreneurial efforts of its predominantly young population , Nigeria has developed a business-friendly environment over two decades of civilian rule and in the nearly 60 years since independence .

Communications Commission has embarked on digital literacy training for entrepreneurs across six geopolitical zones of the country .
The Nigerian Communications Commission said as of December 2022 , the number of active mobile subscribers in the country had reached 223 million , while Internet subscribers had exceeded 155 million .
According to the Oxford Business Group , these achievements are even more impressive given the stresses and strains imposed on this vast country by regional , religious , and political tensions . Yet the challenges of economic inclusivity and ensuring wider equality remain , as around one-half of Nigerians continue to live below the income poverty line .
Information Communications Technology is not only one of the fastest growing industries in Nigeria , directly creating millions of jobs , but it is also an important enabler of innovation and development , as it provides the backbone infrastructure for transnational business . In line with the Digital Literacy and Skills Pillar of the National Digital Economy Policy and Strategy 2020 – 2030 , for a Digital Nigeria , the Nigerian
According to Oxford Business Group , Nigeria saw double-digit GDP growth during the first decade of the 21st century , peaking at 14.6 % in 2002 and closing out the decade with 11.3 % growth in 2010 . The country ’ s GDP in 2018 was estimated at $ 397.5bn , an increase from $ 376.4bn in 2017 , outstripping the continent ’ s other economic giant , South Africa , for the seventh consecutive year . However , GDP has declined since 2014 as global oil and gas prices have remained relatively low , despite a slight uptick in 2018 . After a 1.6 % retraction of GDP growth in 2016 , a return to positive territory of 0.8 % followed in 2017 , with GDP growth estimated in 2018 at 1.9 %, according to the IMF ’ s World Economic Outlook , published in October 2018 . Further increases in GDP growth are forecast for the subsequent five years between 2019 and 2023 ,
42 INTELLIGENTCIO AFRICA www . intelligentcio . com