Olufemi Adediran 
The President and CEO of MTN Group, Ralph Mupita has called for more investment-friendly policies to enable the country to tap into the multi-trillion-dollar global digital economy.
Mupita insisted that with “strategic investments” in Nigeria’s digital industry Nigeria is positioned to become the world’s 5th largest economy in no distant future.
Mupita stated this while delivering his keynote address at the 2023 BusinessDay CEO Forum.
He highlighted the vast untapped potential in the digital economy, with Nigeria’s Internet Gross Domestic Product (iGDP) currently at 6 percent and expected to double by 2050 to reach $145 billion.
He advocated for digital skills development to advance the digital economy, insisting that, “the future of Nigeria lies in its digital economy.”
Mupita submitted that, in the face of global economic shifts and technological advancements, “Nigeria stands at the precipice of a digital revolution”, adding that, the country’s digital economy is poised to drive economic growth, create jobs, and foster innovation.
His words: “As far back as 2016, the global digital economy was worth some $11.5 trillion, or 15.5 percent of the world’s overall GDP. It is expected to reach 25 percent in less than a decade, quickly outpacing the growth of the overall economy.
“The digital economy is the main growth driver in both the developing and developed world. However, countries across Africa, including Nigeria, are currently capturing only a fraction of this growth.
“There is therefore a need to strategically invest in the foundational elements of its digital economy to keep pace.
“The good news is that Nigeria is also one of the most promising digital economies in Africa. You have a large and growing population, a young and tech-savvy workforce, and a government committed to promoting the digital economy.
“This, and the rapid growth of the mobile phone market, the increasing availability of broadband internet, and the development of the tech startup ecosystem are all contributing to Nigeria’s digital transformation.
“The ICT sector has shown promising growth, contributing significantly to the nation’s GDP. The local telecoms sector contributed 14.13 percent of Nigeria’s GDP in the first quarter of this year and is seen as a major enabler of economic development in Nigeria as it continues to positively impact all facets of the Nigerian economy.
“Whilst the investment profile of the telecommunications sector comprising foreign direct investment (FDI) and local investment has reached 75.6 billion US dollars as of 2021.
“The oil and gas industry has, for over 50 years been the largest contributor to GDP. This has now changed and ICT’s contribution is three times that of oil and gas. Contrast our local 14.13 percent to China where 55 percent of its GDP came from ICT.”
