President Bola Tinubu has announced that his government will keep the digital Technology investments to boost small businesses, create more opportunities in various sectors, and position Nigeria as a leader in information and communications technology on the African continent. During a meeting with a delegation led by the former UK Deputy Prime Minister and Meta’s President of Global Affairs, Sir Nick Clegg from Meta Platforms Incorporated, at the State House in Abuja, Tinubu emphasised the importance of Nigeria embracing technological progress to avoid being left behind.
The president emphasised the importance of creating new information and communication technology pathways, strengthening capabilities, and cultivating collaborative relationships. He highlighted his administration’s 3MTT initiative to equip three million Nigerian youths with digital technology skills and essential training before sending them to Innovation hubs nationwide. He stressed the importance of Nigerian youth as the cornerstone for the country’s digital economic growth. He believes Nigeria’s youth population is vibrant, talented, and full of potential. With the future expected to be dominated by artificial intelligence, it is important to empower young people to thrive in the global economy.
Tinubu sees Nigeria as primed for digital innovation leadership in Africa.
He is confident that Nigeria is ready to embrace business opportunities and lead in Africa’s digital technology innovation. Recognising the importance of data in driving development, they are eager to collaborate on technological advancements. Cooperation is essential for progress, ensuring a mutually beneficial outcome for all parties involved. The president stressed the significance of technology in advancing small businesses, expressing his dedication to the effective implementation, customisation, improvement, and utilisation of technology to stimulate growth in numerous micro-enterprises and foster widespread prosperity.
His interest lies in leveraging technology to grow small businesses and creating a business-friendly environment that benefits citizens financially. Collaboration and the promotion of shared interests are key to achieving this goal. Also, Clegg expressed gratitude to Tinubu for his executive order facilitating the arrival of the Meta-backed deep-sea cable in Nigeria. He stated that this Infrastructure project is exceptional. Once it becomes operational in early 2025, it will have double the capacity of all current subsea cables combined.
Prediction for a $37B economic impact in Africa within 2-3 years.
Furthermore, the cable was laid 50 percent deeper under the seabed than any other subsea cable. It boasts greater power and wider geographical coverage. The potential economic impact on the African continent over the next two to three years could reach $37 billion. In addition, he mentioned that Meta plans to roll out a new function on its Instagram platform by June, allowing Nigerian Content Creators to earn money from their posts. His statement highlighted his intention to enhance collaborations with Nigeria.
Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, emphasised the importance of meta platforms in the Nigerian economy, highlighting the need for partnerships and engagement to drive growth in the global Digital Economy sector. Tijani also emphasised the importance of actively generating opportunities for individuals to participate in global prosperity. Utilising digital technology can serve as a means to bridge the African continent with the rest of the world and aid in overall global development.
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Meta, formerly known as Facebook, is a leading technology company founded by Mark Zuckerberg in 2004. It operates various Social Media platforms, including Facebook, Instagram, WhatsApp, and Messenger. The company is focused on connecting people globally through its innovative digital services and products. The company is at the forefront of virtual reality technology development and aims to create a Metaverse where people can interact, play, and work in immersive digital environments. With a strong emphasis on connectivity, Meta continues to drive advancements in communication, innovation, and digital Economy sectors worldwide.