To advance Nigeria’s digital economy and support businesses facing economic headwinds, the stakeholders have highlighted the urgent need for collaboration across sectors to drive progress.
This was the core of discussion at the 30th Nigerian Economic Summit (NES30) as Google brought together top CEOs, government officials, and industry leaders.
The roundtable, themed “Leveraging Digital Solutions to Navigate Economic Volatility,” sparked dynamic discussions on how digital technology can empower businesses to not just survive but thrive amidst the nation’s economic challenges.
As Nigeria stands on the threshold of significant economic change, the country faces both complex challenges and vast potential. With a rapidly growing tech sector and a young, dynamic population, Nigeria is poised to become a leader in digital innovation across Africa.
Digital transformation is essential for boosting economic growth, increasing productivity, and improving living standards.
Research shows that for every $1 invested in digital technology, $8 is generated for the Nigerian economy—underscoring the immense value of embracing the digital shift.
Opening with insights from a CEO survey conducted by Africa Practice, the discussions revealed that 46% of businesses reported revenue declines due to inflation and macroeconomic pressures.
Yet, despite these hurdles, 70% of business leaders are actively looking to digital solutions to adapt, innovate, and fuel future growth. This widespread adoption of digital tools signals a strong readiness among Nigerian businesses to embrace technology as a transforma-tive force.
Financial constraints, insufficient infrastructure, and limited access to foreign currency were identified as the key barriers to adoption.
However, the stakeholders at the roundtable proffered ways as the government representatives pledged to fasttrack the digitisation of public services, improve cross-agency collaboration, and address fiscal barriers to support digital transformation.