Nigerian govt to rebase digital economy for growth, innovation

In a bid to stimulate growth and foster innovation, the Federal Government of Nigeria has unveiled plans to rebase the country’s digital economy.

This initiative was disclosed by the Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, in a recent statement on LinkedIn.

“Rebasing the digital economy will help us better understand and support growth in the sector,” he stated.

The minister revealed that discussions with the National Bureau of Statistics (NBS) have been highly productive, with plans underway to establish a ministry-wide committee to accelerate efforts in properly calculating and rebasing the sector.

“I had an extremely progressive discussion with the National Bureau of Statistics today, led by the Statistician General, Prince Adeyemi Adeniran, on their ongoing efforts to rebase the digital economy,” the Minister said.

Highlighting the significance of rebasing, Minister Tijani referenced Nigeria’s economic milestone in 2014 when it became Africa’s largest economy, surpassing South Africa, following a GDP rebasing exercise.

“The Nigerian economy became Africa’s largest economy in 2014 by rebasing GDP, going from $270bn to $510bn,” he said.

The announcement was first made during the inaugural meeting of the Digital Innovation Board held in Geneva.

Minister Tijani, serving as co-chair alongside Cosmas Luckyson Zavazava, Director of ITU-BDT, and Neeraj Mittal, Secretary of India’s Department of Telecommunications, emphasized the board’s role in providing strategic guidance and advocacy for fostering a more inclusive and equitable digital future.

“The Digital Innovation Board, which I am honored to serve as co-chair alongside the chair, Cosmass Zavazava, Director, ITU-BDT, and my fellow co-chair, Neeraj Mittal, India’s Secretary of the Department of Telecommunications, will provide strategic guidance, expertise, and advocacy,” Tijani stated.

This initiative reflects the government’s commitment to harnessing the potential of digital technologies to drive economic development and create opportunities for businesses and individuals.

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