• Digital economy will drive Nigeria’s growth, Simmonds
• Future looks bleak for startups, says Ina
Stakeholders have stated that Nigeria lags behind other African countries in digital economy advancement, with countries such as Rwanda, Morocco, South Africa, Botswana, and Kenya leading the continent’s map.
Giving the hint, they said there was much work to be done for the nation to lead the African continent and make Nigeria a digital hub.They argued that, despite the country’s large population and entrepreneurial strength, which could put Nigeria at the forefront, there was still much work to be done for the nation to lead the African continent and establish the country as a digital hub.
They made the submission yesterday in Lagos at ‘The Nigeria Summit 2025, 65 Years of Independence for Nigeria’, hosted by The Guardian and CT Production.
Speaking on ‘The Business of Finance, Technology and the Digital Economy’, the Chairman, Invest Africa Advisory Board, Mark Simmonds, said Nigeria was battling regulatory and reputation challenges as well as negative media coverage in the global space, noting that whilst progress is being made, there was still a huge amount of work to do in Nigeria.
Querying a disparity, he said Nigeria in 2024 got $300 million in terms of foreign direct investment into its coffers, Algeria got $1.2 billion, while Indonesia received $55 billion of foreign direct investment into its economy, noting that the challenges bedevilling the nation had not made it grow economically as it should.
However, giving some kudos to the current administration on steps taken to revitalise the economy, Simmonds stressed the importance of macroeconomic and political stability to persuade investment to come into both Nigeria and Africa.
“They are moving in the right direction in macroeconomic policy. However, there is still more to be done, as the digital economy and its associated benefits will impact consumers, businesses, the industrial sector, and the government.
“I believe that the Nigerian government should be at the forefront of implementing that sort of technology to give it the revenue to help it build the social infrastructure, schools, hospitals and roads that we all want to see. But there is still work that needs to be done to ensure that Nigeria is there,” he said.
Noting the opportunities in the digital economy, he expressed the need for coordination, not just on security, but in regulatory terms across West Africa.
Simmonds advised that the Nigerian policy needs to be aligned with the African Free Trade Agreement to facilitate cross-border transactions.
Chief Digital and Innovation Officer, T2 Mobile, Ina Alogwu, lamented the high number of startups going out of business in Nigeria compared to other African countries, stating that the future looked bleak for Nigerian start-ups.
In his submission, the Principal Consultant Services, Mastercard, Unwana Esang, called for a trusted and more resilient digital system, hinging on transparency and accountability for transactions for a more equitable ecosystem.
IN another development, energy experts have urged the government to stabilise the national grid and create stronger support systems for renewable energy projects to boost investor confidence in the country’s power sector.
The Chief Executive Officer and Managing Director of Energy Inc Advisors, Folake Akinkugbe-Filani, also spoke during The Nigeria Summit 2025, organised at an event by The Guardian Nigerian Limited and CT Productions, said: “Industrial parks are a big load, so they need strong energy support. It really depends on the grid. I know in Nigeria there are challenges with transmission and distribution, which cause losses and higher costs. The first thing should be to stabilise the grid and improve the infrastructure.”
Also speaking, another energy expert, Ahmad Damcida, said that while political risks have reduced over the years, the major challenge for investors remains the risk of adoption in the energy and industrial sectors.
