Nigeria’s digital transformation gains momentum, says Rome Business School report

Nigeria is rapidly advancing in digital transformation, solidifying its position as a leader in Africa’s Fourth Industrial Revolution (4IR).

A new report by Rome Business School Nigeria highlights the country’s growing adoption of Artificial Intelligence (AI), the Internet of Things (IoT), and broadband infrastructure, with the digital transformation market projected to grow from $9.61 billion in 2024 to $22.82 billion by 2029.

The finance and telecommunications sectors are driving this growth as around 32 per cent of financial service providers now use AI for credit scoring, fraud detection, and customer engagement.

Fintech firms like Paystack and Flutterwave have revolutionised digital payments. Expanded broadband connectivity has also fueled e-commerce and entrepreneurial opportunities, strengthening Nigeria’s digital economy.

The ICT sector remains a key contributor to economic growth, making up 29 per cent of Africa’s internet usage and increasing its GDP contribution from 8.1 per cent in 2020 to 10.3 per cent in 2022, reaching a valuation of $55.4 billion.

Meanwhile, digitalization is transforming agriculture and manufacturing, with RusselSmith becoming the first 3D industrial manufacturer to produce anti-corrosion components for Nigeria’s upstream petroleum sector.

Despite these advancements, challenges such as regulatory inconsistencies, infrastructure gaps, and a shortage of skilled digital talent persist.

Founder and Dean of Rome Business School, Antonio Ragusa, emphasised that digital transformation is a catalyst for economic growth, urging stakeholders to leverage Nigeria’s youthful population and tech ecosystem.

The General Manager of Rome Business School Nigeria, Olakunle Asunmo, highlighted the need for policy stability and skills development to sustain this momentum.

The report calls for increased investment, innovation, and collaboration to position Nigeria as a global digital leader.