The Information and Communication Technology sector in Nigeria has seen significant growth and development in recent years. The National Bureau of Statistics revealed that the sector contributed 18.44 per cent to the nation’s GDP in the second quarter of 2022. Experts argue that the country’s large youthful population is driving demand for ICT products and services.
Of course, there are several challenges that the ICT sector in Nigeria faces. They include the lack of reliable and affordable electricity, multiple taxations, regulatory bottlenecks, limited access to ICT infrastructure in rural areas, and a dearth of skilled ICT professionals. Despite these challenges, the sector has continued to grow with the potential to play a significant role in the country’s economic development.
Looking ahead into 2023, increased adoption of cloud computing is one of the potential trends that may shape the development of ICT. As businesses in Nigeria find means to reduce costs and improve efficiency, many will turn to cloud computing solutions to store and process data. The growth of the e-commerce industry is another potential trend. Nigeria’s large and rapidly growing population and the adoption of mobile devices and internet access have made e-commerce more accessible. With improvements in electronic payment and logistics sectors, the growth trend is likely to continue this year. The expansion of mobile broadband will also drive development.
There is an undeniable rise of fintech as the industry in Nigeria has seen significant growth in recent years, and this trend is likely to continue as more people turn to digital financial services. Reports suggest that there are over 200 Fintech firms in Nigeria rapidly helping to bridge the financial inclusion gap. The fintech ecosystem covers businesses focused on mobile payments, digital banking, merchant solutions and personal finance among others.
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