FG targets $ 40 billion investment in digital infrastructure by 2025

the The federal government has said it expects $ 40 billion in private capital investment in digital infrastructure by 2025.

The government revealed this in its “National Development Plan 2021-2025: Volume I.”

He said: “To achieve the objectives defined in the sector, the estimated public investment is 150 billion naira from 2021 to 2025. Allocations will be made to priority projects in the sector as well as to projects essential to the functioning of the ministries concerned. .

“In addition, the ICT sector is expected to facilitate the formation of up to $ 1 billion in private capital and private capital investments in digital infrastructure of around $ 40 billion. “

According to the government, to unlock Nigeria’s potential for industrialization and sustainable economic growth, it will take steps to digitize the economy and make digitization a key driver of national economic development strategies.

He said he would increase the digital economy from 10.68% to 12.54% and improve e-governance by 100% by 2025.

He added that to unleash the nation’s digital economic goal, it would need to improve the legal framework for the sector through policy modification and implementation; stimulate investments for infrastructure development through public funds and blended finance; prioritize skills development through the promotion of STEM education and digital technologies; and stimulate local and foreign investment.

The government said, “There has been a gradual global transition to a fourth industrial revolution through the spread of digital technologies encapsulated in 5G, cybersecurity, artificial intelligence, machine learning, robotics, the Internet. objects, computer vision, etc.

“These global trends have created an urgency for Nigeria to improve its digital and technological capacity in order to generate innovations that will enable Nigeria to harness the benefits of digitization for economic development and competitiveness.

“For economies to strengthen their resilience in a fast-paced and ever-changing global environment, there is a need for a strong digital, ICT and R&D ecosystem to drive innovation and continued adaptability for sustainable economic growth. With its teeming, young and tech-savvy population, and increased investor interest, Nigeria has the potential to become a leading technological powerhouse and increase productivity in all of its economic sectors.

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