The Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, has announced that the federal government’s ambitious rollout of 90,000 kilometers of fiber optic infrastructure and 7,000 telecom towers across Nigeria will formally commence in the fourth quarter of 2025, as part of a sweeping plan to transform the country’s digital and economic landscape.
Speaking in an interview for an upcoming State House documentary commemorating President Bola Tinubu’s second anniversary in office, Tijani outlined the administration’s multi-pronged strategy to expand digital infrastructure, boost local capacity in emerging technologies, and attract foreign direct investment (FDI).
According to Tijani, the sector has recorded substantial gains under the Tinubu administration, with FDI inflows surging to $191 million in the first quarter of 2024—an exponential leap from $22 million during the same period in 2023. He said the momentum continued in Q2, with inflows growing from $25 million in 2023 to $114 million this year.
“These foundational reforms, coupled with advancements in artificial intelligence (AI) and a fast-evolving startup ecosystem, have positioned Nigeria as a global leader in the digital economy,” Tijani stated.
He added that the government is preparing a $2 billion investment under “Project Bridge” to lay 90,000 kilometers of fiber lines across Nigeria, with the goal of delivering affordable, high-quality internet access to every corner of the country. The initiative, he noted, is expected to significantly impact economic productivity, projecting that “a 10 percent increase in connectivity hubs could yield a 2.5 percent growth in GDP.”
Beyond infrastructure, Tijani touted the achievements of the Three Million Technical Talent (3MTT) programme launched in October 2023. Designed to produce a digitally skilled workforce, the programme has already surpassed its initial goal by training over 117,000 Nigerians, with an additional 35,000 currently in training.
“Our plan is to reach three million trained tech workers before the end of this administration. We believe this will be the cornerstone of Nigeria’s tech-driven growth,” he said.
The minister further announced plans to build 7,000 telecom towers to bridge rural connectivity gaps and achieve 98 percent network coverage. He disclosed that 12 states had adopted zero-rated Right-of-Way policies, a major regulatory hurdle previously impeding broadband rollout.
With broadband penetration currently at 48 percent, Tijani said the National Broadband Plan aims to hit 90 percent by 2025, with the sector’s contribution to GDP expected to rise from 16 percent to 22 percent in the same period.
In line with Nigeria’s AI ambitions, Tijani celebrated the country’s ranking among the top 60 globally in AI readiness and the development of a homegrown large language model. He also noted the launch of the AI Collective platform in collaboration with international partners like Pierre Omidyar, Google, and Microsoft.
Under this framework, 55 academic researchers have been funded to explore the use of emerging technologies in agriculture, healthcare, and education. An additional N300 million has been invested in 10 startups integrating AI and blockchain to improve agricultural productivity.
He also touched on the Nigeria Startup House in San Francisco, aimed at securing $5 billion in startup funding and creating international visibility for Nigerian tech firms through initiatives like the Startup Pact and Trade Desk.
Efforts to train over 500 government technologists in AI and Digital Public Infrastructure (DPI) were also highlighted, alongside progress on the Digital Economy Bill, which has passed its first reading at the National Assembly.
Capital Market Seen as Catalyst for $1 Trillion Economy
Meanwhile, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has reaffirmed the capital market’s pivotal role in achieving Nigeria’s goal of building a $1 trillion economy by 2030.
Speaking at the first 2025 Capital Market Committee (CMC) meeting hosted by the Securities and Exchange Commission (SEC) in Lagos, Edun emphasized that recent macroeconomic reforms—including subsidy removal, FX harmonization, and a tighter fiscal framework—have set the stage for private capital to drive economic growth.
Edun, represented by Minister of State for Finance, Dr. Doris Uzoka-Anite, said the capital market must deepen investor confidence and financial literacy while preparing for the rollout of the new Investment and Securities Act (ISA 2025) and Capital Market Master Plan (CMMP 2030).
He described the ISA 2025 as a landmark reform, modernizing Nigeria’s legal and regulatory framework to align with global standards, while ensuring better enforcement, clarity on digital assets, and improved investor protection.
The minister noted that the domestic economy recorded its fastest GDP growth in a decade, thanks to strong fiscal improvements and contributions from the capital market. However, he highlighted key challenges, including capital absorption and investment exit frameworks.
“We must ask ourselves: If a billion-dollar investment enters this market, do we have the structure for it to exit smoothly? Until then, we are not truly ready,” he cautioned.
Edun called for a transparent, rule-based market that acts as a platform for inclusive development and wealth creation. He urged stakeholders to take implementation seriously: “We’ve done the reforms. The time has come to implement.”
SEC Commits to Innovation, Investor Protection
In his remarks, SEC Director General, Dr. Emomotimi Agama, reaffirmed the Commission’s commitment to safeguarding investors, embracing digital innovation, and improving capital mobilization.
He announced that the NGX All-Share Index had gained 37.65 percent year-to-date, with market capitalization exceeding N62 trillion and turnover in debt markets hitting N460.55 trillion.
Agama also reiterated SEC’s determination to implement ISA 2025, unveil the CMMP 2030, and strengthen Nigeria’s compliance with global anti-money laundering and counter-terrorist financing (AML/CFT) standards, in a bid to exit the FATF grey list.
The CMC meeting brought together key players from Nigeria’s financial landscape, including the Central Bank of Nigeria (CBN), Debt Management Office (DMO), Federal Inland Revenue Service (FIRS), and representatives from various exchanges and clearinghouses.
The event also featured the launch of the SEC’s redesigned corporate website and the ISA 2025 Handbook.
