Lagos State has attracted over $1.2 billion in digital investments in the past five years, according to Governor Babajide Sanwo-Olu. The governor revealed this during a courtesy visit by the Nigerian Communications Commission (NCC) delegation, led by its Executive Vice Chairman and CEO, Aminu Maida, at the Lagos House in Ikeja on Friday.
Sanwo-Olu highlighted that the funds have been channeled into critical digital infrastructure projects, including the development of data centers, the installation of submarine cables, and the expansion of the state’s digital network. These investments are part of ongoing efforts to strengthen Lagos’ digital economy and position it as a leading tech hub in Africa.
“Within five years of our administration, we have attracted investments exceeding $1.2 billion directly into the digital space,” Sanwo-Olu stated. “These funds have been used to build hyperscale data centers, land submarine cables, and create a robust network for users and providers.”
Strengthening Digital Infrastructure
The governor emphasized his administration’s commitment to bolstering digital infrastructure through strategic partnerships with organizations like the NCC. This effort aligns with the Education and Technology pillar of his THEMES+ agenda, which aims to leverage technology for economic growth and improved service delivery.
Sanwo-Olu assured residents that his government is working closely with the NCC to protect critical telecom infrastructure and advance Lagos’ digital economy. He also noted that these initiatives would make internet access more affordable and accessible across the state.
NCC Commends Lagos’ Efforts
Aminu Maida, CEO of the NCC, praised Lagos State for its strides in telecommunications and technology development. He described Lagos as a strategic partner in safeguarding digital infrastructure and facilitating seamless telecom operations.
“Lagos is a key partner for us at the NCC,” Maida said. “Collaboration is essential to address issues like Right of Way, proper notifications during road construction, and other challenges affecting telecom infrastructure.”
Maida also referenced President Bola Tinubu’s Executive Order signed in July 2024, which prioritizes protecting critical infrastructure nationwide. He urged continued efforts to safeguard Nigeria’s growing digital ecosystem.
Driving Economic Growth Through Technology
Lagos State has been implementing several initiatives to boost its tech ecosystem’s contribution to GDP from 3% to 10%. This includes plans to establish a fund-of-funds to co-invest with venture capital firms supporting Lagos-based tech startups.
Additionally, ongoing expansions of data centers in areas like Lekki and Eko Atlantic are projected to add up to $7 billion to Lagos’ economy. In May 2024, the state completed the first phase of a project aimed at reducing internet connectivity costs by laying 2,700 kilometers of fiber ducts. A second phase will add another 3,300 kilometers to further improve internet accessibility for residents.
