Nigeria’s digital sector grew dramatically during late Muhammadu Buhari’s administration, helping stabilize the country’s economy even as other sectors struggled.
When Muhammadu Buhari became president in 2015, the digital economy was just starting to show promise. By the time he left office in 2023, Nigeria’s Information and Communications Technology (ICT) sector had become nearly twice as important to the economy, jumping from 9.8% of real GDP in 2015 to a record 19.54% by mid-2023.
The ICT sector started strong, even when the wider economy went through a recession in 2016–2017. ICT’s contribution to GDP held steady at about 11% while most other sectors shrank.During the COVID-19 pandemic in 2020, ICT kept the economy afloat. Lockdowns made businesses and services go online, with the sector growing 13.18% for the year and reaching a 15.05% share of real GDP.
By 2023, the sector had reached its highest levels yet, 19.54% of GDP. Fast-rising startups, mobile money, and stronger broadband coverage all played a part.
Buhari’s team launched the National Digital Economy Policy and Strategy (NDEPS), and rolled out new broadband goals to push tech adoption across the country. Tech hubs and the rise of ‘unicorns’ like Flutterwave and Opay were direct results of these policies.
Professor Isa Pantami, former Minister of Communications and Digital Economy, credited “strong policies, good engagement, and a clear roadmap” for the sector’s solid growth.
Even as the digital economy flourished at home, foreign investment had its ups and downs. Foreign direct investment (FDI) in telecoms spiked to $944 million, up from $114 million the year before. But that didn’t last, FDI dropped to $417 million by 2020, and then to just $107.6 million in 2021. It briefly went up again in 2022 ($456.8 million), but by 2023, it had slumped to only $134.75 million.
Telecom industry leaders blamed “Right of Way” charges, multiple taxes, and foreign exchange problems for discouraging investors. Many say these problems were not fully addressed during Buhari’s time in office, and they still linger even now.
Nigeria’s digital economy is now a key pillar for growth and recovery. The push for 5G, ongoing tech innovation, and a strong start-up culture are expected to keep the sector booming. But unless the country tackles the investment roadblocks, that growth could slow down in the future.
As the country remembers President Buhari, one thing is clear, his years in power changed the face of Nigeria’s tech industry in a way that will shape the economy for a long time.
