• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
    • Government
  • Security
  • Features
  • State
  • Event
    • PR Nigeria Award
  • E-Paper
Search
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
PRNIGERIA PRNigeria News
PRNIGERIA PRNIGERIA
  • Home
  • Anti-Corruption
    • ICPC Secures Conviction of Rector for Running Unaccredited Degree Programmes

      Engr Abba Babagana Dalori

      Engr Dalori Forfeits Galaxy Hospital, Petrol Station, Properties & Cash

      Chinese nationals jailed in Lagos

      Court Jails Nine Chinese Nationals for Cybercrime in Lagos

      ASUU

      Tackle Corruption, Institutional Decay – ASUU Charges FG

      EFCC Arraigns Bauchi Accountant General Over N8bn Fraud as Court Sentences…

  • Fact-Check
  • Economy
    • Customs Partners US Mission to Prevent Expanded Visa Ban

      Nigeria Customs Partners China on Smarter Ports, Officer Training, Reforms

      Comptroller General Nigerian Customs Bashir Adewale

      Customs Moves Against 223 Importers in N379bn Permit Breach

      Bashir Adewale Adeniyi Customs Boss

      How Customs is Tightening Borders to Stop Illicit Cash Flows –…

      Customs boss, CGC Bashir Adewale Adeniyi with NAFDAC DG Professor Moji Adeyeye

      Codeine, Tramadol Worth ₦20.5bn Seized as Customs-NAFDAC Cooperation Deepens

  • National
    • Army Commander keeps 100 students in school

      Army Commander’s Compassion Keeps 100 Students in School in Zamfara

      Sam Obi Sponsors 500 students

      Sam Obi Sponsors 500 Students in Evergreen, SimplifiedIQ’s Education Program

      CG Customs Bashir Adewale Adeniyi

      NIPR Hails customs Boss’ Tenure Extension as Evidence of Transformational Leadership

      Comptroller General Customs Bashir Adewale and his staffs with the representatives of the European Union, the German Embassy

      Customs Unveils Renewable Energy Handbook, Strengthens EU-Germany-GIZ Partnership

      University of Maiduguri

      UNIMAID Mass Comm becomes Faculty of Communication and Media Studies

    • Government
      • Northern leaders at Arewa Summit

        Northern Leaders Urge Action on Almajiri Crisis, Equitable Resources at Arewa…

        Saidu Ahmed Alkali,

        Kaduna-Kano Light Rail Underway as FG Targets ₦70bn Investment

        Beyond Hoes and Sticks: The Power of Education for Peace in…

        National Blood Service Agency

        FG Pledges Stronger Support for Blood Services, Seeks Scalable Interventions from…

        Tinubu’s Government Unveils Multi-Sectoral Initiatives to Boost Northern Region’s Development

  • Security
    • Nigerian Navy

      Navy to Establish  Base in Kebbi to Tackle Inland Waterway Crimes

      Army Commander keeps 100 students in school

      Army Commander’s Compassion Keeps 100 Students in School in Zamfara

      Chief of the Air Staff (CAS), Air Marshal Hasan Abubakar, receiving the land document from Governor Pastor Umo Bassey Eno in Akwa Ibom

      Akwa Ibom Boosts National Security with Land Donation for Nigerian Air…

      Military Troops in Action

      Army Troops, DSS Nab Arms Trafficker in Taraba, Recover Ammunition, Cash

      Inspector-General of Police Kayode Adeolu Egbetokun

      IG Reaffirms Commitment to Tackling Oil Theft, Upholding Human Rights

  • Features
    • Okello Oculi

      Okello Oculi: A Pan-Africanist Asteroid Burns out Forever By Is’haq Modibbo…

      Leon Usigbe

      Death, you can’t be Proud of this By Abdulrahman Abdulraheem 

      Tinubu’s Plateau Gambit – Yilwatda, 2027, and the Return of the…

      Ozumi and a recipient of a wheelchair

      Wheels of Hope: How a Simple Gift is Reshaping Lives at…

      Late Ex-President Muhammadu Buhari and Mansur Liman

      “Buhari: A Blunt, Honest Leader Who Laughed at His Own Predicament”

  • State
    • court Judiciary

      Lawyer Sues Housing Ministry, FHA Over Alleged Property Redesign

      Army Commander keeps 100 students in school

      Army Commander’s Compassion Keeps 100 Students in School in Zamfara

      Chief of the Air Staff (CAS), Air Marshal Hasan Abubakar, receiving the land document from Governor Pastor Umo Bassey Eno in Akwa Ibom

      Akwa Ibom Boosts National Security with Land Donation for Nigerian Air…

      Nigerian Army

      Army Denies Allegations of Misconduct in Imo Community

      Military Troops in Action

      Troops Repel Bandit Attacks in Katsina, Plateau, Recover Rustled Cattle, Sustain…

  • Event
    • court Judiciary

      Lawyer Sues Housing Ministry, FHA Over Alleged Property Redesign

      Sam Obi Sponsors 500 students

      Sam Obi Sponsors 500 Students in Evergreen, SimplifiedIQ’s Education Program

      Comptroller General Customs Bashir Adewale and his staffs with the representatives of the European Union, the German Embassy

      Customs Unveils Renewable Energy Handbook, Strengthens EU-Germany-GIZ Partnership

      University of Maiduguri

      UNIMAID Mass Comm becomes Faculty of Communication and Media Studies

      CG Customs Bashir Adewale Adeniyi

      Tinubu’s Extension of Customs CG Bashir Adeniyi’s Tenure Draws Widespread Praise…

    • PR Nigeria Award
  • E-Paper
Home Economy Nigeria Can Generate $3billion Yearly from IT Start-ups- NITDA DG Kashifu
  • Economy

Nigeria Can Generate $3billion Yearly from IT Start-ups- NITDA DG Kashifu

By
Prnigeria
-
August 15, 2021
DG NITDA Kashifu Inuwa
DG NITDA, Kashifu Inuwa

Nigeria Can Generate $3billion Yearly from IT Start-ups- NITDA DG Kashifu

The Nigerian IT start-up environment is capable of generating $3 billion annually, the Director-General of the Nigeria Information and Technology Development Agency (NITDA), Kashifu Inuwa Abdullahi, has said.

The NITDA helmsman who disclosed this in an interview with Economic Confidential noted that the development translates to $30 billion revenue generation by 2030.

Mr Abdullahi noted that realizing the projection will entail harnessing the power of the internet by Nigerian innovators, adding that the Nigerian government is creating an enabling environment for start-ups to thrive.

The director-general described Nigeria as a country with great potential, going by its economic size, which, he said, makes up 18 per cent of Africa’s GDP.

“Africa, apart from China, has the opportunity to benefit from the new world we are creating. Our size, our population is of advantage because the world is shifting from the way we eat, the way we work and the way we do things.

“This new normal is powered by technology and technology is derived by people. People that drive this technology migration are young people and Africa has the highest number of youth population in the world.

“It is also projected that by the year 2050, Africa will have 1 in 3 youths in this world,” he said.

This, he said, is a potential advantage for Africa that Nigeria needs to harness well in order to benefit from the new economy, noting that three trends are shaping and creating the African economy.

According to him, the three trends, include increase, affordability and fast internet speed across the continent; startups to transform business landscape and the general economy.

He further explained that when you look at the emerging technology ecosystem, and the market they are creating, you will realize that there are two promising emerging technologies that are going to change a lot of things in the world: Blockchain and Artificial Intelligence.

He said that based on two reports by PWC, they projected that by year 2030, Blockchain technology will add up to $1.76 trillion to global GDP. And based on that report, they said that developing countries, at least, can add 4 percent of the GDP if they use that technology. For example, Nigeria’s GDP today is more than $400 million. The 4 percent of $400 million is more than $10 billion. That is the minimum GDP Blockchain technology can generate.

Read Also:

  • Lawyer Sues Housing Ministry, FHA Over Alleged Property Redesign
  • Navy to Establish  Base in Kebbi to Tackle Inland Waterway Crimes
  • Army Commander’s Compassion Keeps 100 Students in School in Zamfara

He further said that in another report, PWC projected that Artificial Intelligence can add more than $10 trillion to the global GDP by 2030 and based on that report, they said developing countries like Nigeria can add up to 5.6 percent to the GDP. So, still Nigeria, let’s say we are targeting only $10 billion which is far less than 5.6 percent of our GDP today. So, you can see we have 20 billion already.

“We are doing a lot of things to ignite innovative activities in these sectors like for Blockchain, we have developed National Adoption Strategy as approved by the Minister of Communication and Digital Economy, Dr Isa Ali Pantami. Because they are foundational technologies, they cut across so many sectors. So, we have developed that foundational strategy and we are working with the startups ecosystem to develop prototypes and identify the most promising ones”.

A member of both British Computer Society (BCS) Nigeria Computer Society (NCS) and the 1st Cisco Certified Internetwork Expert (CCIE) in Nigeria’s Public Sector, Kashifu remarked that in the area of Artificial Intelligence, Nigeria has built the National Centre for Robotics and Artificial Intelligence which is helping to harness these potentials. So, that’s $20 billion out of the $30 billion that we said.

“And today, based on Startups Genome report of 2020, Lagos startups ecosystem is valued at more than $2 billion and also recently, two of our startups have reached unicorn level that means evaluation of more than $1billion each. That is Flutterwave and Interswitch.”

“So, now we have $4 billion. Lagos ecosystem has $2 billion, Flutterwave $1 billion, Interswitch $1 billion, and then Jumia is already valued at $1.9 billion. Roughly you have $6 billion in Lagos alone talk less of the other parts of the country”.

Mr Abdulahi said the media and entertainment industry is powered by digital technology, mostly startups, and based on PWC report also, the Nigeria media entertainment sector will be valued at $10 billion by 2023. So, you can see that we are almost at that targeted $30 billion.

“So, we hope we will exceed that target and we are on track based on our initiatives, based on government policies like the National Digital Economy Policy and Strategy (NDEPS), and other government interventions in form of policies and infrastructural interventions. All these can help us to reach that target of $30 billion by 2030.

Read the Full interview here: How Nigeria Can Generate $30bn from Blockchain, Artificial Intelligence- DG NITDA, Kashifu Inuwa

VISIT OUR OTHER WEBSITES
PRNigeria.com EconomicConfidential.com PRNigeria.com/Hausa/
EmergencyDigest.com PoliticsDigest.ng TechDigest.ng
HealthDigest.ng SpokesPersonsdigest.com TeensDigest.ng
ArewaAgenda.com Hausa.ArewaAgenda.com YAShuaib.com
  • TAGS
  • Kashifu Inuwa
  • NITDA
Previous articleFalcon Eye Project and maritime security
Next articleVIDEO: Massive Surrender at Mafa as Nigerian Military Receives 1,500 ISWAP-Boko Haram Members so Far
Prnigeria
Prnigeria
https://prnigeria.com
PRNigeria is the pioneer Press Release Distribution agency in Nigeria. A member of image Merchant Promotions limited, PRNigeria encourages individuals and organisations to be more transparent in their information management. with dedicated Editorial staffs, the PRNigeria ensures that information provided on its platforms are timely, factual and authoritative Read more at: //prnigeria.com/about/
Facebook Twitter

RELATED ARTICLESMORE FROM AUTHOR

Bashir Adewale Adeniyi Customs Boss

JUST IN: Tinubu Extends Tenure of Customs CG Bashir Adeniyi

AI-generated disinformation looms ahead of Nigeria’s 2027 elections

PRNigeria Fact Check: Does Delayed Baby Umbilical Cord Clamping Have Health Benefits? 

Customs Partners US Mission to Prevent Expanded Visa Ban

Department of State Security Service DSS

Army, DSS-Backed Hybrid Forces Neutralize 45 Bandits in Niger Operation

Nigeria Customs Partners China on Smarter Ports, Officer Training, Reforms

PRNigeria Young Communication Fellowship 2025 logo

PRNigeria Opens Application for 2025 Young Communication Fellowship

Troops of Operation FANSAN YANMA

Troops Kill Three Terrorist Leaders in Sokoto Ambush, Recover Weapons

Comptroller General Nigerian Customs Bashir Adewale

Customs Moves Against 223 Importers in N379bn Permit Breach

Bashir Adewale Adeniyi Customs Boss

How Customs is Tightening Borders to Stop Illicit Cash Flows – CG Adeniyi 

FACT-CHECK: Did a N10bn Lafia Flyover Collapse Three Weeks After Commissioning in Nasarawa?

NAF combat-ready Unmanned Aerial Vehicle (UAV) operators

NAF Bolsters Battlespace Dominance with New Combat-Ready UAV Operators

Recent Posts

  • Lawyer Sues Housing Ministry, FHA Over Alleged Property Redesign
  • Navy to Establish  Base in Kebbi to Tackle Inland Waterway Crimes
  • Army Commander’s Compassion Keeps 100 Students in School in Zamfara
  • Sam Obi Sponsors 500 Students in Evergreen, SimplifiedIQ’s Education Program
  • NIPR Hails customs Boss’ Tenure Extension as Evidence of Transformational Leadership
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
Lawyer Sues Housing Ministry, FHA Over Alleged Property RedesignNavy to Establish  Base in Kebbi to Tackle Inland Waterway CrimesArmy Commander's Compassion Keeps 100 Students in School in ZamfaraSam Obi Sponsors 500 Students in Evergreen, SimplifiedIQ's Education ProgramNIPR Hails customs Boss' Tenure Extension as Evidence of Transformational LeadershipAkwa Ibom Boosts National Security with Land Donation for Nigerian Air Force BaseCustoms Unveils Renewable Energy Handbook, Strengthens EU-Germany-GIZ PartnershipUNIMAID Mass Comm becomes Faculty of Communication and Media StudiesTinubu’s Extension of Customs CG Bashir Adeniyi’s Tenure Draws Widespread Praise and ReactionsArmy Troops, DSS Nab Arms Trafficker in Taraba, Recover Ammunition, CashIG Reaffirms Commitment to Tackling Oil Theft, Upholding Human RightsNorthern Leaders Urge Action on Almajiri Crisis, Equitable Resources at Arewa Summit in KadunaArmy Denies Allegations of Misconduct in Imo CommunityTroops Repel Bandit Attacks in Katsina, Plateau, Recover Rustled Cattle, Sustain CasualtiesNavy Destroys 10 Illegal Refineries in Niger Delta
X whatsapp