Google, along with government representatives and other stakeholders, has called for collaborative efforts to advance Nigeria’s digital economy and support businesses amid economic challenges.
At a forum held on Tuesday, participants stressed the importance of working closely with the government while investing in technology and digital skills development to bridge the talent gap in the country.
The West Africa Director for Google, Mr. Olumide Balogun, highlighted the transformative power of technology, stating that by fostering cooperation among government, businesses, and communities, the potential of Nigeria’s digital economy can be fully realized.
“As Nigeria stands at the cusp of significant economic change, the country faces both complex challenges and vast opportunities. With a rapidly growing tech sector and a young, dynamic population, Nigeria is positioned to lead digital innovation across Africa,” Balogun said in a statement.
He emphasized that digital transformation is crucial for driving economic growth, enhancing productivity, and improving living standards. “Research shows that for every $1 invested in digital technology, $8 is generated for the Nigerian economy—highlighting the substantial benefits of embracing the digital shift,” Balogun added.
A survey by Africa Practice revealed that 46% of businesses experienced revenue declines due to inflation and macroeconomic pressures.
However, 70% of business leaders are actively seeking digital solutions to innovate and drive future growth, signalling a strong readiness among Nigerian businesses to adopt technology.
Google, Balogun noted, is committed to exploring local payment solutions through partnerships to enhance access to digital tools for businesses across Nigeria.
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, expressed enthusiasm for the private-public sector dialogue.
He emphasized that the private sector cannot thrive without government collaboration. “Digital transformation should be integrated within government systems as a foundation. By initiating this dialogue and maintaining momentum, much can be achieved,” Oyedele said.
The former CEO of the Nigerian Economic Summit Group (NESG), Mr Laoye Jaiyeola, reiterated that effective policy formulation requires strong effort and implementation.
He added that the NESG, through its Digital Economy Policy Commission, has provided a platform for the private sector to contribute meaningfully to advancing digital solutions in Nigeria.
Despite the progress, stakeholders highlighted persistent challenges, including financial constraints, insufficient infrastructure, and limited access to foreign currency, as key barriers to digital economy adoption.
Public sector representatives pledged to expedite the digitization of public services, enhance cross-agency collaboration, and address fiscal barriers to support Nigeria’s digital transformation.
