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By Osasómé C.O
The Nigerian Government has launched the Technology Export and Digital Trade Desk, a groundbreaking initiative aimed at attracting investments, enhancing the global competitiveness of local tech companies, and increasing annual startup funding to $5 billion.
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Dr. Bosun Tijani, Minister of Communications, Innovation, and Digital Economy, announced the initiative, emphasizing its strategic role in positioning Nigeria as a leader in the global digital economy. The initiative aligns with the 5th Pillar of Nigeria’s Strategic Blueprint, focusing on trade to promote Nigerian technology exports and support local businesses in accessing African and global markets.
A Collaborative Milestone
Launched in collaboration with the Federal Ministry of Industry, Trade, and Investment, the Digital Trade Desk will provide a comprehensive suite of programmes, partnerships, and policy-driven interventions. Dr. Tijani highlighted its alignment with Nigeria’s ambition to improve its standing in the Economic Complexity Index (ECI), where the country ranked 127th out of 133 countries in 2022 with a score of -1.67.
This initiative underscores Nigeria’s commitment to diversifying its economy and advancing in the global digital landscape.
Expanding ICT’s Economic Impact
ICT currently contributes between 14–18% to Nigeria’s GDP. With the establishment of the Digital Trade Desk, the government aims to raise this to 21% within the next three years. By providing tailored support to Nigerian tech companies, the Desk seeks to empower businesses to compete effectively in international markets, especially across Africa.
Additionally, the initiative aims to boost Nigeria’s annual startup funding from $1 billion to $5 billion over the same period, fostering innovation, entrepreneurship, and competitiveness in the technology sector.
Addressing Startup Funding Challenges
Despite once leading Africa in startup funding, Nigeria fell to second place in 2023, overtaken by Kenya. Nigerian startups raised just over $400 million in 2024, significantly lagging behind Kenya’s $638 million, which was bolstered by major funding rounds like Moove’s $110 million Series B and Moniepoint’s $110 million Series C.
Dr. Tijani emphasized the importance of reversing this trend, stating:
“This initiative seeks to restore Nigeria’s leadership in African tech funding while diversifying our economy. By fostering innovation and entrepreneurship, we can reclaim our top position and scale up funding to $5 billion annually.”
Advancing Nigeria’s $1 Trillion Economy Vision
The Digital Trade Desk is a critical component of President Bola Tinubu’s vision to transform Nigeria into a $1 trillion economy, driven by innovation, investment, and trade. The Desk’s roadmap is detailed in a whitepaper titled:
“Growing the Contribution of the Technology Ecosystem to Nigeria’s GDP – A Case for the Technology Export and Digital Trade Desk.”
Key Objectives of the Digital Trade Desk
- Boost Tech Sector GDP Contribution: Increase ICT’s share of GDP from 14–18% to 21% in three years.
- Expand Startup Funding: Scale annual funding for Nigerian startups from $1 billion to $5 billion by 2027.
- Promote Tech Exports: Equip local technology companies to access and compete in global markets.
- Enhance Global Competitiveness: Improve Nigeria’s standing in the Economic Complexity Index by diversifying exports.
A Vision for a Thriving Digital Economy
By integrating strategic trade initiatives with robust support for startups, Nigeria aims to establish itself as a global tech powerhouse. The Digital Trade Desk is a significant step toward fostering innovation, driving investment, and achieving a more diversified and resilient economy.
