MTN Group President & CEO calls for a blueprint for building a digital economy for Nigeria’s future

President and Chief Executive Officer of MTN Group, Ralph Mupita has called for a blueprint for building a digital economy that would propel Nigeria to become the World's 5th largest economy.

According to him, the vast untapped potential in the digital economy, with Nigeria’s Internet Gross Domestic Product (iGDP) which currently stands at 6 percent is expected to double by 2050 to reach 145 billion USD.

Delivering a keynote address to business leaders in Nigeria at the just-ended 2023 Businessday CEO Forum, the MTN Group President and CEO noted that Africa currently accounts for only ~1% of the global digital economy, a stark contrast to 68% in the United States, 22% in China, and 27% in Asia. This gap, he suggested, represents a significant opportunity for growth.

Commending the new administration under President Bola Ahmed Tinubu, who has indicated his commitment to promoting the growth of ICT and the digital economy for the shared prosperity of all Nigerians, Mupita called on the government and business leaders to promote policies that facilitate inclusive growth.

Mr. Mupita urged for a spectrum roadmap that ensures sufficient resources to meet the surging demand for mobile services. He advocated for speedy access to mid-band spectrum, crucial for the future of low latency 5G, and access to sub-1 GHz spectrum to provide widespread rural mobile broadband services.

He also highlighted the digital skills gap in Nigeria and across the African continent, especially in advanced skills such as AI & cloud computing. With an estimated 230 million “digital jobs” in Sub-Saharan Africa alone by 2030, Mupita emphasized the need for digital skills development to advance the digital economy.

“The potential is immense. The path is clear,” Mupita stated in concluding his presentation. “The future of Nigeria lies in its digital economy. And with strategic intent, collaborative effort, and a shared vision, that future is within reach.”

“In the face of global economic shifts and technological advancements, Nigeria stands at the precipice of a digital revolution. The country’s digital economy is poised to drive economic growth, create jobs, and foster innovation,” he added.

Other keynote speakers at the Forum included Dr. Akinwunmi Adesina, President of the African Development Bank, and Osagie Okunbor, CEO of Shell Nigeria.

By:  Nana Appiah Acquaye