The Chief Executive Officer of Flutterwave,
Olugbenga Agboola, has underscored the critical importance of investing
significantly in Nigeria’s digital economy and forging partnerships that drive
value creation.
Speaking at the 2023 Zenith Bank Trade Seminar
under the theme "Harnessing the Opportunities in Service Export," Mr.
Agboola commended the remarkable progress witnessed in Nigeria's non-oil export
sector, which surged by nearly 40% to reach $5.6 billion in the previous year.
This growth, spanning over 200 different
products and reaching 122 countries, can be attributed in part to initiatives
like Export 774, an innovative program that compiles and promotes the export
potentials of all 774 local government areas in the country. Despite this
progress, Mr. Agboola stressed that Nigeria possesses untapped potential,
driven by its dynamic economy and wealth of talent.
“Nigeria is a potential gold mine for what I
call Human Resources export. Much talk about brain drain but in 2022, Nigeria
recorded $20.13bn in remittances,” he admitted.
Acknowledging the transformative impact of
Nigeria's digital sector, the Flutterwave CEO highlighted the substantial
contribution it has made to the nation's GDP. The digital sector's share of the
GDP grew from 13.7% in 2018 to 15.35% in Q3 2022, as reported by the National
Bureau of Statistics. This surge underscores the increasing role of technology
and digital innovation in driving economic growth, job creation, and
sustainable development.
“From Nollywood to
Afrobeat, our Creatives have shown the world a glimpse of our soul. Nollywood
is one of the world’s fastest-growing creative industries, according to an
Afrexim- bank report, worth $6.4 billion in 2021 and growing at 10% per year.
On just one platform called Spotify, the Afrobeat genre has amassed 13.5bn
streams up from 2bn streams 4 years ago and the industry has an annual revenue
of over $2bn,” he said.
He emphasized the
significance of strategic partnerships in fortifying Nigeria's digital
ecosystem. Notable collaborations, such as the one between Interswitch and
Google Play, have allowed users to transact in Naira for Google services,
contributing to the strengthening of the national currency. Furthermore,
Flutterwave's partnerships with Audiomack and Netflix have eliminated the need
for foreign currency transactions, thus reducing the strain on foreign
reserves.
Mr. Agboola lauded the Central Bank of
Nigeria's (CBN) collaborative initiative with the Egyptian Central Bank, a
Memorandum of Understanding (MoU) that paves the way for joint regulatory
projects, coordinated licensing, and an enhanced legal framework. This move he
said is poised to create an environment conducive to sustainable growth and
innovation.
By: Nana Appiah Acquaye
