On Tuesday, Google, alongside governments and key stakeholders, called for a united effort to accelerate Nigeria’s digital economy and support businesses facing economic difficulties.
During discussions, participants emphasized the need for collaboration between the government and private sectors while investing in technology and digital skills to bridge the talent gap.
Google’s West Africa Director, Olumide Balogun, highlighted the transformative power of technology for economies. He expressed that by working together, Nigeria could unlock its digital economy’s vast potential. Balogun noted that Nigeria, with its dynamic population and rapidly growing tech sector, is positioned to lead digital innovation across Africa.
“Digital transformation is essential for economic growth, productivity, and improving living standards,” Balogun said, citing research that for every $1 invested in digital technology, $8 is generated for the Nigerian economy. Despite inflation and macroeconomic pressures, 70% of business leaders are turning to digital solutions to adapt and fuel future growth.
Google is committed to partnering with local payment solutions providers to ensure wider access to digital tools for Nigerian businesses.
Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, emphasized the importance of aligning the private sector with public policy to foster a thriving business environment. Laoye Jaiyeola, former CEO of the Nigerian Economic Summit Group (NESG), underscored that policies must be backed by concrete action to drive digital transformation.
However, stakeholders pointed to financial constraints, infrastructure gaps, and limited access to foreign currency as key barriers to adopting a digital economy. Public sector representatives pledged to accelerate digitizing public services and enhance cross-agency collaboration to address fiscal challenges hindering digital growth.
