Nigerian Tech Sector Grows 1.27% Under Buhari, Faces Uncertain Future

The Nigerian tech industry under the late President Muhammadu Buhari has been a subject of debate, with some viewing it as a success story and others as a missed opportunity. Buhari's administration took several steps to improve the tech sector, including the launch and signing into law of the Startup Bill. This bill provided tax breaks for startups and their employees, facilitated dialogue with government officials, and established the Startup Investment Seed Fund for young Nigerian entrepreneurs. However, the bill faced criticism for potentially stifling non-Nigerian entrepreneurs operating in the country.

Buhari's efforts also included the National Digital Economy Policy and Strategy (NDEPS 2020-2030), aimed at repositioning the Nigerian economy to leverage digital technologies. This policy was part of a broader vision to diversify the economy away from oil and gas. The ICT sector's contribution to Nigeria's GDP increased to 17.47% in the first quarter of 2023, up from 16.2% the previous year, indicating the sector's growing importance.

The National Centre for Artificial Intelligence and Robotics and the National Data Protection Bureau were also established under Buhari's administration. These initiatives sought to position Nigeria for the Fourth Industrial Revolution and protect citizens' data. The National Broadband Plan, aimed at providing broadband internet access to 70% of Nigerians by 2025, was another significant step towards boosting the tech industry's growth.

Despite these efforts, the regulatory environment in Nigeria remained complex and uncertain, posing challenges for startups. The government's ban on cryptocurrency and restrictions on visas for foreign employees were cited as obstacles to the tech industry's growth. Additionally, infrastructure limitations, funding constraints, talent gaps, and cybersecurity concerns continued to hinder the sector's development.

The tech industry's future under President Bola Tinubu is a topic of interest. Tinubu has pledged to make Nigeria a hub for technology and innovation, promising tax breaks for startups, a fund for research and development, and a national broadband plan. However, skepticism remains about his ability to deliver on these promises, given his history of making ambitious pledges.

In summary, while Buhari's administration made significant strides in promoting the tech industry, challenges remain. The future of Nigeria's tech sector under Tinubu will depend on his ability to address these issues and create a more supportive policy environment. Only time will tell whether Tinubu can deliver on his promises and transform Nigeria's economy through technology and innovation.