For Nigeria’s Tech Sector To Grow….-NACC Ag DG

The Acting Director-General of the Nigerian-American Chamber of Commerce (NACC), Ms. Wofai Samuel, has stated one critical thing Nigeria’s tech sector must have to be able to grow.

She has also advocated for Nigeria and other African countries to emulate global collaboration models so they could grow their economies.

Speaking in an interview with the News Agency of Nigeria (NAN), Samuel submitted that that Nigeria’s technology sector cannot thrive without a reliable power supply.

She said power supply and technology are deeply interconnected, and without addressing power challenges, Nigeria’s tech sector cannot move forward.

“Without power, how do we even drive technology? So, power is correlated to technology. Technology is correlated to power.

‘’Given the current global trade landscape, particularly with tariffs imposed by America on various countries and the potential limitations of the African Growth and Opportunities Act (AGOA) for African exports, technology is a key avenue for diversification.

“One of the easiest ways, one of the easiest platforms West Africa can diversify into is the technology sector,” she said.

She stressed that the rapid advancement in global technology is driven by internet access and data, highlighting how developed countries are leveraging tech to stimulate growth and innovation.

Moving for Nigeria and other African countries to emulate global collaboration models, Samuel cited the recent $600 billion investment by Saudi Arabia in the U.S. tech sector.

“An example of America’s collaborative efforts is the recent investment of approximately $600 billion by Saudi Arabia’s Crown Prince in the U.S. technology sector to advance its technological capabilities.

“If America is collaborating with other regions and countries on advancing the tech sector, whereas America is the biggest tech sector, then who are we in Africa not to follow suit?” she queried.

She further referenced the dominance of U.S. tech giants such as Meta, Google, Tesla, and X, as well as innovations in Artificial Intelligence like ChatGPT and Meta AI, as proof of the transformative role of technology.

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Technology has already demonstrated its potential to drive growth and efficiency in the Nigerian banking sector, she said, adding similar growth should be pursued in Nigeria’s tech sector.

For this, she made reference to a projection of the World Bank that banking and fintech would be among Nigeria’s fastest-growing sectors in 2025.

Attributing ths forecast to innovations in online and mobile banking, which are reshaping how financial services are delivered, ministers of communications and commissioners of science and technology should to get involved in policy formulation and sector leadership to enable sustainable development, she advised.