In order to advance Nigeria’s digital economy and support businesses facing economic headwinds, Google brought together top CEOs, government officials, and industry leaders at the 30th Nigerian Economic Summit (NES30).
The roundtable, held on October 16, 2024, featured influential figures such as Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, and Laoye Jaiyeola, Former CEO of the Nigerian Economic Summit Group. They highlighted the urgent need for collaboration across sectors to drive progress.
The roundtable, themed “Leveraging Digital Solutions to Navigate Economic Volatility,” sparked dynamic discussions on how digital technology can empower businesses to not just survive but thrive amidst the nation’s economic challenges.
As Nigeria stands on the threshold of significant economic change, the country faces both complex challenges and vast potential. With a rapidly growing tech sector and a young, dynamic population, Nigeria is poised to become a leader in digital innovation across Africa.
Of great importance is digital transformation, as it is essential for boosting economic growth, increasing productivity, and improving living standards. Research shows that for every $1 invested in digital technology, $8 is generated for the Nigerian economy—underscoring the immense value of embracing the digital shift.
Opening with insights from a CEO survey conducted by Africa Practice, the discussions revealed that 46% of businesses reported revenue declines due to inflation and macroeconomic pressures.
Yet, despite these hurdles, 70% of business leaders are actively looking for digital solutions to adapt, innovate, and fuel future growth. This widespread adoption of digital tools signals a strong readiness among Nigerian businesses to embrace technology as a transformative force.
Financial constraints, insufficient infrastructure, and limited access to foreign currency remain key barriers to adoption. However, leaders at the roundtable didn’t just outline the challenges—they committed to action.
Government representatives pledged to fast-track the digitization of public services, improve cross-agency collaboration, and address fiscal barriers to support digital transformation. Google committed to exploring local payment solutions through partnerships, ensuring greater access to digital tools for businesses across Nigeria.
Industry leaders reinforced the private sector’s role in this transformation, emphasizing the importance of working closely with the government while investing in technology and digital skills development to bridge the talent gap.
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, stated: “I’m excited about forums like this between the Private and Public sectors because of the opportunity to hear from one another and ideate. I’m a firm believer in working together because the private sector cannot thrive without carrying along the public sector. Digital transformation should be mobilised within government as foundationary and by beginning this dialogue and continuing momentum, we can achieve a true shift in how Nigeria operates, with a digital-first mindset.”
Laoye Jaiyeola, Former CEO of the Nigerian Economic Summit Group, stated: “Policy formation is only as effective as the effort behind it. Over the years, we’ve seen businesses engage briefly but move on if there’s no immediate solution. The NESG through its Digital Economy Policy Commission provides a platform for the private sector to make meaningful contributions in advancing digital solutions.”
Olumide Balogun, West Africa Director at Google also highlighted the power of collaboration, stating: “Technology holds the power to transform lives and economies. We believe that by working together—across government, business, and communities—we can unlock the immense potential that Nigeria’s digital economy holds for the future.”
The discussion also explored the potential of Artificial Intelligence (AI) as a key driver of economic growth. Google reiterated the importance of a responsible and ethical framework for AI adoption, ensuring that innovation is inclusive and beneficial to all Nigerians.
The roundtable concluded with a shared vision for Nigeria’s digital future. The session declaration, agreed upon by all participants, outlines a roadmap for the continued growth of the country’s digital economy, reflecting a strong commitment from both the public and private sectors to turn challenges into opportunities.
