Stakeholders at The Nigeria Summit 2025 highlighted Nigeria's lag behind other African nations in digital economy advancement, despite its potential. They called for regulatory reforms, stability, and infrastructure improvements to position the country as a digital hub. Speakers emphasized challenges like low foreign investment and startup failures.
At The Nigeria Summit 2025, marking 65 Years of Independence for Nigeria and hosted by The Guardian and CT Production in Lagos on November 10, 2025, experts discussed pathways to leverage the digital economy. Stakeholders noted that Nigeria trails countries like Rwanda, Morocco, South Africa, Botswana, and Kenya in digital advancement, despite its large population and entrepreneurial strengths.
Mark Simmonds, Chairman of the Invest Africa Advisory Board, addressed 'The Business of Finance, Technology and the Digital Economy.' He pointed to regulatory hurdles, reputational issues, and negative global media as barriers. In 2024, Nigeria received $300 million in foreign direct investment, compared to $1.2 billion for Algeria and $55 billion for Indonesia. Simmonds praised the current administration's macroeconomic policies but stressed the need for greater political and economic stability to attract investment.
'They are moving in the right direction in macroeconomic policy. However, there is still more to be done, as the digital economy and its associated benefits will impact consumers, businesses, the industrial sector, and the government,' Simmonds said. He advocated for government-led technology implementation to generate revenue for infrastructure like schools, hospitals, and roads, alongside regional coordination on security and regulations aligned with the African Free Trade Agreement.
Ina Alogwu, Chief Digital and Innovation Officer at T2 Mobile, lamented the high failure rate of Nigerian startups compared to peers, warning of a bleak future. Unwana Esang, Principal Consultant at Mastercard, urged building a trusted digital system based on transparency and accountability.
On energy support for digital growth, Folake Akinkugbe-Filani, CEO of Energy Inc Advisors, called for grid stabilization to reduce losses and costs, essential for industrial parks. Ahmad Damcida noted reduced political risks but persistent adoption challenges in energy and industry sectors.