The Lagos Chamber of Commerce and Industry (LCCI) has warned that Nigeria could lose its position as Africa’s leading technology hub unless the Federal Government accelerates policy reforms, expands digital infrastructure, and creates a more predictable regulatory environment for investors.
Speaking at the opening of the 12th ICTEL Expo 2026 in Lagos, LCCI President, Engr. Leye Kupoluyi, said the country’s digital economy remains the fastest-growing segment of the non-oil sector but is being constrained by policy uncertainty and declining investor confidence.
According to Kupoluyi, the Information and Communication Technology (ICT) sector contributed 10.07 percent to Nigeria’s real Gross Domestic Product (GDP) in 2025, up from 9.79 percent in 2024.
He noted that the telecommunications industry accounted for 7.29 percentage points of the sector’s contribution to GDP.
The LCCI President also highlighted improvements in digital connectivity, stating that Nigeria had 154.7 million active internet subscribers, 188 million mobile connections, and broadband penetration of 55.67 percent as of April 2026, compared with 48.81 percent recorded a year earlier.
Despite these gains, Kupoluyi expressed concern over Nigeria’s declining attractiveness to technology investors.
He revealed that the country fell from Africa’s leading destination for startup funding to fourth place in 2025, behind Kenya, South Africa, and Egypt.
“Our connectivity gains are real, but they are outpacing our ability to convert access into economic value,” he said.
According to him, expanding digital infrastructure alone is insufficient to build globally competitive technology companies without improved access to investment capital and greater policy certainty.
Kupoluyi urged the government to classify broadband infrastructure as a strategic public utility and accelerate last-mile connectivity to underserved communities.
He also called for the full implementation of the Nigeria Startup Act to strengthen the country’s investment climate and support innovation.
In addition, the LCCI President advocated greater regulatory coordination across government agencies, warning that multiple taxes, inconsistent access to foreign exchange for technology-related payments, and overlapping regulations continue to raise the cost of doing business for technology firms.
He said addressing these challenges would help improve investor confidence, strengthen Nigeria’s digital economy, and sustain the country’s competitiveness in Africa’s rapidly evolving technology landscape.
