…as digital mkt is projected to grow to $22.82bn by 2029

By Providence Ayanfeoluwa

The Rome Business School Nigeria report has shown that the country is rapidly advancing in digital transformation, solidifying her position as a leader in Africa’s Fourth Industrial Revolution (4IR).

According to a statement made available to Vanguard, the finance and telecommunications sectors are driving this growth.

Recall that the digital transformation market is projected to grow from $9.61 billion in 2024 to $22.82 billion by 2029.

To this end, the report highlights the country’s growing adoption of Artificial Intelligence, AI, the Internet of Things, IoT, and broadband infrastructure.

The report stated that digitalization is transforming agriculture and manufacturing, with Russel Smith becoming the first 3D industrial manufacturer to produce anti-corrosion components for Nigeria’s upstream petroleum sector.

Speaking, Founder and Dean of Rome Business School, Antonio Ragusa, said despite these advancements, challenges such as regulatory inconsistencies, infrastructure gaps, and a shortage of skilled digital talent persists.

He emphasized that digital transformation is a catalyst for economic growth, urging stakeholders to leverage Nigeria’s youthful population and tech ecosystem.

Also, General Manager of Rome Business School Nigeria, Olakunle Asunmo, said there is the need for policy stability and skills development to sustain this momentum.

However, the report called for increased investment, innovation, and collaboration to position Nigeria as a global digital leader.

Around 32 percent of financial service providers now use AI for credit scoring, fraud detection, and customer engagement, while fintech firms like Paystack and Flutterwave have revolutionized digital payments. Expanded broadband connectivity has also fueled e-commerce and entrepreneurial opportunities, strengthening Nigeria’s digital economy.

The ICT sector remains a key contributor to economic growth, making up 29 percent of Africa’s internet usage and increasing its GDP contribution from 8.1 percent in 2020 to 10.3 percent in 2022, reaching a valuation of $55.4 billion.