The Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, announced the launch of a Special Purpose Vehicle (SPV) dedicated to the expansion of the country’s fibre-optic network. This ambitious project, unveiled in May 2024, aims to add an additional 90,000 kilometers of fibre-optic cable, enhancing connectivity and driving economic growth.
The establishment of the SPV marks a pivotal step in Nigeria’s digital transformation. An SPV is a separate legal entity created specifically to achieve a particular goal or project. In this case, the SPV will manage the extensive fibre optics project, overseeing its implementation, finances, and operations to ensure seamless execution.
Minister Tijani emphasized that this initiative is not merely about improving internet access but also about creating a robust digital ecosystem that can propel the nation forward. “We are committed to ensuring that at least 50% of the current 33 million Nigerians without Internet access will be connected,” Tijani stated. This would significantly bridge the digital divide and bring more Nigerians into the digital economy.
The anticipated benefits of this project extend beyond improved connectivity. The initiative is expected to deliver GDP growth of up to 1.5% per capita. Projections suggest that Nigeria’s GDP, which stood at $472.6 billion in 2022, could rise to $502 billion within the next four years, driven by increased digital inclusion and economic activities facilitated by better internet access.
The economic impact of enhanced connectivity cannot be overstated. Improved internet infrastructure will support a wide range of sectors, from education and healthcare to commerce and entertainment. By fostering a more connected society, Nigeria can unlock new opportunities for innovation, entrepreneurship, and job creation.
One of the key objectives of the fibre-optic expansion project is to create jobs. The construction and maintenance of the network will require a skilled workforce, generating employment opportunities across various sectors. Moreover, the improved internet access will enable the growth of the digital economy, leading to the creation of new jobs in tech-driven industries.
Furthermore, the government plans to invest in skill development programs to ensure that Nigerians can take full advantage of the opportunities presented by the expanded network. By equipping the workforce with digital skills, Nigeria aims to build a future-ready generation capable of driving the country’s economic growth.
