By Martin Ekpeke
The National Chairman of the All Progressives Congress (APC), Professor Nentawe Yilwatda, has outlined that technology is no longer just a standalone sector but the foundational platform upon which modern global economies compete.
This was central submission during his keynote address at the 15th West Africa Convergence Conference (WACC 2026) and the 50 Most Influential Figures in Nigeria’s Digital Economy Recognition Ceremony, organized by Knowhow Media in Lagos last week.
Speaking to an audience of tech innovators, investors, regulators, and policymakers, Prof. Yilwatda outlined a strategic vision titled “Leveraging Technology for Development: Building Africa’s Digital Powerhouse and Accelerating Nigeria’s Journey to a One Trillion Dollar Economy.”
Addressing a critical intersection between governance and technology, Yilwatda emphasized that digital ecosystems cannot thrive without macroeconomic stability, highlighting the economic milestones achieved between 2023 and 2026 under President Bola Ahmed Tinubu’s administration as market signals that a reliable foundation is being built.
“Investors do not invest in promises; they invest in trajectories. A trillion-dollar economy requires a trillion-dollar foundation,” Yilwatda said.
He pointed to key economic indicators demonstrating Nigeria’s shifting trajectory. First, net foreign exchange reserves rose from $8.19 billion in 2022 to approximately $34.8 billion in 2026, with gross reserves crossing the $50 billion mark to reach their highest level in 17 years.
Additionally, the balance of payments shifted from a deficit of over $3 billion in 2023 to a surplus of $6.83 billion. The country also secured sovereign rating upgrades from major agencies, as Moody’s moved Nigeria from Caa1 in 2023 to B3 in 2026, while S&P upgraded the nation from B- to B over the same period. Finally, capital inflows doubled to over $23 billion, driven by renewed portfolio investment confidence.
The APC Chairman also noted that Nigeria’s technology sector has transitioned from an emerging space into a primary economic driver, where Information and Communications Technology (ICT) currently contributes roughly 18–19% to Nigeria’s GDP, recording a stellar 26.34% growth in Q4 2025.
“The federal government aims to push this contribution to 22% by 2027,” he assured.
Citing data from the global tech intelligence platform Dealroom.co, Yilwatda celebrated the ranking of Lagos as the world’s leading “Rising Star” and the fastest-growing emerging tech ecosystem globally.
With an ecosystem value that has grown elevenfold since 2017 to approximately $15 billion, Lagos has successfully birthed five tech unicorns: Interswitch, Flutterwave, Jumia, OPay, and Moniepoint.
He noted that to sustain this momentum and leverage Nigeria’s youth demographic, where nearly 70% of the population is under the age of 35, the government has locked in targeted infrastructure benchmarks.
First, the administration aims to achieve 70% digital literacy by 2027 and 95% by 2030. Additionally, the government plans to expand the current footprint of 222 national ICT Centres toward a long-term goal of 1,600 centers to increase digital access.
Finally, the flagship $2 billion broadband infrastructure initiative, known as Project BRIDGE, is deploying a 90,000 km fiber backbone. This project targets a 70% broadband penetration rate by 2030, aiming to connect 33 million underserved Nigerians and create 5 million digital economy jobs.