Amolegbe highlights AI, startups as Nigeria’s digital economy targets $18.3bn
Mr. Olatunde Amolegbe, Managing Director/CEO, Arthur Stevens Asset Management Limited has projected that Nigeria’s digital economy revenue will reach $18.30 billion by 2026, as against $5.09 billion in 2019 and $9.97 billion in 2021.
Delivering the keynote paper at the Business Journal Annual Lecture 2025 in Lagos, Amolegbe said:
“Nigeria’s digital economy is undergoing rapid transformation, positioning the country as one of Africa’s leading technology-driven markets. Global trends show the digital economy accounted for $11.5 trillion (15.5% of global GDP) in 2016, with projections to reach 25% by 2026. Aligned with this momentum, the Digital Economy for Africa (DE4A) initiative, anchored on inclusivity, homegrown innovation, collaboration and transformational scale, supports Africa’s vision of achieving full digital enablement by 2030.”
Amolegbe added that Nigeria leads Africa in start-up investment and hosts five unicorns: Interswitch, Flutterwave, OPay, Andela and Moniepoint, reflecting robust private-sector innovation, while Internet penetration reached 107 million users in early 2025, driven by mobile-first access, which now accounts for over 90% of connectivity nationwide.
He said key sectors such as telecommunications already contribute significantly, with 9.20% added to real Gross Domestic Product (GDP) in Q2 2025 while Fintech and digital payments are expanding rapidly, powered by the NIP network, forward-leaning regulations and increased consumer adoption across banking channels.
Speaking on the theme: AI & Digital Economy: Projecting the Future of Economic Growth in Nigeria, Amolegbe insisted that disruptive technologies, social media, streaming platforms, blockchain and Artificial Intelligence (AI) are reshaping Nigeria’s socio-economic landscape.
“Nigeria has demonstrated early adoption, including the launch of its central bank digital currency, the eNaira in 2021.”
The keynote speaker said major economic opportunities exist in agriculture, health, education, infrastructure and energy; sectors still lagging in technological innovation.
“AI can improve yields, strengthen healthcare delivery, expand digital learning, support smarter infrastructure planning and accelerate Nigeria’s transition to smarter and cleaner energy systems. Nigeria’s path to AI-driven digital growth is supported by strong demographics, emerging policy interventions such as NITDA’s AI Strategy and expanding connectivity through eight submarine cables totaling over 40 Tbps in capacity.”
He warned however, that to fully unlock the economic value in AI and digital economy, Nigeria must strengthen governance, talent pipelines, digital infrastructure and regional collaboration.
