EU Plans €820m Investment in Nigeria’s Digital Economy

By Modupe Gbadeyanka

There are plans by the European Union (EU) to invest about €820 million in Nigeria’s digital economy through the Gateway Initiative.

A statement issued on Monday by Mrs Uwa Suleiman, spokesperson to the Minister of Communications and Digital Economy, Mr Isa Ali Pantami, disclosed that the investment comprises €160 million in grants and €660 million in loans.

She said the funds would be pumped into the sector by the European bloc over the next three years, according to the Executive Vice President of the EU, Ms Margrethe Vestager.

Mrs Vestager, while extolling the leadership style of the Minister, noted that this, and the need for stronger partnerships has brought global attention to the country’s digital economy sector.

She enumerated the Union’s intervention in the sector to include; Digital Infrastructure Investments, Digitalisation of Public Services, Digital Entrepreneurship, Digital Skills and Digital Governance.

“Nigeria has immense potential for digitalization and with a combination of €160 million in grants and €660 million in loans, the European Union aims to comprehensively support Nigeria’s digitalisation strategy,” she emphasized.

In his response, Mr Pantami, while expressing his delight and appreciation for the intervention, reiterated the federal government’s willingness to partner with the EU.

“Africa has always looked up to Europe in the area of technological advancements and this partnership is a welcome development that will project the digitalization aspirations of our country.”

The Minister was particular about digital entrepreneurship and the immense impact it will bring to bear on the nation’s economy.

“This partnership with regards to digital entrepreneurship will address the challenge of unemployment and unemployability alongside the Nigeria Startup Bill which also aims to address a myriad of issues within the ecosystem,” she stated.

Mr Pantami further informed the delegation that Nigeria hopes to achieve a paperless office by the year 2030 and it is on track, taking into cognizance the rate at which public institutions are embracing the digital economy drive.

The EU intervention is in alignment with the Nigeria Digital Economy Policy and Strategy (NDEPS), a digital roadmap initiated and championed by the Minister towards the economic digitalisation drive of President Muhammadu Buhari.