The Lagos Chamber of Commerce and Industry (LCCI) has cautioned that Nigeria could lose its status as Africa’s leading technology investment destination if the government does not speed up policy reforms, improve digital infrastructure and provide a more stable regulatory environment for investors.
Speaking at the opening of the 12th ICTEL Expo 2026 in Lagos on Wednesday, LCCI President Engr. Leye Kupoluyi said the digital economy remains the fastest-growing segment of Nigeria’s non-oil sector, but policy uncertainty and weakening investor confidence are limiting its growth.
Kupoluyi disclosed that the ICT sector contributed 10.07 percent to Nigeria’s real GDP in 2025, compared with 9.79 percent in 2024, while telecommunications accounted for 7.29 percentage points of that contribution.
He added that, as of April 2026, Nigeria had 154.7 million active internet subscribers, 188 million mobile connections and 55.67 percent broadband penetration, up from 48.81 percent recorded a year earlier.
Despite these improvements, Kupoluyi said Nigeria fell from being Africa’s top destination for startup funding to fourth place in 2025, behind Kenya, South Africa and Egypt.
According to him, although internet access and connectivity are expanding, the country has not been able to convert those gains into enough economic value because infrastructure alone cannot produce globally competitive technology companies without adequate funding and predictable government policies.
He urged the Federal Government to treat broadband infrastructure as a strategic public utility, expand last-mile connectivity and fully implement the Nigeria Startup Act to strengthen the investment environment.
Kupoluyi also called for better coordination among regulators, warning that multiple taxation, inconsistent access to foreign exchange for technology-related payments and overlapping regulations continue to raise operating costs for businesses in the sector.
