November 2024 saw significant advancements in Nigeria’s technology and innovation ecosystem. From government initiatives to international investments, these updates highlight the progress in the digital economy, research, and financial inclusion.
In this November 2024 Tech Digest, Olaniwun Ajayi shares our technology news highlights. We have rounded up key events and game-changing developments across Nigeria and Africa, including some impressive fundraising milestones.
November 2024 Tech Digest highlights
FG sets up 3MTT Advisory Committee
The federal government, through the Minister of Communications, Innovation, and Digital Economy, set up an advisory committee for its 3 million Technical Talent (3MTT) program. Its members are prominent figures in Nigeria’s technology sector. The 3MTT program aims to build Nigeria’s technical talent to power the digital economy and position Nigeria as a net talent exporter. Members of the Committee include the senior director of developer success at Okta as chairman and the founders of Andela and Flutterwave.
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FG to establish National Research Council and Fund
The Federal Government, through the Minister of Innovation, Science and Technology, announced its plans to establish a National Research and Innovation Council (NRIC) and the National Research Fund (NRF) to transform research and innovation in Nigeria. The Minister confirmed that the National Assembly is currently reviewing the bill to create the NRIC and the NRF.
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African startups raise $250 million in October
According to a report from Africa: The Big Deal, which monitors investments in startups across the continent, African startups collectively raised $250 million in funding in October. Nigerian fintech Moniepoint drove much of this figure. It secured $110 million in a series C round, which was 43% of the October total. October emerged as the second-highest month for funding this year, after July.
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Visa Invests in African Companies to Boost African Financial Inclusion
Visa, as part of its plans to invest $1 billion to drive financial inclusion in Africa, made strategic investments in four African companies, including OkHi, Orda, Oze, and Workpay. These companies participated in Visa’s biannual Africa Fintech Accelerator program, which launched in 2023.
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WATRA to develop a roadmap for 5G and Digital Connectivity in West Africa
The West Africa Telecommunications Regulators Assembly (WATRA) has unveiled its plans to develop a 5G Implementation Roadmap for all countries in the sub-region to boost digital transformation. According to WATRA, this roadmap will be a comprehensive document designed to guide member states through the complexities of the 5G rollout.
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FG to digitise 774 local government headquarters nationwide by 2027
The Minister of Communications, Innovation, and Digital Economy announced the Federal Government’s plan to digitise all 774 local governments. The aim is better digital access and more efficient public services. This project aims to bring every local government area into the digital sphere by 2027.
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UNDP partners with Anambra State to establish Innovation Makerspace
The United Nations Development Programme (UNDP), in collaboration with the Anambra State Government, is set to establish Makerspace, a hub designed to empower local talent and stimulate economic growth across Anambra State. Notably, the initiative prioritises inclusivity, by offering tailored programs to support young women, persons with disabilities, individuals with low literacy levels, and youths from underserved communities.
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UK partners with Nigeria to address cybersecurity threats
The United Kingdom is collaborating with Nigeria in combating cybersecurity threats and addressing emerging digital challenges impacting both nations. The UK’s Department for Business and Trade Country Director in Nigeria confirmed the importance of public-private partnerships in countering cyber threats, alongside the need for ongoing education and training for cybersecurity professionals.
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Senate advances bill mandating social media platforms to establish physical offices in Nigeria
A new Bill has passed its first reading in the Senate. It amends the Data Protection Act 2023 and requires social media platforms, data controllers and data processors in Nigeria to open physical offices in the country. The bill aims to improve compliance with global data protection standards and strengthen Nigeria’s economy and security. It should also speed up complaint resolution and boost stakeholder confidence.
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ICT’s contribution to Nigeria’s real GDP declines to 16.35% in Q3 2024 – NBS
According to the National Bureau of Statistics (NBS), the Information and Communications Technology (ICT) sector experienced a decline in its contribution to Nigeria’s real Gross Domestic Product (GDP) in the third quarter (Q3) of 2024. Based on the data of the NBS, the sector recorded a drop of 3.43%, decreasing from 19.78% in the second quarter (Q2) to 16.35% in Q3.
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CBN to prioritize Open Banking, Contactless Payments, and Regulatory Sandbox in 2025
The Central Bank of Nigeria, through its Governor, Olayemi Cardoso, has revealed its plan to advance Nigeria’s financial services sector in 2025 by implementing the open banking framework, promoting contactless payments, and expanding the regulatory sandbox. These initiatives should deepen financial inclusion and foster innovation in areas like blockchain and digital currencies. They should also encourage cashless payments among Nigeria’s tech-savvy population.
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Lagos State unveils Eko digital skills initiative 2024 to empower 5000 youths with digital skills
The Lagos State Government is set to launch the Eko Digital Skills Initiative 2024, a week-long free digital literacy and training program to empower over 5,000 of the state’s youth by 2030. The initiative targets students, out-of-school graduates, aspiring entrepreneurs and vocational artisans. In turn, it equips them with essential skills for the modern workforce.
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For the full November 2024 Tech Digest, use the download button at the top of this page. Stay updated on tech innovations and government initiatives with our monthly Tech Digest.