Mr. Olatunde Amolegbe, Managing Director of Arthur Stevens Asset Management Limited, has projected that Nigeria’s digital economy revenue could reach $18.3 billion by 2026, up from $5.09 billion in 2019 and $9.97 billion in 2021.

Speaking at the Business Journal Annual Lecture 2025 in Lagos, Amolegbe highlighted Nigeria’s rapid digital transformation, positioning the country as one of Africa’s leading technology-driven markets. He cited global trends showing that the digital economy contributed $11.5 trillion or 15.5% of global GDP in 2016, with expectations to reach 25% by 2026.

Amolegbe noted that the Digital Economy for Africa (DE4A) initiative, based on inclusivity, homegrown innovation, collaboration, and scale, supports Africa’s vision for full digital enablement by 2030.

He also highlighted Nigeria’s leadership in startup investment, noting the country hosts five unicorns—Interswitch, Flutterwave, OPay, Andela, and Moniepoint—while internet penetration reached 107 million users in early 2025, driven predominantly by mobile access.

Key sectors such as telecommunications, fintech, and digital payments are already driving growth. Telecommunications alone added 9.2% to real GDP in Q2 2025, while fintech expansion benefits from the NIP network, forward-looking regulations, and growing consumer adoption.

On the theme “AI & Digital Economy: Projecting the Future of Economic Growth in Nigeria,” Amolegbe emphasized the transformative potential of Artificial Intelligence, blockchain, social media, and streaming platforms in reshaping the country’s socio-economic landscape. He cited Nigeria’s eNaira launch in 2021 as an example of early adoption.

Significant opportunities remain in agriculture, health, education, infrastructure, and energy, where AI can enhance productivity, improve service delivery, and support smarter infrastructure planning. Nigeria’s growing digital infrastructure, including eight submarine cables totaling over 40 Tbps, and emerging policy frameworks such as NITDA’s AI Strategy, provide a foundation for growth.

Amolegbe stressed that realizing this potential requires strengthened governance, talent development, digital infrastructure, and regional collaboration. Coordinated public-private strategies and responsible AI implementation are crucial to scaling the digital economy, creating millions of jobs, and cementing Nigeria’s position as a continental leader in the AI-powered global digital economy.