By Africa.com | Created at 2024-12-10 09:51:37 | Updated at 2024-12-22 03:12:28
1 week ago
Nigeria’s fintech ecosystem secured over $2 billion in investments in 2024, according to the Economic Report released by the Office of the Special Adviser to the President on Economic Affairs. The report, unveiled in Abuja, highlighted that the telecommunications and ICT sector, which fintech falls under, contributed 18.9% to Nigeria’s GDP in 2024, making it a major driver of the country’s economic growth. The report also noted that the ICT and telecommunications industry is expected to grow by 8-10% in 2025 due to expanding internet penetration and the rollout of 5G networks. The sector is projected to contribute up to 22% to the country’s GDP in 2025 with fintech playing a pivotal role. The report also noted that challenges, such as regulatory issues and infrastructure gaps, can hinder the industry’s growth.
SOURCE: NAIRAMETRICS
