The United States has highlighted Nigeria’s digital infrastructure deficit as a critical constraint to its economic growth, noting that limited access to high-speed internet and information access across Nigeria could hinder the economy’s potential. US Deputy Secretary of Treasury, Wally Adeyemo, shared this at a recent business forum at Lagos Business School, stressing the essential role of digital infrastructure in fostering economic growth.

Adeyemo explained that investments in high-speed internet would not only empower businesses but also stimulate broader economic sectors, including the creative and banking industries. He stated, “If there is no access to high-speed internet and information across the country, it is going to limit the economy’s potential to grow.” He emphasized that the US, through its developmental finance corporation, is actively investing in Nigeria’s tech sector to unlock this growth potential.

Citing the presence of US tech giants like Meta, Microsoft, Google, and Netflix in Nigeria, Adeyemo pointed out that these investments highlight the US private sector’s recognition of Nigeria’s growth opportunities. He remarked, “Our companies are investing here because they see a true opportunity.”

Adeyemo’s visit forms part of the Biden administration’s ongoing efforts to enhance US-Africa economic and trade relations. He reiterated the need for robust digital infrastructure to propel Nigeria’s economic sectors and ease business interactions with government. The US is also working with the Nigerian government to make essential infrastructure investments that will enable the digital transformation to benefit SMEs, creatives, and financial firms.

In a recent report, the World Bank also expressed concerns over Nigeria’s digital infrastructure, calling it insufficient to support a cashless economy—a shortfall made evident during the Central Bank of Nigeria’s naira redesign policy. The report revealed that with only 40% of Nigerian adults having bank accounts, the transition to a cashless economy faces significant obstacles without improved digital financial systems.