The Acting Director-General of the Nigerian-American Chamber of Commerce (NACC), Ms. Wofai Samuel, has emphasized that Nigeria’s technology sector cannot achieve sustainable growth unless the country addresses its ongoing power supply challenges.
In a recent interview with the News Agency of Nigeria (NAN), Samuel made it clear that a strong and reliable electricity supply is the backbone of any thriving technological ecosystem. She stated that without resolving the nation’s persistent power issues, the tech industry would remain stunted and unable to compete on a global scale.
“Without power, how do we even drive technology? Power is correlated to technology, and technology is correlated to power,” Samuel asserted.
Technology as a Strategic Pathway for Economic Diversification
Samuel linked the importance of power supply to the broader conversation on economic diversification. With global trade dynamics shifting — particularly amid America’s imposition of tariffs on several countries and uncertainty surrounding the African Growth and Opportunities Act (AGOA) — she believes that technology presents a critical opportunity for West Africa to chart a new course.
“One of the easiest ways, one of the easiest platforms West Africa can diversify into is the technology sector,” she said, underscoring that countries across the region must urgently look to tech as a key economic driver.
She further explained that in today’s world, technological advancement is propelled by access to the internet and vast quantities of data. According to her, developed nations are accelerating their economies by embedding tech into every layer of their systems — something African countries must strive to replicate.
Advocating Global Collaboration and Strategic Investment
Highlighting international trends, Samuel called on African countries to embrace collaborative investment strategies seen in more developed economies. She cited the example of Saudi Arabia’s $600 billion investment in the U.S. tech sector, led by Crown Prince Mohammed bin Salman, as a model of forward-thinking global cooperation.
“If America, the biggest tech sector globally, is still collaborating with other countries like Saudi Arabia to push technological frontiers, then who are we in Africa not to follow suit?” she asked rhetorically.
Samuel also pointed to the dominance of global tech giants — including Meta, Google, Tesla, and X (formerly Twitter) — and breakthroughs in Artificial Intelligence platforms such as ChatGPT and Meta AI, as evidence of how technology can completely transform economies and societies.
Fintech and Digital Banking: A Nigerian Success Story
Using Nigeria’s banking and financial technology (fintech) sectors as prime examples, Samuel noted how digital innovation has already reshaped service delivery across the country. She highlighted the success of online and mobile banking platforms, which continue to boost operational efficiency, expand access to financial services, and contribute meaningfully to national growth.
She referenced recent forecasts by the World Bank, which project that banking and fintech will be among Nigeria’s fastest-growing sectors in 2025, thanks to continued innovation and digital integration.
“These sectors have shown that technology can drive growth even in challenging environments,” Samuel said, encouraging stakeholders to draw lessons from fintech’s rise.
Policy Reform and Visibility: The Path to Tech Sustainability
To accelerate the momentum, Samuel urged African tech platforms to seize opportunities at technology-focused conferences and exhibitions both within the continent and globally. By building visibility and forming strategic partnerships, she believes these platforms can enhance their competitiveness and access new markets.
Furthermore, she called on government stakeholders — particularly ministers of communications and commissioners of science and technology — to play a more active role in policy formulation, regulatory development, and leadership in the tech sector.
“We need these public sector leaders to engage meaningfully in shaping a tech-friendly policy environment that supports long-term innovation and growth,” she stressed.
The Economic Impact of Nigeria’s ICT Sector
Available data supports Samuel’s call to action. According to Nairametrics, Nigeria’s Information and Communication Technology (ICT) sector contributed 17.68% to the country’s real GDP in 2024, marking an increase from 17.34% in 2023.
In the fourth quarter of 2024 alone, ICT accounted for 17% of real GDP, compared to 16.66% during the same period in 2023. Telecommunications continues to dominate the sub-sector, contributing approximately 14.40% of GDP in Q4 2024 — making it the third-largest contributor to Nigeria’s economy after crop production and trade.
Additionally, in February 2025, Dr. Bosun Tijani, Nigeria’s Minister of Communications, Innovation, and Digital Economy, announced that the country’s digital economy is projected to contribute 21% to the national GDP. This further underscores the growing influence of the tech and ICT sectors on Nigeria’s overall economic performance.
Conclusion: Power First, Then Progress
Wofai Samuel’s remarks serve as a compelling reminder that Nigeria’s digital future hinges on solving one of its most persistent challenges — unreliable power supply. Without consistent electricity, she argues, efforts to scale technological innovation, attract investment, and achieve economic diversification will remain limited.
Her vision calls for integrated action across both public and private sectors, deeper global collaboration, and bold investments in infrastructure and policy reform — starting with energy and extending to digital capacity building.
As the world moves forward at lightning speed, Nigeria must align its power and technology priorities to avoid being left behind.
