Over the past five years, the Lagos State government has attracted more than $1.2 billion in digital investments to strengthen its digital economy and expand its telecom infrastructure.
Governor Babajide Sanwo-Olu disclosed this on Friday during a courtesy visit by the Nigerian Communications Commission (NCC) delegation led by its Executive Vice Chairman and Chief Executive Officer, Aminu Maida, at the Lagos House, Ikeja.
Sanwo-Olu stated that the fund in the past five years was used in funding data centers, submarine cables, and expanding the digital network.
“We have it on record that within five years of our administration, we have attracted investments in excess of about $1.2 billion directly into the digital space around building data centres, hyper-scale data centres, landing submarine cables, and creating a network of users and providers,” he stated
The governor reaffirmed his administration’s commitment to strengthening digital infrastructure through collaboration with NCC.
The governor reaffirmed his administration’s commitment to strengthening digital infrastructure through collaboration with NCC.
The Executive Vice Chairman/CEO of NCC, Aminu Maida, commended Governor Sanwo-Olu for his developmental strides in telecommunications, technology, and the digital economy.
“Lagos is a strategic partner with NCC, hence the need for collaboration to protect digital infrastructure, issues of Right of Way, adequate notifications during road construction and rehabilitation, among others,” Maida stated.
He further noted that President Bola Tinubu signed an Executive Order in July 2024 to protect key infrastructure nationwide, urging continuous efforts in safeguarding digital infrastructure across Nigeria.
Lagos State has been implementing strategic initiatives to enhance its digital economy. The state outlined plans to increase the tech ecosystem’s contribution to its GDP from 3% to 10%, including the creation of a fund-of-funds to co-invest with venture capitals in Lagos-based tech startups.
Similarly, ongoing expansions of data centers in Lagos, particularly in Lekki and Eko Atlantic, are projected to boost the city’s economy by up to $7 billion.
The Lagos State Ministry of Innovation, Science, and Technology completed the first phase of a project to reduce internet connectivity costs in May 2024. This phase involved laying 2,700 kilometers of fibre ducts across the state, with a second phase planned to add an additional 3,300 kilometers to enhance internet accessibility and affordability for residents.