Nigeria’s growth fuelled by tech, trade ties – Experts

Nigeria, one of Africa’s largest economies, is gaining momentum in its economic ascent, driven by technology and trade partnerships, a trio of leaders shared at a Lagos summit last week.

The ‘Connect and Empower Africa’ event, organised by DICE 3.0, brought together founders, investors, and policymakers to chart a path from market entry to leadership, with a focus on innovation and global partnerships to drive growth.

DICE 3.0, in line with its mission, provided a curated platform for Africa’s brightest minds to tackle regional market challenges and secure sustainable leadership through strategic networking.

Minister of Trade, Industry, and Investment, Jumoke Oduwole, described Nigeria as ripe for business.

“It’s a great time to focus on Nigeria,” she said, highlighting the stabilisation of foreign exchange and infrastructure improvements that enable companies to “plan and think through what they can achieve.”

She called for clear regulations and emphasised the importance of avoiding political interference, noting that six major firms had engaged with the country just the previous week.

Acting US Consul General in Lagos, Joellen Gorg, brought a trade perspective. “There are many opportunities here,” she said, unveiling a new Commercial and Investment Partnership—one of just five in Africa—focused on agriculture, infrastructure, and digital technology.

Gorg emphasised the significant potential for strengthening Nigeria’s trade ties, particularly through the US-Nigeria Commercial and Investment Partnership, which aims to reduce trade barriers and stimulate economic growth.

“We are excited about the future and the opportunities for increased trade and prosperity between the U.S. and Nigeria,” she added.

Former Google West Africa Chief and DICE 3.0 Convener Juliet Ehimuan connected the conversation to technology.

Her platform aims to unite the tech, business, and creative ecosystems, which she described as “a little bit fragmented”, to drive growth.

She underscored technology’s transformative role across sectors, from agriculture to financial inclusion and healthcare, highlighting artificial intelligence and machine learning as key drivers of innovation.

“The future of Africa will be shaped by these technologies, which can solve long-standing challenges more efficiently,” Ehimuan stated.

Discussions at the summit on integrating tech solutions in sectors like agri-tech, FinTech, and EduTech highlighted the potential for digital transformation to accelerate growth.

Experts emphasised the importance of greater collaboration between startups, investors, business leaders, and policymakers to create an environment conducive to innovation and sustainable development.