The Nigerian tech sector is still very active: According to Nairametrics, in Nigeria, funding raised by tech startups in 2022 was an estimated $1.3 billion (a slight decrease from the estimated $1.5 billion raised in 2021). Data from the National Bureau of Statistics buttresses the landmark growth of the tech sector in Nigeria, as the Information and Communication Technology (ICT) sector contributed 20.32% to Nigeria’s GDP in Q3 of 2022 (as compared to 15.35% in Q3 of 2021), representing the sector’s highest contribution to the country’s real GDP in 5 years.
There have also been several notable regulatory changes with respect to data protection and privacy, digital advertising, social media/ internet platform regulation and much more.
In 2023, we anticipate increased investment in the tech industry, as well as renewed interest from stakeholders and regulators who seek to keep up with the advances in technology, while protecting their consumers, stimulating growth, and promoting competition.
This report, prepared by TEMPLARS’ Media, Entertainment, Technology and Intellectual Property team, highlights the major legislative and regulatory events that shaped the tech sector in 2022 and analyzes some potential developments that will help drive the industry this year.
It also offers positive recommendations to help maintain this development and maximize the opportunities within the industry for both government and stakeholders.