Lagos: The Managing Director of Equinix Nigeria (MainOne), Mr. Wole Abu, has announced that Nigeria has emerged as Africa's leader in the digital sector, with 132 million active internet subscribers and a 43 percent broadband penetration rate. Abu shared this information during the inauguration of the executive committee of the Nigerian Institute of Electrical Electronic Engineers (NIEEE), Victoria Island Chapter in Lagos.
According to News Agency of Nigeria, the event, themed 'Evolution of Digital Economy in Nigeria: The Role of Electrical and Electronics Engineers', also featured the unveiling of the Techy Voice of Experts. Abu highlighted that Nigeria's ICT sector is experiencing growth fueled by significant investments, including a recent $320 million acquisition and $140 million expansion of digital infrastructure.
The Equinix managing director's presentation, titled 'ICT Infrastructure Behind the Digital Economy', outlined major investments such as a 7,000km submarine cable network and a 1,200km fiber network across Nigeria. Abu noted that eight submarine cables have landed in Lagos, delivering over 300,000 terabits of data and supporting global tech giants like Amazon and Google. Equinix data centers handle 95% of internet traffic, providing secure environments for digital payments, and host 4,000 cloud providers offering reliable cloud services for e-commerce.
Abu mentioned that over 65 points of presence across West Africa enhance localized traffic exchange and improve internet experience. He stated that $460 million has been invested so far, with more expected to boost the digital entrepreneurship ecosystem. Collaborations with innovation hubs, business schools, and engineering testers are underway to launch digital businesses and transform the economy. He emphasized Nigeria's goal to become the leading carrier-neutral digital provider in Africa, leveraging digital innovation to drive economic growth.
Additionally, Mr. Wilson Alli, Deputy President of the Chartered Institute of Power Engineers of Nigeria (CIPEN), emphasized in his webinar presentation titled 'Power Systems and Digital Economy' that Nigeria's digital economy is rapidly growing due to increasing internet access and an entrepreneurial spirit. However, he cautioned that inadequate electricity supply poses a threat to this growth, impacting economic progress and increasing costs for digital businesses.
Alli identified key challenges, including insufficient transmission capacity and high energy costs, which affect digital business growth and increase vulnerability to cyberattacks due to outdated systems. He stressed the importance of addressing these challenges to ensure a reliable, efficient, and sustainable electricity supply that supports the digital economy.
In his keynote address, Mr. Augustine Nwaulune, CEO of Augustine K. Nwaulune and Co Consultants Ltd., revealed that the ICT sector contributed 19.78 percent to the nation's Gross Domestic Product (GDP) in Q2 2024, according to the National Bureau of Statistics, an increase from 17.89 percent in Q1 2024. Nwaulune highlighted the pivotal role of Electrical and Electronics Engineers in this growth, through fiber deployment, base station installation, and microwave link design.
The National Chairman of NIEEE, Mr. Felix Olu, represented by Vice-Chairman Mr. Olalekan Olabode, urged the new executives to maintain professionalism and encourage companies and government agencies to do the same. The pioneer Chairman of NIEEE, Victoria Island Chapter, Mr. Taiwo Okharedia, reflected on achievements during his tenure, emphasizing the importance of collaboration, commitment, and vision.
The newly appointed Chairman of NIEEE, Victoria Island Chapter, Mr. Austyne Duru, expressed excitement and commitment to advancing the institute. Duru outlined strategic actions such as engaging in public discourse, quarterly newsletters, and increased media engagements.
The event concluded with the inauguration of new executives, including Austyne Duru as Chairman, Chineze Okafor as Deputy Chairman, and Adeyinka Osunbade as Vice-Chairman (ICT), among others.