Nigeria ICT Market Size (2024 - 2029)

Nigeria ICT Market Analysis

Nigeria's ICT market is expected to grow at a CAGR of 2.1% over the forecasted period. Nigeria's ICT sector distinguishes itself by creating innovative software and security solutions, using the country's strong workforce, a robust market for technological innovations, and the collaborative support of industry and government in funding for research. Furthermore, the increasing adoption of IoT-based devices across various industries, including BFSI, IT and Telecom, Retail and E-commerce, and others, is propelling the ICT technology industry in the country.

• Nigeria's ICT market is gaining traction with advanced technology, such as cloud computing. Artificial intelligence is also extending its application across the end-user segment, fueling market growth over the next five years. For Instance, Microsoft has collaborated with the Nigerian government to promote the country's digital transformation.
• The increasing infrastructure developments, such as smart city and data center construction, will drive the growth of the ICT market over the next five years. For Instance, Microsoft launched its new office facility in Nigeria, located at 24 Glover Rd, Ikoyi, Lagos. The new office facility houses its Africa Development Center (ADC West Africa) software engineers and is co-located with the newly launched Microsoft.
• Key players in the ICT market are focusing on expanding their businesses and strengthening their ICT services through collaborations and partnerships. For Instance, Microsoft's new office facility in Lagos is expected to be worth USD 100 million in investment and will serve as a top engineering center for Microsoft, where world-class African talent can build solutions with local and global effect. It is also a hub where Africa is anticipated to receive software engineering solutions.
• Due to the COVID-19 pandemic, the demand for the adoption of IT services and telecom services has seen a rise, augmented by technology demand growth due to shutdowns. Companies upgrading IT infrastructures to support remote working amid shutdowns may shift workloads to the public and private cloud. Over the coming years, this is expected to drive the demand further as enterprises move towards cloud and remote working models, creating new growth opportunities for the ICT market.

Nigeria ICT Industry Segmentation

The information and communication technology (ICT) sector combines manufacturing and service businesses whose products largely fulfil or allow information processing and communication via electronic methods, including transmission and display. The ICT sector contributes to technical advancement, increased output, and productivity.

Nigeria's ICT market is segmented by Type (Hardware, Software, IT Services, and Telecommunication Services), Size of the Enterprise (Small and Medium Enterprise and Large Enterprises), and Industry Vertical (BFSI, IT, and Telecom, Government, Retail and E-commerce, Manufacturing, and Energy and Utilities, and Other Industry Verticals ), and Countries.

The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.