Nigeria’s Fintech Industry has Received Over $2 Billion in 2024
According to an economic report released by the Office of the Special Adviser to the President on Economic Affairs, the Nigerian fintech ecosystem will receive over $2 billion in investment by 2024. The report released in Abuja emphasized that the telecommunications and ICT industries to which fintech belongs will contribute 18.9% to Nigeria’s GDP in 2024, becoming the main driving force for the country’s economic growth. The report also states that the ICT and telecommunications industry is expected to grow by 8-10% by 2025 due to expanding internet penetration and the rollout of 5G networks. The industry is expected to contribute as much as 22% to the country’s GDP by 2025, with fintech playing a key role. The report also noted that challenges such as regulatory issues and infrastructure gaps could hamper the growth of the industry.
source: Namiris
