Nigeria’s digital economy is set for unprecedented growth as the World Bank commits to a transformative 90,000-kilometer fiber optic network project worth approximately $2.3 billion, promising nationwide broadband access and substantial economic opportunities.
The comprehensive digital infrastructure initiative was announced by Anshula Kant, Managing Director and Chief Financial Officer of the World Bank, during high-level discussions with President Bola Tinubu in Abuja this week. The project represents one of the largest digital connectivity investments in Africa’s most populous nation.
Economic analysts project the fiber optic network will generate over 500,000 direct and indirect jobs across telecommunications, construction, and technology sectors while potentially increasing Nigeria’s GDP by 2.8% annually through enhanced digital access. The initiative aligns with Nigeria’s National Broadband Plan, targeting universal broadband coverage by 2025.
“This digital broadband access project spans multiple economic sectors including energy, agribusiness, education, and healthcare,” Kant explained during the presidential meeting. “We are working closely with the government to deliver transformative results that will accelerate growth and create better opportunities for young Nigerians.”
Finance Minister Wale Edun characterized the project as “critical infrastructural growth for Nigeria,” emphasizing its potential to revolutionize business operations, e-commerce, and financial inclusion across rural and urban communities. The project will be implemented under the leadership of the Minister for Communications, Innovation and Digital Economy, Dr. Bosun Tijani.
The World Bank executive commended Nigeria’s bold macroeconomic reforms, noting that early outcomes position the country favorably for expanded international support and sustained economic development. The fiber optic infrastructure is expected to attract additional foreign direct investment in technology startups, digital services, and telecommunications equipment manufacturing.
With Nigeria’s internet penetration currently at 51.9%, the project aims to bridge the digital divide that has limited economic participation in underserved regions. Small and medium enterprises are expected to benefit significantly from improved connectivity, enabling access to global markets and digital financial services.
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