Nigeria risks losing Africa’s tech investment edge, LCCI warns

•Urges more predictable regulatory environment

By Yinka Kolawole 

The Lagos Chamber of  Commerce and Industry, LCCI, has warned that Nigeria risks losing its position as Africa’s leading technology hub unless the government accelerates policy reforms, expands digital infrastructure and creates a more predictable regulatory environment to attract investment.

Speaking at the opening of the 12th ICTEL Expo 2026 in Lagos, yesterday, LCCI President, Engr. Leye Kupoluyi, said although the country’s digital economy has become the fastest-growing driver of the non-oil sector, policy uncertainty and declining investor confidence are slowing its full potential.

According to him, the Information and Communication Technology, ICT, sector contributed 10.07 per cent to Nigeria’s real Gross Domestic Product, GDP, in 2025, up from 9.79 per cent in 2024, with telecommunications accounting for 7.29 percentage points of the contribution.

Kupoluyi noted that Nigeria recorded 154.7 million active internet subscribers, 188 million mobile connections and broadband penetration of 55.67 per cent as of April 2026, compared with 48.81 per cent a year earlier.

He, however, lamented that the country dropped from Africa’s top destination for startup funding to fourth place in 2025, behind Kenya, South Africa and Egypt.

“Our connectivity gains are real, but they are outpacing our ability to convert access into economic value,” he said, stressing that infrastructure alone cannot build globally competitive technology companies without access to capital and policy certainty.

The LCCI President urged the government to treat broadband infrastructure as a strategic public utility, accelerate last-mile connectivity and implement the Nigeria Startup Act to improve the investment climate.

He also called for greater regulatory coordination, warning that multiple taxes, inconsistent foreign exchange access for technology payments and overlapping regulations continue to increase the cost of doing business.