At the ICTEL Expo 2026, the Lagos Chamber of Commerce and Industry (LCCI) stated that Nigeria must ensure regulatory clarity, steady foreign exchange access, and faster implementation of the Nigeria Startup Act. LCCI President Leye Kupoluyi noted that these steps are essential for the country to reclaim its status as Africa’s top digital investment destination.
Overcoming Regulatory and Capital Barriers
Despite Nigeria’s ICT sector contributing over 10% to real GDP and reaching 154.7 million active internet subscribers, the country slipped to fourth place in African startup funding in 2025. Countries like Kenya, South Africa, and Egypt attracted higher venture capital inflows. LCCI leaders emphasized that overlapping levies and FX unpredictability raise operational costs, prompting tech companies to redirect investment capital to other African markets.
Infrastructure as a Core Public Utility
The Chamber called on policymakers to treat digital infrastructure as a vital public service rather than a private benefit. Expanding fiber-optic connections and bridging last-mile connectivity gaps—especially in underserved states—remain key steps to increasing the tech sector's economic output and taking advantage of the African Continental Free Trade Area.
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