Why Nigeria Must Fix Power First to Compete in Global Tech

The Acting Director-General of the Nigerian-American Chamber of Commerce (NACC), Ms. Wofai Samuel, has emphasized that Nigeria’s technology ecosystem cannot reach its full potential without a dependable electricity supply.

Speaking in an interview with the News Agency of Nigeria (NAN), Samuel underscored the intrinsic link between power and technological advancement, asserting that any attempt to drive innovation in the absence of stable power would be futile.

“Technology thrives on power, and vice versa. If we are serious about digital transformation and economic growth, we must first fix our energy challenges,” she said.

Samuel also addressed the evolving dynamics of global trade, pointing out that with the shifting landscape marked by U.S. tariffs and the limited reach of initiatives like the African Growth and Opportunity Act (AGOA), African countries must diversify their economies. She identified the technology sector as a key area for West African nations to explore.

“In today’s world, one of the fastest ways to diversify is through tech,” she noted, stressing that access to the internet and data is driving innovation across developed nations.

Referencing international collaborations, Samuel cited Saudi Arabia’s recent $600 billion investment in the U.S. tech industry as a model African nations should learn from. “If the U.S.—the global leader in tech—is partnering with other nations to advance innovation, why shouldn’t we in Africa do the same?” she asked.

She highlighted American tech giants like Meta, Google, Tesla, and platforms such as ChatGPT and Meta AI as examples of how innovation can transform societies, urging African countries to embrace similar paths.

Using Nigeria’s banking and fintech space as an example, Samuel pointed to the sector’s digital growth as evidence of what is possible when technology is effectively integrated. She also referenced a World Bank projection that positions fintech among the fastest-growing industries in Nigeria by 2025, driven by digital banking adoption.

To further accelerate the continent’s tech evolution, Samuel encouraged African tech platforms to participate in international technology summits and conferences, which she believes are vital for strategic networking and global visibility.

Finally, she called on public officials, particularly ministers and commissioners overseeing communications and science and technology portfolios, to play an active role in policy development and sector governance. According to her, such involvement is essential for building a sustainable, innovation-led economy in Africa.