A Port Harcourt-based professor of Economics and Management with expertise in monetary economics and strategic management has listed what Nigeria can do to surpass the targeted $1trn economy by year 2023 but hit $2trn.
Silva Opuala-Charles, President and Chairman of the Governing Council of Garden City Premier Business School, with over 32 years of experience in banking, public service, and consulting, said in Port Harcourt during a live radio interview that liberalizing the digital economy would do magic.
The seasoned administrator and onetime finance commissioner in Bayelsa State added that attracting foreign capital to ensure investors can easily repatriate their funds, investing in research & development and adopting ‘horizon of growth’ thinking involving moving from current technologies to emerging ones like AI and beyond would transform the Nigerian economy.
On R&D, he said while the US spends 3.5% of its gross domestic product (GDP) on R&D, Nigeria spends only 0.035%.
Speaking on ‘Shaping Policies to Fast-Track Nigeria’s Digital Transformation’, Opuala-Charles helped a lot of the public to understand digital transformation, saying it is the transition from analog to digital technology.
He noted that globally, the wealthiest individuals are “tech guys” (e.g., Elon Musk, Jeff Bezos, Mark Zuckerberg). “Currently, the digital economy is a massive driver of global wealth, accounting for approximately 20-25% of the global GDP.”
He provided real-world examples of this shift such as transportation (moving from traditional taxis to ride-hailing apps like Uber and Bolt; in finance where we now have the rise of Fintechs (e.g., OPay, Moniepoint) providing services to the unbanked and creating value where traditional banks previously didn’t reach.
Pacing the tech lag within Nigeria’s economic context, the professor highlighted an uncomfortable trend in Nigeria’s economy which he said is shrinking from $500bn in 2015 to below $300bn at the moment. He compared Nigeria with similar demographics, like Brazil and Mexico, which he said have GDPs exceeding $1 trillion and $2 trillion, respectively.
He admitted that tax collection holds great prospect for growth from current tax-to-GDP of 5.5% in 2023, hoping to get to 10% where actually 20% is ideal in Africa which has 16% average.
He attributed this lag primarily to a lack of technological integration in service delivery as well as government processes.
On policy and private sector collaboration, the professor argued that to accelerate growth, the government should focus on policy support rather than direct funding.
He said global private equity and venture capital stand at about $10.5 trillion, mostly centered in the US and Europe whereas Nigeria’s share is only about $3bn.
He cited success stories and pointed out that companies like Flutterwave (valued at $3bn) and Moniepoint (which processed 412 trillion Naira/$294 billion in 2025) were outperforming top traditional giants in terms of valuation.
Opuala-Charles admitted that some progress has been made in legislative sector, and acknowledges the Startup Act and the Data Protection Act (2023) as positive steps toward securing the digital space.
The business school founder harped on barriers to tech adoption as infrastructure where he said reliable power and internet connectivity remain major hurdles. “While the government has unbundled the power sector to allow states to manage their own grids, investment in the “backbone” of telecom and power is still insufficient.
He talked about digital immigrants, saying a large portion of the populace lacks the basic skills to be “digital citizens.” He also blamed government interference, praising the Lagos State model for creating an enabling environment where the private sector could thrive without excessive ‘government manipulation.’
The business school founder pointed to the role of education and skills, emphasizing reskilling as essential for survival in the age of AI. He said skilled individuals in data analytics or cybersecurity can earn upwards of $50,000 to $200,000 per month working remotely for international firms.
On youth unemployment of about 40%, he suggests that ‘Tech Parks’ and ‘Digital Villages’ could take millions of young people off the streets by training them for the global digital market.
