Financial services dominated Nigeria’s $1.5bn digital services exports in 2024

Key Takeaways

  • Financial services dominate Nigeria’s digitally delivered exports, contributing $1.15bn (over 74%).
  • Telecommunications ($184m) and insurance & pension services ($147m) follow, though far smaller.
  • Computer, information, and IP services registered almost no exports, highlighting untapped digital potential.
  • Nigeria’s digital exports remain highly concentrated in finance, leaving other sub-sectors underdeveloped.

According to WTO estimates, Nigeria exported about $1.5bn worth of digital services in 2024, with financial services accounting for the lion’s share. At $1.15bn, finance alone contributed more than three-quarters of the total. Telecommunications ($184m) and insurance & pension services ($147m) provided additional value, while other business services added $68m.

In contrast, Nigeria recorded negligible exports in computer, information, intellectual property, and cultural services, despite their global growth. This imbalance shows the economy’s reliance on finance-led digital trade, while also revealing the untapped potential of Nigeria’s wider digital services sector. Diversifying into ICT-driven exports could unlock far greater earnings in the years ahead.

Source:

World Trade Organization (WTO)

Period:

2024
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