FG targets 242% rise in export of services to N6.5trn in 4yrs


export, used cars
China export

By Yinka Kolawole

The Federal Government is set to feast on the blossoming digital economy to improve Nigeria’s balance of payments position with a projection of 242 percent rise in the export of value-added services to N6.5 trillion in 2025 from N1.9 trillion recorded in 2021.

This is even as it expects the nation’s current account balance within the period to increase by 632 percent to N3.2 trillion (2025) from N436.9 billion (2021).

The projection is contained in the final draft of the 2023 – 2025 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF & FSP) prepared by the Budget Office of the federation for the National Assembly’s endorsement.

The Organization for Economic Cooperation and Development (OECD) describes a digital economy as one which incorporates all economic activities reliant on or significantly enhanced using digital inputs. 

According to OECD, the digital economy is valued at $3 trillion globally.


Source: Vanguard Newspaper