Tech adoption could be game changer for Nigeria’s $1trn GDP target – Professor of Economics at Startupsouth

…Says tech can boost Nigeria’s revenue by 50%, saying with tech, capital won’t be problem for startups

The Federal Government which seeks a $1trn economy has been told how to easily meet the target and probably get to as high as $3trn within the period targeted.

He also said the right tech deployment could add half of Nigeria’s annual tax to current amounts, saying evidence is already on display.

This was the major echo at the StartupSouth 2025 summit which began in Port Harcourt Thursday, October 2, 2025.

Sylva Opuala-Charles, a professor of economics and financial expert, who delivered a keynote at the well-attended event, said technology adoption could be the game changer in the quest.

The Bola Ahmed Tinubu administration has since declared the ambition of a $1trn gross domestic product (GDP) before year 2030, from current $200bn to $300bn levels. Now, the professor said Nigeria could get to $3trn if the right technology is adopted.

Opuala-Charles, the founder and president of the Port Harcourt Premier Business School who was a banker and onetime finance commissioner in Bayelsa State, said the trillion-dollar economy could be majorly aided by research and development investment expenditure. “Research and Development (R&D) expenditure is the gross domestic spending on research and development, as a percentage of GDP.”

The world average is in R&D is 2.67%. “The US is at 3.59% as against less than 0.5% for Nigeria. “For instance, technology adoption in revenue collection could improve the country’s revenue generation by over 50% in the medium term.

“We are already seeing this happening with the government generating over N20 trillion in revenues by August 2025 as against half of this in the corresponding period of last year with increased technology adoption in the process.”

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He said with technology adoption in procurement, expenditure management in government and the private sector, there would be a major turning point for Nigeria’s growth and development.

He said with a population of under 35 years of age comprising about 75% of Nigeria’s population, the government and big corporations can stem the country’s growth challenges by taking remarkable measures to promote and adopt technologies in all sectors.

To achieve this, Opual-Charles suggested immediate establishment of technology parks in major cities to provide tremendous business and job opportunities to young people and innovative minded citizens as inalienable rights to change their lives.

“With technology, capital will not be much of a challenge as scaling and repeatability are the major drivers in the startup space. What the government owes us is to make technology work and legislate to make both public and the private sectors take it to the next level. This will also help the ease of doing business, which is capable of attracting foreign direct investments into the country and creating new economic businesses, changing lives, transforming institutions and strengthening the economy.”

The conference, the 10th, seems to shake the south-south especially Port Harcourt. Most participants and experts around Nigeria and beyond streamed their commendations and appreciations for the journey so far.

Chairman of the StartupSouth, Kalada Apiafi, who is a known personality in the Small and Medium Enterprise (SME) space in the Niger Delta, said key resource in any business is information. He said Startupsouth was a place to get the strategic information tips to build, connect, and grow as the slogan says.

In his remarks, the convener, Uche Aniche, showed how the states of the south-south and east have faired in startup and tech.

Major speakers that thrilled the participants on day one include those from Google, Main One (now Equinix), and goodwill messages.