Digital Transformation: Nigeria’s IoT Market Set to Hit $38.7bn by 2030

Nigeria is solidifying its position as the continent’s largest digital economy, with a new forecast predicting the Internet of Things (IoT) market will reach $38.7 billion by 2030.

According to Statista’s 2024 Market Forecast, the sector is growing at a robust 18% annually, driven by a surge in demand for efficiency in logistics, manufacturing, and energy.

This growth is supported by a significant expansion in telecommunications infrastructure.

Currently, 4G coverage reaches approximately 80% of Nigeria’s population, with 5G services already live in major cities like Lagos, Abuja, Port Harcourt, and Kano. This connectivity backbone is essential for the low-latency communication required by millions of connected devices.

Government and private sector investments in digital transformation have created an ecosystem that includes system integrators and security specialists. Industries such as utilities and agriculture are leading the charge, adopting IoT to solve localised problems like power theft and low crop yields.

Babalola Oyeleye, Chief Strategy and Innovation Officer at MTN Nigeria, views this market trajectory as a sign of maturity. “Reaching the $38.7 billion mark isn’t just about the numbers; it’s about the millions of data points helping Nigerian SMEs and large corporations make smarter decisions every day,” Oyeleye noted. “Our goal is to ensure the connectivity is there to meet this soaring demand.”

As the ecosystem matures, the focus is shifting toward all-in-one solutions that simplify the user experience.

With ongoing investments in NB-IoT (Narrowband IoT) and other low-power connectivity options, the next five years are set to see an explosion in smart city and smart home applications across the country.