Global digital economy will be $16.5 trillion by 2028
Doreen Bogdan-Martin
Doreen asks for collective action and collaboration against submarine cables disruptions and cuts globally.
Doreen Bogdan-Martin, Secretary-General of the International Telecommunications Union (ITU), has disclosed that the digital global economy, would peak at $16.5 trillion by 2028.
Bogdan-Martin made this known at the opening ceremony of the ITU International Submarine Cable Resilience Summit hosted by Nigeria for the first time on Wednesday in Abuja.
This is even as she appealed to the global community for collective action and collaboration against submarine cables disruptions and cuts that could slow down the growth and development of digital economy in the world.
The Secretary General said at the moment, the digital economy accounted for the greater parts of the world’s Gross Domestic Product (GDP), and it is expected to peak at 16.5 trillion dollars by 2028.
She said global attention should be focused on measures that would sustain the spate of rapid developments in the digital economy sector with submarine cables connectivity accounting for 95 percent of its backbone.
According to her, ” The past two decades have seen a vast digital shift, with new socio-economic opportunities as well as challenges. Since the 2005 World Summit on the increasing society, the number of internet users back then in 2005 stood at one billion.
“At the end of last year, we had 5.5 billion internet users. And today, the global digital economy is growing faster than global GDP and is expected to reach 16.5 trillion U.S. dollars by 2028.
“Over the next decade, some estimate that more than two-thirds of the new value creation could come from digitally-enabled companies”, the ITU boss said.
The summit which is being attended by more than 300 delegates across the world from the 194 ITU-member countries had the Minister of Communications, Innovations and Digital Economy, Dr Bosun Tijani and the Executive Vice Chairman of the Nigerian Communications Commission, NCC, Dr Aminu Wada Maida in attendance.
Others in attendance were the Permanent Secretary of the Ministry of Communications, Innovations and Digital Economy, Engr Faruk Yabo, the Director General of NITDA, Malam Kashifu Inuwa, the National Commissioner of NDPC, Dr Vincent Olatunji and the Managing Director of NigComSat, Mrs Jane Egerton-Idehen in attendance.
“As our economies and digital innovations grow, and as we seek to bring meaningful connectivity to all, so does our reliance on digital infrastructure like submarine cables. This global undersea network is emblematic of the innovation and the investment required to connect the world meaningfully.”, Bogdan-Martin said.
The Secretary General lamented that despite the resilience of undersea cables, about 200 disruptions are witnessed yearly, while fixing them across continents and countries are difficult and slow.
She noted that the global economy always feel the impacts of submarine cable cuts and disruptions, stressing that “submarine cables are put in place by an interplay of technology, business, and policy that has to be considered holistically.”
“That’s why this summit includes a diversity of stakeholders that are essential to this conversation”, the ITU boss added.
Bogdan-Martin who praised Nigeria for hosting the event, called on the ITU Advisory Body, the Academic and other stakeholders to work towards a lasting solution to the challenges of undersea cables cuts and disruptions across the globe.
The Co-chair of the Advisory Board for ITU, Prof Sandra Maximiano, underscored the importance of the International Advisory Board for Submarine Cable Business and economy at the Summit, saying that positive developments have been witnessed in the industry.
“It is no coincidence that we are meeting here in Abuja today, given that several cable cuts occurred in March last year affecting multiple countries in West Africa, including Nigeria, Cote d’Ivoire, and Senegal.
“This incident highlighted the critical importance of subsea cable businesses in this region, with some estimates indicating that over 70 million customers were infected.
“While Nigeria is served by several submarine cable systems, many of which also land in my home country, Portugal, including Maniwari, the Africa coast to Europe, Etihanu, and to Africa, other Western African countries are served by only a single submarine cable,” Maximiano said.
Bosun Tijani, Minister of Communications, Innovations and Digital Economy,in his remarks welcomed the ITU delegates to Nigeria, and urged participants to take advantage of the hospitality of the Nigeria.
Tijani emphasized, “This is not merely a technical or industry-specific challenge; it is a global imperative impacting financial markets, trade, education, healthcare systems, and governance.”
“Under the leadership of President Bola Tinubu, Nigeria is dedicated to strengthening its digital infrastructure and implementing policies that foster connectivity, innovation, and economic growth.”
“We are taking bold steps as a nation to recognize and safeguard government infrastructure as critical national assets, aligning these efforts with our broader goal of enhancing digital resilience across all sectors.”
“As a government, we are committed to harnessing digital infrastructure, fostering global accessibility, and increasing broadband penetration to ensure connectivity drives economic transformation and innovation.
The results of this summit will shape policy and investment choices, while also laying the groundwork for global collaboration and sustained resilience.”
