Digital assets structure and liquidity position of ICT firms in Nigeria

This study examined the effect of digital asset structure on the liquidity position of listed ICT firms in Nigeria. Specifically, it investigated the effects of digital infrastructure assets and digital human capital on firm liquidity. An ex-post facto research design was adopted. The population comprised nine ICT firms listed on the Nigerian Exchange, from which seven firms were purposively selected based on data availability and continuous reporting over 2016–2025, producing 70 firm-year observations. Secondary data were obtained from annual reports and Nigerian Exchange publications. Liquidity was measured using the current ratio, while digital infrastructure assets were measured by total investment in information technology infrastructure and digital human capital by the number of IT-certified staff. Descriptive statistics, Spearman correlation and panel regression were employed. The Hausman test supported the random-effects specification. The random-effects estimates show that digital infrastructure assets have a positive and statistically significant association with liquidity (β = 0.5095, p = 0.0003), while digital human capital also has a positive and statistically significant association with liquidity (β = 0.6002, p = 0.0122). The model explains approximately 71.2% of the variation in liquidity (R² = 0.7116). The findings suggest that investments in digital infrastructure and digitally skilled human capital are associated with stronger liquidity positions among the sampled Nigerian ICT firms. The study contributes firm-level evidence from a relatively under-researched non-financial ICT sector in Nigeria. Keywords: Digital Assets Structure, Digital Infrastructure Assets, Digital Human Capital, Liquidity, ICT Firms, Nigeria.