Over $60bn invested in Nigeria’s ICT Sector- Shittu

The Minister of Communications, Barrister Abdur-Raheem Adebayo Shittu has said that over $60 billion US dollars have been invested in the ICT sector since the year 2001 when digital mobile services were launched because the global attention returned to Nigeria as the country with the highest potential for investment.

This was contained in a press statement signed by Victor Oluwadamilare, the Special Adviser Media to the Hon. Minister and made available to Daily Times, adding that the government of Nigeria has been conscious of the role ICT can play in national development and has been ensuring that ICT facilities and services are expanded rapidly.

Shittu stated in a keynote address he delivered at the 6th European Union-Nigeria Business Forum 2017 held at the Eko Hotels, Lagos that the Nigerian ICT sector today is one of the fastest growing despite the economic recession and contributed 9.8 per cent in GDP in 2014 alone.

“Globally ICT has become a veritable tool for advancing growth and economic diversification in countries, even those that are not endowed with natural resources. ICT has changed the way people communicate, learn, and conduct businesses. A World Bank econometric study carried out in 2009 showed that every 10 per cent increase in ICT investments generates a 1.38 per cent increase in GDP,” the minister.

Speaking further on the significance of ICT, the minister said “In order for the ICT sector to supplement or replace the oil and gas sector, we have put in place strong policy frameworks which favour the sector. We want the ICT sector to be the cash cow for our nation. The success of Local Content drive in the telecom and ICT in Nigeria would accelerate the progress of the sector.

“Nigeria is also using ICTs to build a more inclusive society. Our broadband initiatives, which are being implemented across technologies and at various level of governance, are in line with union’s priority of bridging digital bridge and providing broadband for all. Nigeria is committed to a sustainable ICT environment at a global level, as well as within its national boundaries”.

He said the Nigerian government is addressing the issues of investment in ICT infrastructure, ICT education and regulation in order to build on the successes of this digital revolution.

Barr. Shittu commended the EU-Nigeria Business Forum, organizers of the Forum for its unflinching commitment towards transforming economies of developing and emerging to Digital Economy, stressing that the theme of the conference ‘Youth as an Engine of Broad-based Economic Transformation’ is apt, because it brings attention to a segment of the Nigerian population that should have been increasingly contributing to the economy of the country.

The minister added that the theme aligns with the Ministry’s mandate and forthcoming Africa Union and EU summit later this year.