Nigeria ICT industry nets $35bn Foreign Direct Investment

… as nation prepares for ITU Telecom World 2016

 The information Communication Technology industry is said to have recorded very significant growth in the last 15years having moved from below 500, 000 active lines to the current 157 million and surpassed the 100 percent threshold for teledensity, stands at 107 percent internet connectivity, which climbed from 50,000 in 2001 to its current 97 million and have netted over $35billion from Foreign Direct Investment (FDIs) and local investments in billions of dollars.

The Executive Vice Chairman, NCC, Prof Umar Danbatta dropped this hint while addressing the Stakeholders at a Forum organized by the Commission  for ITU Telecom World 2016 held at Sheraton Hotel and Towers, Ikeja, Lagos, Monday.

According to the EVC, NCC, “the forum is meant to fine-tune our story about the growth and attraction of our sector. We are here to think of ways to convince would-be investors on the potentials and capacity of our country. Several investors have been here and many more are on their way. We will tell them that Nigeria is safe for investors and Return on Investment (ROI) is assured.”

He said that the stories to be told the investors will be on how the country has been receptive to investors through policies that include tax incentives and holidays which has been so encouraged that those who invested heavily in “our digital mobile licences (DMLs) since 2001 have never known a better yesterday.”

The revolution that is brewing in broadband since 2013 when the National Broadband Plan (NBP) was inaugurated by government, he said now have 14 percent penetration and over 100 percent thirst  for internet, while the commission is convinced that by 2018, the anticipated 30 percent penetration will not be impossible to achieve.

“There is a gap, no doubt which these would-be and existing investors will bridge. The Quality of Service is not robust yet, but we are assured that we will get it right with more investments. .This is the story we are taking to ITU Telecom World 2016 in Bangkok, Thailand from November 14-17, with the theme “Collaborating in the Digital Economy.”

The Minister of Communications, Barr. Adebayo Shittu, represented by Arch. Sonny Echono, Permanent Secretary, Ministry of Communications, said that the ITU is a global event and the government has the obligation to deal with the issue of infrastructure, national image and security if the country will ever have the opportunity to host such forum in future.

On her part, the MD/CEO, NIGCOMSAT, Ms Abimbola Alale, said that the ITU outing is an opportunity for our innovators to develop their apps and meet with other developers around the world to share ideas, and attract investors.