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FG Attracts $4bn FDI Through ICT Sector

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The administration of President Muhammadu Buhari has attracted $4billion in Foreign Direct Investment (FDI) through the nation’s Information Communication Technology (ICT) in 2018.

The Minister of Communications, Barr. Adebayo Shittu made this known during the opening ceremony of 11th edition of the e-Nigeria conference, exhibition and awards, the flagship event of the National Information Technology Development Agency (NITDA) in Abuja with the theme ‘Promoting a digital economy in an era of disruptive technologies through effective regulations’.

Shittu said FDI in the sector rose from $3.2 billion in 2015 to $4 billion this year because the Nigerian ICT sector was open for investment, saying emerging disruptive technologies are also creating new industries which can be further explored to attract FDI’s to the sector.

He also said the nation rose from the 10 per cent broadband penetration to the present 23 per cent, adding that the nation would not rest on its oars till it achieves the 30 per cent broadband penetration.

“With about 160 million active mobile active lines and 90 mobile internet subscribers, mobile technologies are fast providing to be a game changer for deepening our ICT experience as a nation. Data has been widely reported as being the next oil and rightly so. Data from mobile networks and sensors on mobile phones can provide the data to drive our digital age,” he added.

Earlier, President Muhammadu Buhari said the nation has saved over N296 billion in one year through the enforcement of the policy on Treasury Single Account (TSA), the Integrated Payroll and Personnel Information System (IPPIS) and the Bank Verification Number (BVN).

“In addition to the consolidation of accounts and elimination of ghost workers that resulted in a combined monthly savings of about N24. 7 billion, the TSA facilitated the recovery of huge sums of money including the recent N1.6 billion from single account. These policy initiatives reinforce this administration fight against corruption by ensuring transparency and accountability in government business transactions,” he said.

In his key note address titled ‘The role of disruptive technologies in curtailing corruption’ the pioneer chairman of the Economic and Financial Crimes Commission (EFCC), Malam Nuhu Ribadu urged ministries, departments and agencies (MDAs) of government to explore disruptive technologies like Internet of Things (IoTs), Artificial Intelligence (AI), Big Data Analytics, and Blockchain to promote transparency.

He urged MDA’s to consider using blockchain transactions to deepen transparency and tackle the challenge of corruption in government, public service and private sector.

Earlier in his welcome address, the director-general of NITDA, Dr Isa Pantami said the conference theme was a response to the complex mix of digital opportunities, challenges and burdens driven by the increasing influence of emerging technologies on commerce and society.

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