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Nigeria’s ICT Sector Attracted $40bn FDI In 2018 – Shittu

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Minister of Communications, Dr. Adebayo Shittu has claimed that Information Communication Technology (ICT) sector has attracted increased Foreign Direct Investment (FDI) from $32 billion in 2015 to $40 billion in 2018.

He made this known during the official session of the 6th Regular Meeting of the National Council on Communication Technology (NCCT) taking place at June 12, Cultural Centre in Abeokuta with a theme “Leveraging ICT as the Veritable Vehicle for Economic Recovery and Growth.”

The Minister said that the performance of the Telecommunications industry has also improved noting that there was a positive increase in the number of active telecoms subscribers with an increase from 148,70 million in august 2015 to 162.05 million as at September 2018, which is an increase of  seven per cent.

According to him “Teledensity rose from 107.67 per cent in August 2015 to 115.76 per cent in September 2018, thus recording an increase of 2.47 per cent. Similarly, Broadband penetration has reached 20.95 per cent, while the percentage of internet penetration has reached a milestone 48.44 per cent, making Nigeria, second only to South Africa in the whole of the African Continent”. Shittu stated

He added that Nigerian ICT sector today is one of the fastest growing despite the economic recession and contributed 9.8 per cent in gross domestic product (GDP) in 2014. The challenge is how to leverage the opportunities thrown up by the new economy powered by ICT to address the issues of revenue, investments, cost savings, employment generation, and national productivity among others.

Shittu pointed out that this year’s meeting is unique as it focuses on how the highly acknowledged potentials of the ICT Sector can be used to achieve the main policy objectives of Economic Recovery and Growth in view of the dwindling fortunes from oil and Gas.

He said:“ In pursuit of the national agenda, we have continued to reposition the ICT sector in the areas of infrastructure and industry development, local content optimization, enabling policy, legal and regulatory framework; deepening of ICT in Government and mainstreaming of ICT into all spheres of national life among others”.

In his goodwill message, managing director, Fintrak Software, Mr. Bimbo Abioye on behalf of the Institute of Software Practitioner of Nigeria (ISPON) urged government to provide enabling environment for software industry and habit of importation of foreign goods has to change in order to create employment in the country.

Also, president of Certified Computer Manufacturers of Nigeria (CCMON) Engr. (Mrs) Adenike Abudu urged people and the government to patronize local manufacturers in order to create more jobs in ICT sector adding that through collective promotion of Nigeria we move the country to the next level.

In his address, the Executive Governor of Ogun State, Senator, Ibikunle Amosun said, “we have also continued to ensure that economic and commercial opportunities in our dear State are further boosted through G2C (Government to Citizens) Solutions.





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