Saturday, November 24, 2018

Nigeria: ICT Sector Attracted $40bn FDI in 2018 - Minister

About $40 billion Foreign Direct Investment (FDI) came into Nigeria through the Information and Communication Technology sector of the economy, the Minister of Communications, Dr. Adebayo Shittu, has said.

This is an increase of $8bn over the $32bn FDI that came into the country in 2015, Shittu also stated.

He made these known during the official session of the 6th regular meeting of the National Council on Communication Technology (NCCT) taking place in Abeokuta, Ogun State, a statement from the ministry said yesterday.

The theme of the meeting is 'Leveraging ICT as the Veritable Vehicle for Economic Recovery and Growth'.

The minister said 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 - an increase of 7%.

According to him, "teledensity rose from 107.67% in August 2015 to 115.76% in September 2018, thus recording an increase of 2.47%.

"Similarly, broadband penetration has reached 20.95%, while the percentage of internet penetration has reached a milestone 48.44%, making Nigeria, second only to South Africa in the whole of the African Continent."

He added that the Nigerian ICT sector today is one of the fastest growing despite the economic recession and contributed 9.8% in 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.


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