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Nigeria: ICT attracts USD 6 Billion in FDI

December 18, 2014 • Mobile and Telecoms, Top Stories, West Africa

Nigeria’s Minister of Communication Technology, Omobola Johnson (image: file)

Nigeria’s Minister of Communication Technology, Omobola Johnson (image: file)

ICT Minister, Omobola Johnson, has revealed that Nigeria’s ICT sector has attracted more than USD 6 Billion in Foreign Direct Investments over the last three years.

Speaking during the 2014 Ministerial Platform in the country’s second largest city Abuja, Johnson said the Nigerian telecommunications sector is one of the fastest growing in the world. Johnson stated that the improved and enabling environment, created by the present administration, has led many local companies to innovate and add value to the Nigerian economy.

At the 2014 Ministerial Platform Johnson also revealed that the sector now contributes 10.5 percent to the nation’s Gross Domestic Product, or about USD 50 billion out of the total GDP of USD 509 billion. This is according to the Daily Independent.

Johnson also commented on the National Broadband Strategy and road map to increase broadband penetration from the present 6 percent to 30 percent by 2018. Johnson stated that the government is committed to achieving 3G/LTE mobile broadband coverage of 80 percent of the population, and providing fixed broadband to 16 percent via fibre by 2018. According to Johnson, this is estimated to create 35,000 jobs for young Nigerian IT entrepreneurs.

Johnson further stated that the Federal Government has additionally set up a Technology Innovation Fund, about $16.2million, which is intended to grow the venture capital industry in Nigeria as well as fill the gap that exists where high risk capital is needed by start-ups and entrepreneurs.

Darryl Linington

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