Shittu puts ICT sector investment at $60bn

Barrister Abdur-Raheem Adebayo Shittu, Minister of Communications, has said that over $60 billion US dollars have been invested in the ICT sector since the year 2001 when digital mobile services were launched because the global attention returned to Nigeria as the country with the highest potential for investment.


According to the minister, the government of Nigeria has been conscious of the role ICT can play in national development and has therefore been committed over the last 15 years to ensuring that ICT facilities and services are expanded rapidly.

Shittu who made the disclosure in a keynote address he delivered at the 6th European Union-Nigeria Business Forum 2017 held in Lagos said that the Nigerian ICT sector today is one of the fastest growing despite the economic recession and contributed 9.8% in GDP in 2014 alone.

“Globally ICT has become a veritable tool for advancing growth and economic diversification in countries, even those that are not endowed with natural resources. ICT has changed the way people communicate, learn, and conduct businesses. A World Bank econometric study carried out in 2009 showed that every 10% increase in ICT investments generates a 1.38% increase in GDP”.

Speaking further on the significance of ICT, the minister “In order for the ICT sector to supplement or replace the oil and gas sector, we have put in place strong policy frameworks which favour the sector. We want the ICT sector to be the cash cow for our nation. The success of Local Content drive in the telecom and ICT in Nigeria would accelerate the progress of the sector.

“Nigeria is also using ICTs to build a more inclusive society. Our broadband initiatives, which are being implemented across technologies and at various level of governance, are in line with union’s priority of bridging digital bridge and providing broadband for all. Nigeria is committed to a sustainable ICT environment at a global level, as well as within its national boundaries”.

He said the Nigerian government is addressing the issues of investment in ICT infrastructure, and ICT education and regulation in order to build on the successes of this digital revolution.