Osinbajo: ICT Generated $32bn FDI in 15 Years

  •  Says sector created 10m jobs in 10 years

Adedayo‎ Akinwale in Abuja

Vice President‎, Prof. Yemi Osinbajo, on Wednesday revealed that the Information Communication Technology (ICT) sector has generated over $32 billion in Foreign Direct Investment (FDI) for the country over the last fifteen years‎.

He added that the sector is currently contributing 10% of the country’s GDP‎ and has also created over 10 million jobs in the last ten years.

‎Osinbajo, who was represented by the Minister of Communication, Barr. Adebayo Shittu, disclosed this in Abuja at the ICT Export Industrial Forum with the theme: “Embracing ICT Export as an Alternative Means to Diversify the Non-Oil Industrial Sector,” organised by Afritex Initiative.

According to him, “We are living in a digital economy which is driven by high capacity ICT network. The world is in a massive revolution in Information and Communication Technology, the scope of which stretches far beyond the realm of the sector itself.”

“No Country seeking real sustainable development and progress can hope to achieve these things ‎without a strong ICT sector in place to drive the necessary change,” he added.

The Vice president noted that with the oil sector contributing 20% ‎to Nigeria’s economy in recent times, the current economic challenges confronting the country could be exploited to facilitate the goal of being one of the twenty biggest economies by year 20:20.

He stressed that this however depends on how citizens respond to the challenges and continued focus on developing the non- oil sector especially the ICT sector like what countries like China, India and Singapore have done to develop their economies‎.

Osinbajo stated: “ICT is currently contributing 10% of the GDP‎ and has created over 10 million jobs since the past ten years. As a matter of fact, ICT today engages more hands of Nigerians than even the oil sector which has been with us over the last 50 years.

“Development in the ICT sector has provided well over $32 billion in Foreign Direct Investment over the last 15 years.‎ It is indeed the fastest growing sector of the Nigeria economy and is the second largest ICT market in Africa.

“The number of Internet subscribers in Nigeria also rose from less than 1 million in 2003 to well over 80 million in November 2015,” he said.

Further details later