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ICT sector generates $70 billion dollars Foreign Direct Investment -Adebayo Shittu








The Federal Government said the ICT sector has generated over $70billion dollars Foreign Direct Investment.
The Minister of Communication,Barrister Adebayo Shittu made the disclosure at a Valedictory Press Briefing in Abuja.
The Minister said this is a phenomenal growth considering the fact that Nigeria embraced the GSM technology barely 17 years ago.
” It has been a remarkable feat growing investment in the sector from $50 million to over $80 billion. Within this period, it as raked into the Federation Account over N15 trillion, positively influence the way we work and live and added new dynamics to transparency in governance. ”
Similarly he said, Nigeria currently ranks among the top five fastest growing telecom markets in the world.
“The record places the country on the same pedestal as China and India and other top economies.
Globally ICT/ Telecoms has become a veritable tool for advancing growth and economic diversification in countries, even those that are not endowed with natural resources.”
He added that ICT has changed the way people communicate, learn, and conduct business.
According to Barrister Shittu, the Ministry through the National Information Technology Development Agency (NITDA) saved, for the Federal Government, the sum of 3 Billion Naira on a single cleared IT Project of an Agency.

“With the implementation of Treasury Single Account (TSA) and Integrated Payroll and Personnel Information System (IPPIS) and BVN, the Federal Government of Nigeria has been saving a minimum of N24.7billion monthly, just because of the implementation of this IT software.”

The Minister also pointed out the need for the streamlining of different ICT related policies and regulations into an all-embracing framework for better administration.
” It may involve a revisit of the National ICT Policy of 2012, which amongst other things seeks to establish a converged regulator consisting of departments including but not limited to Telecommunications, Information Technology, Broadcasting and postal services.”

“The synchronization of operations of different MDA’s in Nigeria is important for ease of doing business and effective service delivery.”

He further stressed the need to intensify the adaptation of e-governance, monitor and ensure that these innovations are fully functional

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