Minister of Communications, Mr. Adebayo Shittu, has said that over $60 billion have been invested in the ICT sector since 2001.
He said government was conscious of the role ICT could play in national development and committed in the last 15 years to ensuring that ICT facilities and services were expanded rapidly.
He made the disclosure at the 6th European Union-Nigeria Business Forum in Lagos, saying the Nigerian ICT sector was one of the fastest growing despite the recession and contributed 9.8 percent in GDP in 2014:
“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 percent increase in ICT investments generates a 1.38 percent increase in GDP.
“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 levels 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 government was addressing the issues of investment in ICT infrastructure, and ICT education and regulation to build on the successes of the digital revolution.