Shittu: ICT Sector Remains Fourth Pillar of GDP

Oghenevwede Ohwovoriole The Minister of communications, Mr. Adebayo Shittu has stated that the diversification of the Nigerian economy began with the liberation of both the telecom and ICT sectors in 2001, disclosing that the sector contributes about 10% to the country’s GDP yearly, making it the fourth pillar of the GDP. He stated this yesterday while playing host to the Executive Director, Nigerian Diaspora Direct Investment Summit (NDDIS), Mr. Bimbo Folayan, in Abuja. “The liberation of the telecoms and ICT sectors in 2001 triggered a realistic opportunity of economic diversification, as the sector is adjudged to be one of the major support service needed to promote growth and modernisation of other sectors of the economy”, he said. “The ICT sector is the 4th pillar in terms of its contribution to the Gross Domestic Product. The sector is the fastest, growing at a rate over 25% and currently contributes about 10% to the country’s GDP”, Shittu added. He said he was happy that the summit had been dedicated to ICT, as ICT has brought many changes to the global world and Nigeria. According to him, “I am happy to report that this 5th Nigeria Diaspora Direct investment Summit has been dedicated to the promotion of potential investments in the ICT sector in Nigeria. The Nigeria economy has been monolithic up to the recent past, owing largely to its dependence on crude oil revenues. “Consequently, Government has recognised the need to diversify the economy so as to attain solid and sustainable economic growth. Economic diversification is a global solution for overcoming rigidity of and vulnerability.” The minister added that effort had been made over the years by Nigerian government to develop the non–oil sectors of the economy by initiating various supportive policies and incentives aimed at encouraging economic diversification with varying levels of success. He said that the ICT had broken distance barriers, and such, can act in its own right now, not just as an enabler but, indeed, an effective catalyst to drive social- economic transformation, growth, developments and modernisation across all sectors of the economy. He added: “The impact of the sector is evident in virtually all countries, Nigeria inclusive, and is likely to continue in the changes in all sectors and dimensions of human life and societal condition”. He continued.’’ Earlier, Folayan stated that the aim of the summit was to create confidence in Nigerians in the diaspora, convince them of investing in Nigeria and also to attract other foreign investors and that so far they have attracted many investments including a pesticide manufacturing company to Kaduna. According to him, “All our summits have been very successful we have most Nigerians who have relocated and bringing in businesses to Nigeria. I just talked about a chemical plant in Kaduna state that is been built by an Italian to produce pesticide that if sprayed will eliminate mosquitoes for a period of 5 years it’s been a huge success as more Nigerians are relocating home, they are getting more confidence about Nigeria through the summit. “What we do is getting the minister to come and preach, we can’t have about 15 million Nigerians in the diaspora and 15 million is like a region. UK alone is about two million and out of the two millions that live there; three hundred thousands are businessmen and they have shops and businesses.