Nigeria Records $32bn on Foreign Investment in ICT

Osinbajo harps on skills acquisition

Vice President Yemi Osinbajo has said the country recorded over $32 billion in Foreign Direct Investment (FDI) over the last 15 years as a result of revolution in the Information and Communication Technology (ICT) sector.

Osinbajo spoke yesterday in Abuja at the opening of a oneday conference with the theme; “Africa-China Cooperation in ICT and Digital Economy” organised by the Nigerian Institute of International Affairs in collaboration with the Embassy of the People’s Republic of China in Nigeria and Huawei Technologies Company (Nigeria) Limited.

He said such investments inflow came in form of infrastructural development that has created an ICT backbone that powers various critical sectors of the economy such as banking, e-commerce, insurance, and oil and gas.

Osinbajo said there was the need to leverage more on ICT skills to achieve industrial revolution through emphasis on digital economy.

He added that improving on skills and refocusing the country’s priorities would help to reap more benefits from the ICT sector.

Osinbajo, who was represented by his Special Adviser on ICT, Mr. Lanre Osibona, stated that there is an urgent need to overcome challenges facing the country to leveraging ICT to fuel the fourth industrial revolution that brings about digital economy.

“Africa must develop its skills. We must know how to scale workforce and move away from business base outsourcing to knowledge base outsourcing. Data is the future and new hope. For us as a country we must invest heavily in capturing data,” he said.

In his remarks, the Minister of Communication, Adebayo Shittu, restated that Nigeria’s revolution in the ICT sector accounts for well over $32 billion in foreign direct investment over the last 15 years.

He advocated the need for all stakeholders to strengthen the technology and innovation ecosystem by supporting the development of innovation hubs in partnership with the private sector.