NITDA puts ICT contributions to GDP at 11.8% in second quarter

The National Information Technology Development Agency (NITDA) has said that the contributions of the Information and Communications Technology sector to the country’s Gross Domestic Product (GDP) grew to 11.8 per cent in Q2, 2018.

NITDA, which said the figure actually increased by 1.58 per cent from Q1, noted that the Federal Government was working to ensure that the economy expands to accommodate more growth.

NITDA’s Director-General, Dr. Isa Ali Pantami, who stated this at the Gulf Information Technology Exhibition (GITEX) Technology Week 2018 holding at Dubai World Trade Centre, Dubai, UAE, said investment friendly policies and laws have been put in place in the country to encourage investments.

While wooing investors at GITEX in company of lawmakers from both the Senate and the House of Representatives at the African Investment Forum (AIF), Pantami said all hands must be on deck to reposition the country as an investment destination.

Pantami, including Senator Foster Ogola, vice chairman, Senate Committee on ICT; Honourable Mohammed Ogoshi Onawo, chairman, House Committee on ICT said the Nigerian ICT sector is an investor’s haven boasting of a thriving ICT sector, innovative and youthful population, as well as a business-friendly environment.

Pantami, in his welcome address said Nigeria was a gateway to sub-Saharan Africa, giving investors easy access to close to 190 million Nigerians, another 200 million West Africans.

“He said investing in Nigeria can provide access to 150 million Central Africans. It also gives you access to one of Africa’s largest economies with a Gross Domestic Product (GDP) valued at $405 billion in 2016, according to the World Bank.

“The Nigerian ICT sector contributed 11.81 per cent in Q2 2018, up from 1.58 per cent in Q1 2018 to the GDP. This is very positive and we are confident that we can experience even greater growth in the coming years. As such, this is an opportune time to invest in the Nigerian ICT sector,” he stated.

On the key attractions to the Nigerian market, he said, a ready pool of young “digital natives” with an average age of 18.2 years await investors in the ICT sector.

“Investors can be assured of accessing a large pool of youthful and skilful employees at a fair-price, more cost-effective that engaging employees in other parts of the world” he said.

“Innovation is part of our DNA as Nigerians and there are several stories of innovation across the globe that has the imprint of Nigerians. HopStop, an online city transit App acquired by Apple for a whopping $1billion, was owned by a Nigerian-born Entrepreneur. In August 2018, a team of Nigerian teenagers won the first place in the junior division of the Technovation World Pitch Summit that took place in Silicon Valley.