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Government seeks foreign investors for broadband expansion

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Minister of Communications, Adebayo Shittu

The Federal Government is seeking foreign investors that would help expand the nation’s broadband network in order to achieve and surpass the targeted 30 per cent penetration before year end.

The Minister of Communications, Adebayo Shittu, who disclosed this on Tuesday, in Abuja, while briefing newsmen on the proposed Nigerian Diaspora Direct Investment Information Communication Technology Summit, billed for London, United Kingdom, in April , said Nigeria is now more than ever, a country of huge potential if only it can leverage on ICT.

Shittu added that Nigeria’s over 60 per cent Internet penetration means that more than 90 million people would be online in the coming years.

The minister observed that the country’s tremendous growth is paving the way for vibrant connected future, rich with opportunities for young entrepreneurs and U.K. investors alike.

He noted that the ICT sector is the fastest growing at a rate of 25 per cent and contributed more than 10 per cent to the country’s GDP in 2017.

Shittu said the summit would help galvanize Nigerians in the diaspora, and their U.K. counterparts along with international investors to come and establish new businesses in Nigeria.

Earlier, Executive Director of the summit, Bimbo Folayan, noted that the forum would be dedicated to promoting investments into Nigeria, adding that about 600 business men and 100 investors are expected at the summit.

“This is the biggest Investment summit in the Diaspora. It will further develop the nation’s ICT sector to become a foreign earner for the country and also help Diasporans come back to Nigeria,” he stated.


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