ICT Sector Attracted $8bn FDI in 3 Years — Minister

  • ICT Sector Attracted $8bn FDI in 3 Years — Minister

Foreign Direct Investment in Information Communication Technology sector increased from $32bn in 2015 to $40bn in 2018, Minister of Communications, Mr Adebayo Shittu, has said.

Shittu said this known at the on-going 6th Regular Meeting of the National Council on Communication Technology taking place in June 12 Cultural Centre in Abeokuta, according to a statement made available to our correspondent in Abuja on Thursday.

The minister said that the performance of the telecommunications industry had also improved, noting that there was a positive increase in the number of active telecoms subscribers with an increase from 148,70 million in August 2015 to 162.05 million as of September 2018.

He said, “Tele-density rose from 107.67 per cent in August 2015 to 115.76 per cent in September 2018, thus recording an increase of 2.47 per cent.

“Similarly, broadband penetration has reached 20.95 per cent, while the percentage of internet penetration has reached a milestone 48.44 per cent, making Nigeria second only to South Africa in the whole of the African continent.”

He added that the Nigerian ICT sector today was one of the fastest growing sectors despite economic recession.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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