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Foreign Direct Investment in ICT increased by $8bn in 3 years- Shittu

Foreign Direct Investment in ICT increased by $8bn in 3 years- Shittu

The Minister of Communications, Adebayo Shittu, has revealed that Foreign Direct Investment (FDI) in the Information and Communication Technology sector grew by $8 billion from $32 billion in 2015 to $40 billion in 2018.

The minister made the revelation at the on-going 6th Regular Meeting of the National Council on Communication Technology taking place at the June 12 Cultural Centre, Abeokuta.

A statement issued by the Ministry of Communications in Abuja on Thursday, quoted Shittu as saying that the performance of the telecommunications industry had also improved.

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He noted 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.”

The minister also added that the Nigerian ICT sector was one of the fastest growing sectors despite the harsh economic environment in the country.

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