Nigeria Generates $70Bn from IT Investments

Vice President Yemi Osinbajo has disclosed that the federal government has generated up to $70 billion from Information Technology investments.

Osinbajo while inaugurating the Technology and Creativity of the Nigerian Industrial Promotion and Competitiveness Advisory Council at a the Aso Rock Presidential Villa in Abuja, expressed confidence that technology and creative sectors had come to centrestage in Nigeria’s economy, given their actual and potential contributions to growth, job creation and entrepreneurship.

He said though Nigeria still ranked 134 in the ICT development sector, with the creative sector contributing just over 1.4% to Gross Domestic Product, the contribution of the technology and creative sectors is beyond macroeconomic benefits, but encompasses empowering the young working population and preparing them for the digital future.

Osinbajo explained that the Advisory Group was placed within the Industrial Policy and Competitiveness Advisory Council because the council functions in a very dynamic, inclusive and result-oriented way.

He said the Advisory Group would enable stakeholders to contribute directly to policy formulation, articulation and the design of the technology and creative sectors as well as bring together existing policies and ongoing work at the ministerial level to the presidential level.

He said efforts were underway, to tackle piracy in terms of intellectual property and copyright as well as to secure financial resources to support the sector and enable the building of required infrastructural facilities.

The vice president disclosed that the Bank of Industry has N1 billion Nollyfund to support film production.

He said he expected the Advisory Group to add value to existing policies, by coming up with an inclusive and all-embracing roadmap for promoting the technology and creative sectors so that they could create jobs, contribute to growth and improve the well-being of Nigerians.