ICT contributing more to GDP than oil – Minister

The Minister of Communications and Digital Economy, Dr Isa Ibrahim, has said the Information and Communication Technology sector currently accounts for 13.85 per cent of Nigeria’s Gross Domestic Product, which is higher than the 8.82 per cent of the oil and gas sector.

Ibrahim  said the government planned to create an enabling environment for over “30 million Nigerian youths” to utilise the ICT industry to create jobs and transform the economy.

The minister stated these on Friday while delivering the 7th Convocation Lecture of  Nile University, Abuja. He said, “With an average age of just over 18 years, Nigeria has a potential critical mass of digital natives that can transform the country into a regional and global ICT powerhouse.

“With a GDP valued at $397bn, Nigeria has the largest economy in Africa based on the World Bank’s estimate. We now stand on the brink of a technological revolution, known as the fourth industrial revolution, and it will fundamentally alter the way we live, work, and relate to one another.

“The increasing influence of ICT on our GDP gives us the impetus required to further develop the digital economy. The development of Nigeria’s digital is very important and this led President Muhammadu Buhari  to approve the renaming of the Federal Ministry of Communications as Federal Ministry of Communications and Digital Economy.”

Nile University Vice-Chancellor, Prof Osman Aras, said the convocation on Saturday would produce over 500 graduate and postgraduate degree holders, adding that the Chief Justice of Nigeria, Tanko Muhammad, and the Chairman of Eleganza Group, Chief Akanni Okoya, would be honoured.
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