Nigeria generates $70bn from IT investments

The federal government has said that it generated about $70 billion from investments in Information Technology.
Vice President Yemi Osinbajo said this while inaugurating the Technology and Creativity of the Nigerian Industrial Promotion and Competitiveness Advisory Council at the Aso Rock Presidential Villa in Abuja.
He said though Nigeria still ranked 134 in the ICT development sector, with the creative sector contributing just over 1.4 per cent to Gross Domestic Product (GDP), 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.
He emphasized that the technology and creative sectors have taken the centre stage in the economy, given their actual and potential contributions to growth, job creation and entrepreneurship.
He 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 added that 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.
According to Nigeria Communications Week the vice president 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.