China To Invest $15bn In Nigeria’s ICT

The federal government is in talks with Chinese investors to attract around $15 billion additional investments into the Nigerian information and communications technology (ICT) sector, Leadership reports.
This investment would create opportunities for further diversification of the industry as well as the creation of 40 million new jobs for the youths.

Adebayo Shittu, the minister of communications, disclosed this at a two-day Nigerian communications sector retreat which ended over the weekend in Ibadan, Oyo state.
He said: “I just led an industry delegation to China and after discussions with the investment community and unveiling investment potential in the Nigerian ICT industry, the Chinese investors have decided to come to Nigeria to invest about $15 billion into our ICT sector.”
The minister of communications had last week returned from two international conferences on space technology in Belarus and China where he marketed Nigeria’s cyberspace and telecommunications sector potential to foreign investors.
This visit also coincided with the award of a Carrier Spectrum Management (CSM) contract to one of the agencies in the ministry, Nigeria Communications Satellite Limited (NigComSat), by the Republic of Belarus.
Those in attendance at the retreat includes the Oyo state governor, Abiola Ajumobi, lawmakers from the communications committees of both the House of Representatives and Senate, telecommunication operators, industry associations, original equipment manufacturers (OEMs), small and medium businesses (SMBs), chief executives of the five agencies under the ministry and other industry participants.
According to Shittu, the ICT retreat is a key element for inclusive as well as progressive diversification and development of Nigeria’s economy.
Meanwhile, Kemi Adeosun, from several sources to plug deficits in the 2016 budget.
Adeosun wrote this in an article entitled “Nigeria’s Economy: The Road to Recovery”, which was circulated by the ministry of finance on Thursday, January 21.

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