Nigeria’s FDI in ICT grows from $32 billion to $40bn – says Communication Minister Shittu

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Offshore investment in Nigeria’s Information Communication Technology (ICT) sector is on the rise despite economic downturns and absence of support infrastructures. Foreign Direct Investment (FDI) grew from $32 billion in 2015 to $40 billion in 2018, according to the country’s Minister of Communications, Dr. Adebayo Shittu in Abeokuta, Ogun state, south west Nigeria.

Shittu spoke at the just ended 6th Regular Meeting of the National Council on Communication Technology (NCCT) with the theme: “Leveraging ICT as the Veritable Vehicle for Economic Recovery and Growth.”

He said the over 20% growth in terms of offshore investment for 2018 was an indication of investors’ confidence and also a validation of the government’s commitment to economic diversification.  The ICT sector contributed about 11% in gross domestic product (GDP) in 2018 and remains one of the fastest growing despite the economic recession. Government remains committed to growing the sector, said Shittu.

It is also noteworthy that the telecommunications industry has continued to show strong increase in the number of active telecoms subscribers with an increase from 148,70 million in august 2015 to 162.05 million as at September 2018, which is an increase of  seven per cent, said Shittu to the audience that include public sector stakeholders drawn from federal and state agencies and their counterparts from the private sector.

His words:  “Teledensity 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 Executive Governor of Ogun State, Senator, Ibikunle Amosun while welcoming the participants said Ogun is supportive of all stakeholders in the sector including telecom operators and the state will continuosly seek ways to attract ICT investments. He said:  “we have also continued to ensure that economic and commercial opportunities in our dear State are further boosted through G2C (Government to Citizens) solutions.”


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