With fresh investments and improve standard of education in the Information and Communications Technology (ICT) sector, Nigeria’s economy can witness a major turn around.
This was the view of the Huawei Technologies, which stressed that more emphasis on education from the basic level and opportunities for entrepreneurial youths to embrace ICT will keep the country moving.
Managing Director, Huawei Nigeria, Frank Li, at a media interaction, in Lagos, said, “As a foreign investor, my greatest fear in the ICT sector is not the devaluation or the scarcity of dollar but it’s the uncertainties that clouds the economy. However ICT has countless potentials in developing Nigeria’s GDP.”
According to him, during the recession period, many foreign investors had the fear of shutting down and moving out of Nigeria, “but with increase in international oil price, Nigeria is gradually experiencing more economic fortunes in external reserves, sovereign weight fund and PMI, which have restored the confidence of foreign investors to invest in Nigeria,” Li added.
The Huawei MD noted that the company has huge responsibilities in meeting the demands of over 90 million Internet users in Nigeria and also reaching over 200 communities, which house about 40 million people in rural areas, who still don’t have access to basic telecommunication service.
Li further noted that the company has being supporting the government in its various methodologies with the aim of creating more jobs and increasing more revenue for government agencies. He however advised the central bank of Nigeria (CBN) to have a stable currency policy that will attract foreign investors and encourage private sector participation.
Speaking on the company’s plan for 2018, Frank lee added “we are looking at expanding our offices in Nigeria and increasing our work force which will be strictly Nigerians in 2018.
From his perspective, a former Director-General of Nigeria Television Authority (NTA), Vincent Maduka, said the ICT sector holds huge prospects for the country. As such, he called for concerted efforts in harnessing the various untapped potential in the sector.
To the Country Editor of The Business Year, Silvia Lambiase, Nigeria can boasts of extremely entrepreneurial, tech-savvy and young population and also has the potential to achieve what South Korea and Rwanda has currently achieved.
“For example, South Korea is the number one country in ICT development index in 2015 and 2016, only overtaken by Iceland in 2017 while Rwanda digital revolution enables it boast of 4G free network round the country.” Silvia Lambiase said.
Lambiase, who recommended that consistent government polices irrespective of leadership, strong private sector, long term transparent and efficient programme will help ICT boast its contribution to GDP, posited that government needs to provide a more enabling environment through liberalisation of key ICT sub-sectors such as broadband as well as other sectors like managed services, software, and even blockchain, to create more competition and attract foreign Direct Investment (FDI).
