The Director-General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, has hinged the improved Foreign Direct Investments (FDIs) in Nigeria’s ICT industry on the nation’s large population size and its emerging economic status in the global ecosystem among other factors.
The industry expert, who made this remark while speaking at a meeting with the Chief Executive of Startup Lions, Ludwig von Bayern, said the Federal Government had initiated sundry interventions, including policies measures, laws, and infrastructure to improve the investment space as a strategic step to boost the nation’s yearly Gross Domestic Product (GDP) growth.
The NITDA boss, who appealed to German investors to invest in Nigeria’s tech ecosystem, stressed that doing so would enable the investors to enjoy fiscal and other incentives that will assure good return on their investments.
Commenting on Nigeria’s competitive advantage over other countries in the continent based on the country’s enabling investment climate, he said: “The future of Nigeria is much more promising than today due to the four comparative advantages the nation has over other countries of the world. Our large population with an emerging economic status position put us at a pole length as a suitable investment destination in Africa.
“Africa is a continent with 54 countries and 1.4 billion people with 2.9 trillion Gross Domestic Product (GDP). Nigeria alone has 15% of the population and the GDP, so investing in Nigeria is like investing in Africa”, Inuwa added.
According to him, Nigeria’s economy is emerging as Africa’s leader because it attracted about 30% of the continent’s Foreign Direct Investment (FDI), with more than $2 billion in the past year.
Inuwa maintained the government was giving the technology ecosystem unparalleled support which had been providing opportunities for entrepreneurs to start and grow their businesses in the sector.
Speaking on some of the policy, legislative and other initiatives that had helped in boosting the performance of the industry in recent times, the NITDA Director-General cited the passage of the Nigerian Startup Act, the Executive Order on Ease of Doing Business, including other incentives like Visa on Arrival and Business Incorporation under 24 hours, amongst others very key in growing the industry.
He said: “All these were aimed at transforming the digital ecosystem of the country. Nigeria has a youthful and talented population that is unique. Nigeria has a high potential for social and economic impacts and investing in the country would help the country solve its myriad of challenges.”
