Nigeria has made over $70 billion from Information Technology

Vice President Yemi Osinbajo has disclosed that the federal government has generated up to $70 billion from Information Technology investments.

Osinbajo while inaugurating the Technology and Creativity of the Nigerian Industrial Promotion and Competitiveness Advisory Council at a the Aso Rock Presidential Villa in Abuja, expressed confidence that technology and creative sectors had come to centrestage in Nigeria’s economy, given their actual and potential contributions to growth, job creation and entrepreneurship.

He said though Nigeria still ranked 134 in the ICT development sector, with the creative sector contributing just over 1.4% to Gross Domestic Product, 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.

Osinbajo 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 said 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.