ICT Contributes 12.6% to GDP in Second Quarter

By November 9, 2016 Investment News
As at the end of the second quarter, the Information and Communications Technology (ICT) sector increased its contribution to the country’s nominal GDP by 0.37 per cent, moving from 12.25 per cent in first quarter to 12.62 per cent.
The Minister of Communications, Adebayo Shittu, who disclosed at the ISACA Abuja’s eighth yearly international conference, said the Federal Government was redoubling efforts to increase ICT’s contribution to the country’s GDP, “as we consider it to be a veritable alternative to the oil sector whose contributions have dwindled over the past year.”

At the conference, which discussed cybersecurity, technology optimisation and national development, Shittu said without any equivocation, virtually all developmental moves in the world involve the application of ICT, but added that the challenge remains the security implications.

According to the minister, in his keynote address, the traditional banking was essentially paper-based and therefore devoid of cybercrimes.

He went on: “However, in the financial services world of today, banking transactions are fast leaving the four walls of brick and mortar branches to the clouds; increasing transactions are being done via ATM, POS, Internet banking, mobile money, and NEFT; account opening is now possible on social media platforms such as Facebook.

“Besides, the information of all registered citizens of Nigeria is stored in the cloud. The electoral process today also involves use of electronic card readers. The use of CCTV is very common in most organisations and even households today.

“Mobile communication and e-mailing and social media communication are now the order of the day. Use of computers and other office support systems are obvious in all offices today. Electronic commerce and online malls are very prevalent. Electricity and transportation had also gone digital, using prepaid. This developmental approach, as good as it is, is faced with war with cybercriminal elements.”

Source: <Guardian>