The federal ministry of communications and digital economy alleges that the ministry has brought in US$2.4 billion in revenue over the last two years. Isa Pantami, Minister of Communications and Digital Economy spoke during the virtual inauguration of the 12th batch of digital economy projects at the Digital Economy Complex in Mbora, Abuja.
Pantami stated that the communications and digital economy sectors were critical in bringing the country out of recession, with ICT experiencing the fastest growth rate in the fourth quarter of 2020. “The ministry’s actions are aimed at assisting the federal government in its three key priority areas of the economy, security, and anti-corruption,” he explained.
“Our initiatives in the communications and digital economy sectors have significantly boosted Nigeria’s economy. According to the National Bureau of Statistics (NBS) and the President, the industry was critical in bringing the Nigerian economy out of recession. As a result, the ICT sector achieved a tremendous growth rate in the fourth quarter of 2020 (14.70 per cent).
“This was the only double-digit growth rate, and it outpaced the combined growth rates of the second through seventh fastest-growing sectors. Moreover, the ICT sector grew at the highest rate in 2020 and the first quarter of 2021. “It is also worth noting that the telecommunications sub-sector increased at a pace of 15.90 per cent, the most remarkable rate in the last decade.
According to Pantami, around US$ 874.4 million in revenue was mainly from Spectrum, allocated by the National Frequency Management Council (NFMC), chaired by the minister, granted to the Nigerian Communications Commission (NCC) and the National Broadcasting Commission (NBC) for commercial reasons.
Pantami explained that the data and figures mentioned earlier were compiled from numerous reports provided by the ministry and parastatals under his supervision. He praised the CEOs of the ministry’s parastatals for their dedication and asked them to further develop Nigeria’s digital economy.