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Digital Economy Can Boost Nigeria’s GDP By 45% – Minister

The digital economy through the e-commerce, online payments and other digital services can boost Nigeria’s Gross Domestic Product (GDP) by 45 percent, according to Minister of Communications and Digital Economy, Dr Isa Pantami.

The Minister stated this in Abuja on Thursday during a National Dialogue on Telecoms and ICT sector in Nigeria.

Pantami referred to the second quarter 2020 report of the National Bureau of Statistics (NBS) which revealed that the information and communications technology contributed 17.83 percent to the GDP.

The Minister maintained that the effect of the digital economy is far greater than the ICT contribution.

According to him, technology and partnerships would play a vital role in the development of the digital economy, including how people access opportunities and overcome challenges.

Digital Economy Can Boost Nigeria's GDP By 45% - Minister

Represented by the NCC Executive Vice Chairman, Prof. Umar Danbatta, he said: “Emerging technology, in particular, is gaining a lot of attention across the globe and is enhancing the lives of people. This is why we have a pillar that focuses on it.

“The need for partnerships in the development of a vibrant digital economy cannot be overemphasised.”

“This explains why we always partner with stakeholders in the digital economy ecosystem in the development of policies and regulatory instruments as well as in the implementation of initiatives.”

The NCC boss stated that the Commission is committed to increasing the growth of telecom industry.

“We will leave no stone unturned. We will not rest on our oars until we achieve our goals. We have our job cut out for us and we will start with broadband because that is the key to touching the lives of every Nigerian.”

He further disclosed that the commission, in line with new target in the Nigerian National Broadband Plan 2020-2025, planned to achieve 70 to 90 percent broadband penetration by 2025.

“We want to continue to protect consumers and ensure they have value for their money.

“More importantly, we will continue to support and fast-track the digital economy drive of the Federal Government of Nigeria and this has led to the creation of a Digital Economy Department in the commission,” he added.

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