Nigeria: Adebayo Shittu Announces the Next Generation of an ICT Development Bank

Nigeria: Adebayo Shittu Announces the Next Generation of an ICT Development Bank

In order to financially support the bearers of innovative ICT projects with a great impact on the well-being of the population, the Federal Government of Nigeria is currently working on the creation of an ICT development bank. Nigeria’s Minister of Communications, Adebayo Shittu, revealed it in early March 2018, while taking part in Bayelsa Bayelsa Ecosystem and Ignition Week.

The boss of the national telecom sector explained that thanks to a bank dedicated to ICT, tech-entrepreneurs will turn less to commercial banks who are still reluctant to grant them financing; a refusal often at the origin of a delay in the implementation of ICT projects with high socio-economic potential, or even their abandonment.

The ICT Development Bank, Adebayo Shittu emphasized that it reflects the federal government’s awareness of the inescapable nature of innovation in the growth of the ICT industry, on which part of the country’s growth will depend in the course of time. coming years. Only by supporting tech entrepreneurs will the country become a hub for ICT innovation, attract more investors, create more jobs and wealth.

The ICT Development Bank is the third major sector-related project in which the Nigerian government plans to transform the nation. The first, improving the broadband penetration rate by 30% by 2019, is underway. The second, the creation of technology hubs in six universities across the country, is expected to enter its practical phase.

Source: Agence Ecofin