Technology and Taxes
NIGERIA
NEXT LEVEL
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An Impetus For Long-Term Socio-Economic Development In Nigeria, the ICT sector functions as a catalyst for growth, creating job opportunities and stimulating the economy. Nigeria’s ICT sector functions as a major contributor to the economy, supported by the country’s young demographic and the rapid acceptance of mobile internet services. The telecoms industry is holding a steadfast growth trajectory, as smartphone penetration and mobile internet network investment are increasing and support an economical shift towards data-driven growth models. In the IT sector, government efforts to boost broadband penetration have begun to gather steam, and all signs point to ICT creating an auspicious avenue for all sectors to rapidly grow. Internet usage statistics are indications of Nigeria’s readiness to transform into a digital economy through ICT-driven systems and processes. Nigeria’s impressive internet access demonstrates its dedication to strengthening the quality of education, improving livelihoods and reducing poverty. The internet also drives employment and trade opportunities both within the region and across the globe, serving as an engine of access to information and empowering Nigerians toward a technological future. ICT has brought about equal footing, financial inclusion and competition in the delivery of services in the business environment.
Nigeria recognises the importance of ICT as an impetus for long-term socio-economic development for its people and as the enabler for developing other critical sectors. This recognition is reflected in the national development plan, Nigeria’s Vision 2020. In its drive to diversify the economy from dependence on the oil and gas sectors, the federal government has prioritised additional foreign direct investment in the ICT sector, bringing in as much as an additional US$15 billion. Overall investment in the ICT sector has hit US$70 billion, increasing from a mere US$50 million in 2001. The plan will accelerate the sector’s contribution to the nation’s overall GDP, where investment in telecom alone currently brings US$ 32 billion. The governmental support and developmental plan will inevitably create countless opportunities for the country to become a technological hub for training, skills transfer, leadership and investment. Hon. Adebayo Shittu, former Minister of Information and Communications, says, “We will offer every support to ensure that our local ICT firms, service providers and manufacturers have a qualitative competitive advantage over others. If we do so, Nigeria’s ICT sector will attract international investors.” Additionally, the government
