NIGERIA TO SET UP ICT DEVELOPMENT BANK

Nigeria Leveraging on ICT industry with plans for ICT Development Bank.

Information Communication Technology (ICT) is one of the fastest growing industries worldwide. Technology and the internet have universally grown to become essential in our everyday activities. Internet and Technology  is now making the globe a tiny space. Everyday the speed and clarity of transferring information globally is continually evolving. Countries need now to invest in this growing industry to strategically position themselves for the future.

It is in this light that the Nigerian Government is planning to set up an ICT Development Bank. This bank will provide funding for the young entrepreneurs in Information Communication Technology  industry.

This information was disclosed during the launch of the Bayelsa Ecosystem and Ignition Week, organised by the Young Innovators of Nigeria in collaboration with the Bayelsa State Government.

Mr. Peter Jack, former director general, National Information Technology Development Agency, NITDA, representing Mr. Adebayo Shittu, minister of Communications, at the launch said the bank will help reduce dependency on commercial banks for funding and will also offer lower interest rates to grow the ICT industry.

The Federal Government being conscious of the role of Information Communication Technology and as its 2017 budget is implementing incubation hubs across the six geopolitical zones in the country so as to promote local manpower, boost empowerment and growth in the sector.

There have been rapid development of ICT for the past three years, especially in expansion of its facilities and services.

Also, part of the 2018 plan is to increase broadband penetration in the country to above  20 percent.