Poor digital infrastructure affecting Nigeria’s economic growth – LCCI

The Lagos Chamber of Commerce and Industry has cited poor digital infrastructure as a major contributor to Nigeria’s ailing economy.

LCCI president, Dr. Michael Olawale-Cole, stated this during the Information Communication Technology and Telecommunication EXPO which was held in Lagos.

The theme of the event was “Ensuring efficient digital infrastructure in Nigeria.”

Giving his opening remarks, Olawale-Cole said digital infrastructure had become crucial because virtually everything was now done electronically, thereby making issues like access, Internet of things, right of way, broadband penetration, policies, regulation, cyber security, and other matters of great concern.

According to him, questions surrounding performance in digital infrastructure, the challenges and the way forward must be brought to the front burner to enable the country to come up with a strategic growth plan.

He said the Federal Government had announced a target of $40bn private capital investment in digital infrastructure by 2025, besides facilitating about $1bn in private equity.

Just last week, the Federal government inaugurated the National Council on Infrastructure, with a plan of doubling Nigeria’s infrastructure stock of the Gross Domestic Product from the prevailing 35 per cent to about 70 per cent.

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