Expert urges FG to invest in ICT sector

An economic expert, Mr Johnson Chukwu, has urged the Federal Government to invest in the Information Communication Technology (ICT) sector and tackle insecurity to consolidate the Gross Domestic Product (GDP) growth. Chukwu, who is the Chief Executive Officer, Cowry Assets Management Ltd., disclosed this in an interview in Lagos on Tuesday.

According to Chukwu, the Federal Government could grow the economy by expediting the launch of the 5G network. Ensuring the launch of the 5G network in the country will enhance business and boost the GDP numbers. He said particularly now that some big telecommunications have been granted the approval to provide payment solutions.

He said that the Federal Government must continue to tackle the insecurity headwinds in order to drive the growth of the agricultural sector. The agricultural sector and its value chain had been contributing no fewer than 30 per cent to the nation's GDP prior to this time. Chukwu said, however, the sector's contribution is still quite low because of the insecurity in many parts of the hinterlands.

He noted the Federal Government should support the capacity of local manufacturers to enable them operate at optimal levels. Chukwu added that more investment was needed in critical infrastructure, so as to enhance the business climate in the country. The provision of reliable electricity is key in boosting local businesses and attracting Foreign Direct Investment (FDI). He said it will address youth unemployment and leapfrog the economy. Supreme reports that the National Bureau of Statistics (NBS) said the Nigeria's GDP grew by 4.03 per cent in the third quarter of 2021. This was against the 5. 01 per cent recorded in the preceding quarter of same year.