Infrastructure Development ‘ll Increase Nigeria’s Economic Growth
By Paul Aroso
The Executive Vice Chairman,Nigerian Communication Commission (NCC), Prof. Umar Dambatta said that economic development of Nigeria could only be facilitated and accelerated through the presence of infrastructural development practised in developed countries.
This was disclosed during the 10th Anniversary Lecture and Award of the Business Journal in Lagos.
Themed: ‘Infrastructure and Economic Growth: Exploring the Strategic Alliance’,Danbatta, who was represented by NCC’s Assistant Director, Technical Standards, Mr Edoyemi Ogo said that telecommunication was an infrastructure industry that contributes to all economic growth.
He maintained that the liberalisation and deregulation in the telecom sector placed Nigeria in a position to increase the contribution of the industry to overall Gross Domestic Product, GDP.
“With the advancement in telecommunication technology, the world has experienced a rapid growth in communications.
“Telecommunication sector development has acted as a catalyst to drive growth and efficiencies in many other sectors. Telecommunication infrastructure has a direct and indirect positive effect on economic growth”.
The EVC further stated that this effect can be seen in the economic growth indicators which include real GDP, Industrial production, employment, price stability, education, technology and innovation.
Said he: ‘The World Bank had found out that a 10 per cent increase in broadband penetration in developing countries results in a commensurable increase of 1.38 per cent in GDP. The telecom sector contribution to Nigerian GDP had increased from less than one percent in 2001 to about 8.66 per cent in December 2017″.
Also speaking, former Executive Vice Chairman, NCC ,Mr Ernest Ndukwe said that infrastructure remains the biggest problem in Africa.
Ndukwe, who is also the Chairman Open Media Group said that power was very critical to the development of the telecomunication industry therefore urged the government to build enough infrastructures for electrical power.
“Many small scale industries would have done very well but because of inadequate power supply, most of them are dead.
“We as a nation cannot develop without infrastructures, it is needed so that we can grow our economy”, he said.