Science & Tech
Bismarck Rewane, Chief Executive Officer, Financial Derivatives Co. Ltd., has called for greater investment in digital infrastructure to drive inclusive growth and expand economic opportunities in Nigeria.
He made this statement during the inauguration of the Nigeria Broadband Alliance for Nigeria (NBAN) on Tuesday in Lagos.
Investment in digital infrastructure is expected to boost Nigeria’s economic growth, with Gross Domestic Product projected to rise from $472.6 billion in 2022 to $502 billion over four years.
Rewane stated that expanding Nigeria’s fibre optic network by 90,000 km, aided by a $2 million United States grant, would push internet penetration above 70 per cent.
This expansion, he said, would also lower internet access costs by over 60 per cent, making it more affordable for Nigerians.
Rewane highlighted that the World Bank had pledged $500 million to support network expansion, which would significantly benefit the country’s economy.
He added that increased connectivity would enhance key sectors, including agriculture, oil and gas, manufacturing, and commerce, driving economic transformation.
Rewane noted that Nigeria’s telecoms sector contributed 12.1 per cent to GDP in 2024, but with the right investment, this could rise to 16.8 per cent by 2028.
Investing in digital infrastructure, he said, would also promote inclusive access, empowering underserved communities through improved education, healthcare, and economic opportunities.
He added that broadband expansion would create tech jobs and increase demand for digital skills, supported by training programmes and government initiatives.
Rewane emphasised that Nigeria’s base station count had risen by 273 per cent, reaching 137,992 in 2023 from 37,000 in 2020.
He stated that this growth in digital infrastructure would enhance efficiency and productivity, leading to higher incomes and reduced poverty.
Rewane also noted that improved connectivity would transform agriculture by facilitating extension services, precision farming, and better market access.
“In the oil and gas sector, increased connectivity will enable remote monitoring and improved communication, boosting efficiency and productivity.
“In manufacturing, digital solutions will drive IoT and AI adoption, helping businesses streamline processes, improve quality, and cut costs,” he said.
He added that broadband expansion would also boost commerce through e-commerce growth, mobile payments, and greater price transparency.
According to him, increased investment in digital infrastructure is expected to have a significant impact on Nigeria’s economic growth and development. (NAN)
E.A
Feb. 4, 2025
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