Half of investments in Nigeria’s tech sector is from China

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Out of a total of US$32 billion that Nigeria’s tech sector has attracted as investments in the last 15 years, half of the sum is from China, according to Nigeria’s Minister of Communications, Adebayo Shittu.

The minister has announced that China, through its companies, has invested nearly US $ 16 billion in the Nigerian ICT and telecom sector over the past 15 years. He made the revelation while speaking at a workshop on the prospects and challenges of Africa-China Cooperation in ICT and ICT. Digital Economy. 

The event was organized by the Nigerian Institute of Foreign Affairs, the Chinese Embassy in Nigeria and Huawei Technologies.

The investments were reportedly were classified as foreign direct investment (FDI) in the ICT sector and telecoms space.

They were for the installation and supply of fixed telecom equipment nationwide to build and support most network operators.

Shittu noted that the resulting telecom infrastructure has contributed to the growth of various strategic sectors of the national economy, such as banking, e-commerce, insurance and oil and gas.

In his remark, the Chinese ambassador to Nigeria, Zhou Pingjian, said Chinese companies are aware of Nigeria’s potential in the digital economy. 

China then pledged its continual cooperation and commitment to tech and telecoms in Nigeria and across Africa.

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