Experts Urge FG to Invest in ICT Sector to Boost GDP
Some experts have urged the Federal Government to invest more in Information and Communication Technology (ICT) and manufacturing sector to boost Gross Domestic Products (GDP)
They gave the advice on Thursday in separate interviews in Lagos. Prof. Bright Eregha, a Professor of Economics, at the Pan Atlantic University, said the government should accord more priority to the ICT sector to accelerate more growth in the second quarter.
“The sector has the capacity to facilitate immense economic growth due to the fifth generation network being operated currently. This is achieved where business transaction and the impact of artificial intelligent have simplified contemporary complex issues in the society,’’ Eregha said.
He noted that the government could ensure more GDP growth in the preceding quarter of the year, by investing in domestic manufacturing.
“The government should initiate more Public Private Partnership (PPP) schemes that will fix key infrastructure to drive the manufacturing sector because of the impact to our economic development.
“Countries such as South Africa have been able to revamp their critical infrastructure to boost the productive sector of their economy and Nigeria should not be an exemption,” Eregha said. Also, Mr Boniface Okezie, President, Progressive Shareholders Association of Nigeria, said the government should fully implement its all year farming schemes to catalyse economic growth.
“More efforts should be made to mechanise its farming practices and address the insecurity that is negating the sector. Then, the sector can return to the largest contributor to GDP growth and create employment opportunities for the teaming youths in the hinterland,”Okezi said.
He said that the Federal Government should also harness the enormous prospects in the solid mineral sector to grow the economy. The solid minerals sector is yet to be exploited commercially for our public good particularly in the North Central zone where there are many minerals and other precious metals in commercial value,” Okezie said.
According to the National Bureau of Statistics (NBS), Nigeria has recorded a 2.98 per cent growth in GDP in the first quarter of the year. This represents a 0.48 percentage point quarter -on-quarter decline in GDP growth when compared with 3.46 per cent growth recorded in the fourth quarter of 2023.
This growth rate is higher than the 2.31 per cent recorded in the first quarter of 2023 and lower than the fourth quarter of 2023 growth of 3.46 per cent. AfDB, Ethiopia Launch $94m Project to Boost Wheat Value Chain
