ABUJA- The Minister of Commerce and Industry, Mr. Charles Ugwuh, said in Abuja that the telecommunications market would recoup 10 billion dollars by 2010.
He disclosed this at the opening of the fifth edition of the “Bridges Across Borders” Conference and Information Technology Outsourcing.
Ugwuh said that an average Nigerian spent 22 dollars per day on telephone, adding that the nation’s telecommunications market was worth five billion dollars per annum.
“The telecommunications market subscribers base has hit about 45.5 million in August 2007 and to date, it has reached 50 million mark, with new investors entering the sectors,” the minister said.
He said that the liberalisation of the telecommunications industry in 2001 had created new investment in the business services.
“It is instructive that services represent a dormant share of global economy. It accounts for 50 to 60 per cent economic activity in most developing countries and over 70 per cent in some developed countries,” he said.
However, Alhaji Aliyu Lawal, acting Executive Director, Nigerian Exports Promotion Council (NEPC), said more than N74 billion was being spent on Information Technology annually.
He said that the sector had the capacity to create more than 234,000 jobs, with the emergence of close to 400 new companies.
“The companies will produce more than N29.5 billion as tax revenue and can contribute N141 billion to the GDP,” he added.
Lawal said there was need to diversify African trade and resources for foreign exchange, saying Africa’s business community needed more attention on the sector.
He said the potentials of out sourcing the sub-sector would result to the development of the continent’s economy
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