Infrastructural development will enhance Nigeria’s economic growth

THE Executive Vice Chairman, The Nigerian Communication Commission, (NCC), Prof. Umar Dambatta has said that economic development of Nigeria could only be facilitated and accelerated by the presence of infrastructural development as being practised in developed countries.

This was disclosed in the Business Journal 10th Anniversary Lecture and Award held at Sheraton, Ikeja themed ‘Infrastructure and Economic Growth: Exploring the Strategic Alliance’.

Danbatta, who was represented by The Assistant Director, Technical Standards NCC, Mr Edoyemi Ogo said that telecommunication was an infrastructure industry that contributes to all economic growth drivers in one way or the other.

He said that the liberalisation and deregulation in the telecom sector placed  Nigeria in a position to increase the contribution of the industry to overall 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”.

“This effect can be seen in the economic growth indicators which include real GDP, Industrial production, employment, price stability, education, technology and innovation, “Danbatta said.

He added that the World Bank had found out that a 10 percent increase in broadband penetration in developing countries results in a commensurable increase of 1.38 percent in GDP.

Danbatta also said that the telecom sector contribution to Nigerian GDP had increased from less than 1 percent in 2001 to about 8.66 percent in December 2017.

Speaking also, The Chairman Open Media Group, Mr Ernest Ndukwe said that infrastructure remains the biggest problem in Africa.

He said that power was very critical to the development of the telecommunication industry, therefore, urged the government to build enough infrastructures for electrical power.

“Many small-scale industries would have done very well but because of the 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.