The Ministry of Communications was renamed Federal Ministry of Communications and Digital Economy so that the country can tap into the wealth that accrues from that sphere of business, Isa Ali Pantami, Minister of Communications, has explained.
He told State House correspondents after the Federal Executive Council (FEC) meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja, that the Ministry came up with the proposal because of the dominance of digital econmy and the contribution of ICT to Gross Domestic Product (GDP).
He adds: “If you look at the second quarter of 2019, you will find out that oil and gas contributed 8.82 per cent to our GDP while non-oil sector collectively contributed 91.18 per cent while ICT contributed 13.85 per cent to our GDP.
“So, even the contribution of oil and gas as only 8.82 while ICT 13.85 per cent.
“Now, the global practice is that nations are moving into digital economy and we felt leaving digital economy as just a peripheral in our country will not be for our economy particularly in order to give more priority to the priorities of the administration of President Muhammadu Buhari and Vice President Yemi Osinbajo.
“There is need for us to have a ministry that will supervise the development and implementation of digital economy in Nigeria; most importantly, with regard to our economic recovery and growth plan.’’
“In Nigeria, looking at the contributions of ICT and secondly, looking at how our population, most importantly, youths are addicted to ICT; they are naturally inclined to ICT; so, I feel it is very important.
“No one will argue with me that if you look at the richest people today in the world, they come from that aspect of digital economy.
“For example, Jeff Bezos, the founder of Amazon.com; he came up with that idea of Amazon in 1994; up to the 2003, he couldn’t get any profit; by 2004, he got his first profit and by 2017, 2018, 2019 constantly, he became the richest person in the world.
“What he did only significantly was to come up with that platform of Amazon.com; he doesn’t own any shop where you go and buy property but one that will provide that digital platform so that you will be able to connect potential buyers and potential buyers and potential sellers and that platform alone catapulted him to be the richest person in the world.’’