Nigeria’s economic prosperity is linked to the growth of the ICT industry

Nigeria is certainly an economic power house in Africa.

The country is following in second place to Africa’s biggest economy which is South Africa.

Known for its oil prowess, Nigeria is often touted as a possible economic leader in the future, due to its faster economic growth trajectory.

Also important to note is that in the last few years Nigeria’s movie, banking and insurance industries have become a dominant factor in the rest of the continent.

Already, Nigerian movies have shown popularity than anything like Hollywood and Bollywood have to offer in Africa.

And expectations now are that the Nigerian Information and Communications Technology (ICT) companies will play a more prominent role in Africa with some of their top ICT companies already spreading their wings into the bigger markets in the continent and elsewhere.

Therefore, it will not be too far-fetched to start imagining that the future may herald the emergence of an African ICT giant from Nigeria, at least that’s what experts think.

And to further strengthen ICT development as well as the entertainment industry in Nigeria, the World Bank recently expressed readiness to kick- start a $2m (N300m) investment on facilities to promote growth and employment projects in the next three months.

Also, targeted at fast tracking development processes and activities of government in 2009, the fund, according to the Country Director of the World Bank, Mr. Onnul Rohl, was an initial budget that will be expanded after the government might have identified specific areas for joint efforts.

This development would go a long way to show that even if Nigerians do not see the immense challenges facing the ICT sector in view of the progresses recently recorded, the world is really aware of the lapses. Hence,the promise by the World Bank to do more to salvage the situation. The World Bank chief said, ”We have areas we have researched that we can be of help but we want the Minister of Information and Communications to identify area of priorities for Nigerians to benefit and create more employment opportunities.”

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