ICT has raised Nigeria GDP by 1.62% - Fakiyesi

An economist and lecturer at the Faculty of Economics, University of Lagos (UNILAG), Prof. Tayo Fakiyesi, has said that despite the exploitation of negative aspect of Information and Communication Technologies (ICT) by a few Nigerian youths, ICT has raised the economy of the nation, especially the Gross Domestic Product (GDP) to 1.62 per cent.

“Despite all odds, the ICT sector has raised the economy of the nation and there is need for stakeholders to work towards improving the sector for more economic growth and development,” he declared.

He spoke at the end of a one-day presentation of findings workshop on ‘The impact of Liberalization on trade in ICT goods and services’ organized by the Faculty of Social Sciences, University of Lagos last week, under the LICOM project supported by Senegalese-based PANOS West Africa.

Prof. Fakiyesi, who conducted the project alongside Prof. Ike Mowete, also said that ICT has raised employment and investment in the country and has come to stay.

“It has reduced cost of trade and increased productivity,” he said, just as he lamented that apart from the improvement on the economy, ICT has also enhanced falsehood, dissemination of harmful information as well as fraudulent activities in the transaction of businesses.

According to him, ICT presently accounts for 1.62 per cent of the national Gross Domestic Product (GDP), with over 50.90 per cent growth in the contribution of the GDP.

He also said that ICT has substantially contributed to the nation’s growth since introduction over 10 years ago.

Beside the contributions, Fakiyesi noted that the growth in GDP in the country is an indication that Nigerians are getting the benefits of growth when compared with other countries of the world.

Benefits drivable from the increased development, he said, must match with the level of service provided to citizens, lamented, however that presently “the benefits are far behind in terms of services.”

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