Nigeria’s Foreign Direct Investment inflow hits $67 billion

Na’ankwat Dariem, Abuja

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The Nigerian Communications Commission NCC, says the Nigeria’s Foreign Direct Investment hits $67billion as a result of investment from  the Telecom sector of the country.

The Executive Vice Chairman Professor Umar Dabattan stated this in Abuja, Nigeria’s capital during the 2nd Annual Stakeholders Consultative Forum with the Academia and Industrialists.

“While it is important that we look at these issues, amongst many others, I think it is my responsibility to submit that while the telecoms industry continues to grow amidst noticeable challenges, hitting over 163m voice subscriber based at the moment with appreciable foreign direct investment (FDI) inflow of about $67bn since 2001, the commission has been steadfast in holding on to what it sets out to achieve in research and development.”

Professor Danbattan also disclosed that there is an increase in the submission of research proposals from 56 percent in 2016 to over 90 percent  as at today.

There is an explanation for our avowed commitment but let me begin by saying that following from the maiden forum of last year, more research proposals poured in, in response to our advert in the newspapers than previously experienced in the short history of the project which began in 2013. Submissions climbed from fifty-six (56) in 2016 to ninety-six, up by about 90 per cent. In appreciation of this development, the Research budget was subsequently increased, and winners last year were 6 (six) instead of three (3) recorded in the previous year.”

Meanwhile, in an interview with Journalists Danbatta noted that “To a large extent, two to three  resolutions of first forum had already been accomplished. The establishment of relationship between all universities and industry

The   EVC also tasked Telecom operators in the country to embark on Corporate Social Responsibility CSR initiatives which he said encourages and drives local content development and funding of  research.

“Focus will be more on how telecom companies can deliver more on their CSR by providing interventions through that efforts.

This is in line with what the NCC has done, in the area of research and development .We do not have the statistics, but we believe that we are going to witness more interventions in the area of CSR by telecom companies to universities. We also have a resolution that telecom companies should establish research and innovation centers in the campuses.”

Also speaking on the meeting , Former Vice Chancellor of Igbinedion Universty, Okada, Prof. Eghosa Osaghae encouraged stakeholders in the telecom sector to sponsor and fund research and innovation.

“I am delighted that people now have become aware that there are opportunities that can be taken to make good those innovations. You can have innovations but they need to be known. This is an engagement process when your news goes out and people become aware that finally, this is not just a CSR, people have to partners with you and make use of your innovation”.

It is hoped that by the end of the meeting stakeholders will come up with solutions to develop homegrown technology; develop research and improve innovations in the telecom sector.

The theme for this years’s meeting is “Academia Accelerator for Innovation, Industry Growth and Sustainability.

Ime N