October 9, 2024

Name Change: FEC Approves Rename of Ministry of Communications

By Shola Akingboye – October 23, 2019

The much ado about the renaming of the Federal Ministry of Communication to  the Federal Ministry of Communication and Digital Economy has eventually been laid to rest as  the Federal Economic Council (FEC) on Wednesday approved the renaming of the Ministry.

While briefing State House correspondents after the Federal Executive Council (FEC) meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja, Isa Pantami, Minister of Communications, disclosed that the digital economy had become a global trend and was contributing meaningfully to Nigeria’s Gross Domestic Product (GDP).

“I am here to convey the message to Nigerians that the Federal Ministry of Communications which I supervise has been renamed and re-designated as the Federal Ministry of Communications and Digital Economy; so that the amendment is that the digital economy should be added to the name.

“We came up with the proposal knowing that digital economy today is about to dominate the world and even in Nigeria if you look at it critically, the contribution of ICT to Gross Domestic Product(GDP) is increasing by the day.

“If you look at the second quarter of 2019, you will find out that oil and gas contributed 8.82 percent to our GDP while non-oil sector collectively contributed 91.18 percent while ICT contributed 13.85 percent 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 the 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. Also read: Budget: Non-existing projects gulp billions of naira in the transportation sector — Senate Committee

“There is a need for us to have a ministry that will supervise the development and implementation of the digital economy in Nigeria; most importantly, with regard to our economic recovery and growth plan,’’

In order to align with the global best practice, Pantami said many nations in the world were coming up with new ministries as ministries of the digital economy. He said that in the European Union, a commissioner had been assigned with the mandate of the digital economy, while Scotland has also appointed a minister of the digital economy.

The minister also cited Thailand as having a minister of the digital economy says in Africa,  Burkina Faso had also appointed a minister of the digital economy. He said that the move was to make sure that the digital economy was not a peripheral aspect of the Nigerian economy but a central one.

“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 the digital economy.

“For example, Jeff Bezos, the founder of Amazon.com; he came up with that idea of Amazon in 1994; up to 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.’’

Pnatami concluded that Nigeria had advantages in terms of population and resources; therefore, should harness the digital economy as a global trend to improve its economy.

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