Home » Business » India Earmarks $10bn For Indo-Africa Trade, ICT Development
Nigeria n Minister of Communications, Mr Adebayo Shittu cutting the tape to open of Indo-Africa ICT Expo 2017. He is flanked by Mr. Vincent Sowah Odotel, Deputy Minister of Communications, Ghana, and India delegation among others

India Earmarks $10bn For Indo-Africa Trade, ICT Development

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India Government has set aside $10 billion for Indo-Africa trade aimed at promoting ICT innovation and development across African continent.

 

This is according to Co-Chairman, TEPC and CEO, Tejas Networks, Mr. Sanjay Nayak while speaking in Lagos Wednesday at INDO-AFRICAN ICT EXPO 2017. He said Indian Government, via its Communication ministry, hopes that the move will ensure mutually beneficial growth between Africa and India as there is hardly shortage of ideas but shortage of capital in the continent.

Mr. Sanjay also revealed that India now boasts of lowest telecoms tariffs in the world thanks to years of technology innovation and deployment of latest, highest quality and lowest cost technology.

 

According to him, Indian companies can replicate such success in Nigeria and other African countries. “Indian IT services is what you can trust. You do not have to worry about it. Every ICT problems you intend to solve in the next five years India is ready to partner. We will make sure you grow your industry as we grow our own.”

 

In his key note address, Minister of Communication, Mr Adebayo Shittu said in Nigeria, our commitment towards ICT innovations has made Nigeria well known in the tech space, adding that today, we have over 145 million mobile subscribers, representing a penetration of 85.5% while Internet penetration rate stands at about 70%.

 

“Nigeria is the fastest growing ICT markets in Africa and in the worldwide. This is attributable to the improving conducive business environment and younger and more affluent population – all of which are strong indicators of not only a source of capital, but of job creation, skills development, technology transfer, infrastructure development, responsible governance and sustained growth with long-term diversification and transformation of Africa economies, Shittu said.

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Speaking further, the Minister noted that Nigerian government is pleased that India is keen to establish linkages with us here in Nigeria and Africa at large to build a relationship that will go a long way in promoting trade.

“I have no doubt that India has proven its capabilities in the ICT sector and is acknowledged as a preferred destination for services and outsourced Research and Development. Given the large domestic demand for telecom equipment in India, Indian companies are now using Innovation, Research and Development to create world class products for India as well as for other emerging markets having similar needs like Africa,” he added.

Present at the event includes communication ministers and reprepresenttative from Ethiopia, Ghana, Kenya; ICT and Telecoms Executives and Associations amongst others.

 

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