(Ecofin Agency) - The Federal Government of Nigeria plans to construct a $1billion ICT company to improve indigenous technology in the country, Acting President, Yemi Osinbajo (photo) revealed on Tuesday.

Speaking at the 2017 Digital Africa Conference and Exhibition in Abuja, Osinbajo explained that such achievement will transform Nigeria from a dumping ground for ICT products and services.

“The Nigerian government is committed to encourage the growth of indigenous ICT companies to world standards by proving policies that will help them thrive. With the mantra of change, the Nigerian political milieu will be recalibrated for the age of the Fourth Industrial Revolution. So that both the executive and legislative will be more responsive and responsible in addressing the major global challenges staring us in the face,” he said.

ICT currently accounts for at least 10% of Nigeria’s Gross Domestic Product and has been considered as one of the vehicles that will drive the Economic Recovery and Growth Plan of the Federal Government.

In 2016, the country was ranked 137th out of the 175 countries under review by the International Telecommunication Union (ITU), based on the number of mobile phone subscriptions, the number of households with a computer, amongst others.

Anita Fatunji