Nigeria assures investors of prospects
BUSINESS| Sept. 21, 2011, 9:38 a.m.
Nigerian authorities have assured a visiting Indian business delegation that Nigeria is creating a climate conducive to investment and that ICT spend in the country is on a sharp upward curve.
The Indian trade body NASSCOM sent its second mission to Africa this month, to seek out partnerships and investment opportunities. India is investing heavily in Africa, and the Indian government recently pledged to invest hundreds of millions of dollars into African initiatives and training, with up to USD5 billion line of credit.
With up to USD46 billion in trade agreements between India and Africa already in place, India hopes to boost bilateral trade agreements yet further.
As part of the trade initiatives, delegates from 20 ICT companies from India’s National Association of Software and Service Companies (NASSCOM),are visiting Kenya, Nigeria and Ghana from 14 to 22 September.
The delegation led by Dr. Jai Menon, Group CIO, Bharti Enterprises & Director - Global Innovation & IT, Airtel and by Anil Bakht, Managing Director, Eastern Software Systems.
During the Nigeria leg of the visit this week, Nigeria’s Minister of Communication and Technology, Omobola Johnson, said Nigeria encouraged foreign investment. She gave the assurance that she would strive to promote foreign investment into the country without hampering local business.
However, she also called on foreign ICT vendors operating in Nigeria to comply with local regulations to ensure healthy competition.
Dr Jimson Olufuye, President of the Information Technology Association of Nigeria (ITAN), said the ICT sector would grow Nigeria’s GDP to USD900 billion in the next nine years. He said ITAN expected partnerships between Nigeria and India to position Nigeria as the premier outsourcing destination in Africa.
NASSCOM said in a statement that Africa has been one of the faster growing markets worldwide in ICT adoption and has the potential of becoming one of the most important markets for the Indian IT industry. It says the continent has huge unmet ICT demand, with Africa’s IT market headed for growth to levels of USD26.53 billion in 2011.
MORE BUSINESS NEWS
DHL to invest millions of Euros across SSA in 2015DHL plans to invest millions in upgrading its shipment handling systems and facilities in SSA this year. Read More
Ebenezer Asante to assume CEO role of MTN GhanaEbenezer Twum Asante will officially assume the position of Chief Executive Officer for MTN Ghana, effective 1st July, 2015. Read More
Nomanini scales West African footprint with Transaction Solutions partnershipSouth African-based portable Point of Sale (PoS) service provider Nomanini has signed an exclusive agreement with Transactions Solutions Ghana Limited to substantially scale numbers of its cloud-based PoS terminals in Ghana. Read More
Online procurement system for East Africa goes liveKenyan IT start-up M-Tenders Systems has created East Africa’s first live online procurement system, www.m-tenders.com. Read More
Customer experience starts with staff experienceCompanies seeking to improve customer experience to boost business may be overlooking a critical component in the mix: staff, says new Interactive Intelligence research. Read More
MasterCard, Ecobank Group to accelerate e-payment in SSAEcobank, Africa’s largest bank by geographical reach, will roll out MasterCard payment solutions to millions of its customers in Africa. Read More
Travellers more tech savvy78% of global travellers are using digital information while planning their trips; 66% resorting to digital sources for travel tips at the destination, says Visa. Read More
Standard Chartered appoints Chief Innovation OfficerStandard Chartered Bank says it has appointed Ms Anju Patwardhan as the Bank’s first Group Chief Innovation Officer, effective 1 July 2015. Read More
Cameroon: a well-kept investment secretThe investment opportunities in Cameroon are wide open, believes Africa strategy advisor for Moore Stephens, Jeff Blackbeard, who recently met with Cameroonian Prime Minister Philémon Yang. Read More
FEATURED STORYIHS plans to inject fresh $500m to grow capacity
Mohammed Darwish, managing director of IHS Towers, says the firm will soon inject another $500million into the business after raising some $2.5billion to finance expansion drives. Darwish spoke with biztecafrica.com in Lagos.
BEST READ NEWS
IN DEPTHAs curtain falls on MDGs, what next?
Dr. Bjorn Lomborg, president of the Copenhagen Consensus Centre, speaks to Biztechafrica about setting smart targets.