Nigeria’s ICT sector is set to receive a $1 billion dollar boost from Innoson Group, in partnership with Chinese investors

28 October 2016


Nigeria’s first indigenous and largest automobile manufacturer and West Africa’s largest plastic-processing manufacturer, Innoson Group, is partnering a consortium of Chinese investors to invest $1 billion into Nigeria’s information and communication technology (ICT) sector.

In Abuja this week, Vice President Yemi Osinbajo received the consortium of Chinese investors led by Liu Baoju, a deputy minister of the communist party of China in Shandong Province, who is equally the chairman of the world’s biggest TV operators, the Shandong Broadcasting Group.

ThisDay reports that the investment plan includes a $400 million investment in Nigeria’s Digital Switch Over (DSO) project by 2017 and an additional $600 million to cover other important sectors of the economy.

The $400 million is split thus: $300 million of financial foreign investment credit facility for the local production and supply of five to eight million Set-Top Boxes to support the governments DSO project being handled by the Nigerian Broadcasting Commission. And $100 million of financial foreign investment to establish the latest technology and biggest Direct-To-Home (DTH) Digital BING Television Station across all states of Nigeria.

Negotiations for a follow-up investment of $600 billion is currently underway, and almost concluded with strategic Chinese partners to cover the instalments of Smart City (CCTV camera) all over Nigeria, Cloud Computing Total Solution on Taxation with IT applications for institutions like the Federal Inland Revenue Service (FIRS) and other taxation agencies to promote a seamless and stress-free tax collection mechanism; and an E-Education IT Solutions with data centres for all Federal Universities and Polytechnics in the country.

According to Cornel Osigwe, the Public Relations manager and Media Assistant of Innoson Group, the investment would assist Nigeria in becoming the manufacturing hub for Set-Top-Box in Africa with the attendant benefit of earning foreign exchange through exports from Innoson Manufacturing Complex.

In addition, the BING TV Project will engage the Nigerian Communication Satellite (NIGCOMSAT) situated at the Obasanjo Space Centre in Abuja with its numerous benefits of saving foreign exchange by buying into Nigeria available goods and services, instead of engaging foreign satellite and transponders as is the norm in the country.

The investment in CCTVs and cloud computing technology is expected to provide adequate national security against abductions, insurgency, militancy, and other forms of dangerous crimes.

Source: Ventures Africa 24 October 2016