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IT Investments Plunge By $53m In One Year

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Investments in the Information Technology services subsector dipped from $74.74m at the end of 2019 to $21.68m as of December 31, 2020.

This is according to analysis of the capital importation data from the National Bureau of Statistics.

The NBS data indicates a drop of $53.06m or 70.99 per cent in one year.

In the first quarter of 2020, investment in IT services had risen to $19.25m from $4.51m in the same period of the previous year.

However, in the same period of 2019, it plunged to $0.34m in Q2 2020 from $6.52m.

In Q3 2020, investment in IT services stood at $0.46m, down from $15.53m in Q3 2019.

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In Q4 2020, investment in IT services fell to $1.63m from $48.17m in the corresponding period of 2019.

In 2019, the Federal Executive Council had approved the renaming of the Federal Ministry of Communications as Federal Ministry of Communications and Digital Economy.

Then in 2020, the Nigerian Communications Commission approved the creation of a Digital Economy Department, responsible for promoting the digital economic agenda of the Federal Government.

In the first three months of 2021, investment in IT services stood at $1.60m but dropped to $0.03m in Q2.

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