[this day] The World Bank has set aside $50 million for ICT infrastructure development, connectivity, skills development and capacity building in Nigeria
With this development, the bank will thus be turning its focus towards telecommunications development in Eastern and Southern Africa to the West African sub- region.
According to an IDG News Service report, the fund is coming less than seven months after the bank gave $424 million for the development of the eastern and southern Africa communication infrastructure.
The World Bank is confident that a wider application of ICT as well as the popularisation of business process outsourcing could lead to a significant transformation in the region's societies.
Nigeria is recognised as the largest ICT market in Africa. With the World Bank funding, however, the country is expected to further consolidate its position as the hub of ICT development and the largest ICT market in Africa, which would attract investment by international telecoms companies.
Speaking on the issue, a senior economist with the African Finance and Private Sector Development Agency, Mr. Ismail Radwan, said: "The key intervention in Nigeria includes connectivity, infrastructure development and the outsourcing sector."
Nigeria's continued growth over the next five years is expected to trigger more competition among a growing number of networks in the West African region.
World Bank Earmarks U.S. $50 Million for ICT Development
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