The Federal Executive Council(FEC) on Wednesday approved the renaming of the Federal Ministry of Communications as Federal Ministry of Communications and Digital Economy.
Isa Pantami, Minister of Communications, disclosed this while briefing State House correspondents after the Federal Executive Council (FEC) meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja on Wednesday.
He said the digital economy had become a global trend and was making meaningful contribution to Nigeria’s Gross Domestic Product (GDP).
“I am here to convey the message to Nigerians that the Federal Ministry of Communications which I supervise has been renamed and re-designated as the Federal Ministry of Communications and Digital Economy; so that the amendment is that digital economy should be added to the name.
“We came up with the proposal knowing that digital economy today is about to dominate the world and even in Nigeria, if you look at it critically, the contribution of ICT to Gross Domestic Product(GDP) is increasing by the day.
“ If you look at the second quarter of 2019, you will find out that oil and gas contributed 8.82 per cent to our GDP while non-oil sector collectively contributed 91.18 per cent while ICT contributed 13.85 per cent to our GDP.
“So, even the contribution of oil and gas as only 8.82 while ICT 13.85 per cent.
“Now, the global practice is that nations are moving into digital economy and we felt leaving digital economy as just a peripheral in our country will not be for our economy particularly in order to give more priority to the priorities of the administration of President Muhammadu Buhari and Vice President Yemi Osinbajo.
“There is need for us to have a ministry that will supervise the development and implementation of digital economy in Nigeria; most importantly, with regard to our economic recovery and growth plan,’’ NAN quoted him as saying.
Pantami added that in order to be in alignment with the global best practice, many nations in the world were coming up with new ministries as ministries of digital economy.