Mr. Adebayo Shittu, the Minister of Communications say India plans to invest over $4 billion in Nigeria’s ICT sector as part of on-going partnership with that country.

Shittu said at the Indo-Africa ICT Expo in Lagos that the ministry is also finalizing agreement for India to finance 1000 solar-based masts in rural areas in the country to address the lack of adequate level of networks in such areas.

“ICTs continue to drive global development in an unprecedented way, providing huge opportunities for social and economic development. In the case of Nigeria, the federal government recognizes ICTs as one of the key drivers of the economy. To this end, ICT has been factored in all national long-term development blueprints that aim at transforming Nigeria into a knowledge economy by 2020.”

The minister also hinted of plans to establish an ICT bank to provide financing for ICT investments in Nigeria. He lamented the high interest rate charged by commercial banks, which he described as not being conducive to players in the ICT sector.