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ECONOMIC VALUE OF ICT INVESTMENT IN NIGERIA: IS IT COMMENSURATE?
This paper explores the economic value of ICT investment in Nigeria. Data were gathered from secondary sources after which different statistical packages were used to extract relevant information. Investigation revealed that ICT investment was on the increase from 2001 when the telecoms industry in Nigeria got their liberalization. The empirical results suggest that ICT investment has a significant impact on NigeriaÂ‘s economic growth during the period reviewed, suggesting good payoffs from the investment. R-squared result shows that a high proportion (95%) of total change in GDP is accounted by private investment in ICT, ICT contribution to GDP and number of subscribers. ICT investments made by the private sector seem to have contributed significantly to the countryÂ’s growth. However, in order to sustain economic growth leveraged against ICT, more concerted efforts need to be made to increase ICT investment diffusion in the country. Such initiatives will ensure that the value potential of ICT investments in the economy is maximized, due to greater ICT-enabled potential that can translate to economic growth.