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Business News

Malaysian firm to invest $100m into Nigeria’s ICT Sector

Datasonic Group Berhard has unveiled plans to invest the sum of $100 million into Nigeria’s ICT sector with the aiming of improving technological services of the country.  

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Malaysian firm invests $100m into Nigeria's ICT Sector

A Malaysian ICT Firm, Datasonic Group Berhard has unveiled plans to invest the sum of $100 million into Nigeria’s ICT sector with the aim of improving technological services of the country.  

This was revealed at the meeting between the top management of Datasonic and the Minister of Industry, Trade and Investment, Mr Niyi Adebayo. 

The Details: Chief Executive Director, Datasonic, Mr Chew Ben, announced that the company proposed a multimillion-dollar ICT plan for the country in conjunction with the Chrome Group of Nigeria. 

[READ: Employers are already after the laid-off Andela engineers] 

Inside the Datasonic deal: The deal is expected to cover the production of secured passports, chip-based driver’s license, international passport, integrated security, surveillance systems, auto-gates with facial recognition systems which provide employment opportunities for Nigerian youths. Datasonic was poised to establish a world-class range of technology products in Nigeria within the next 24 months. 

More investments for Nigeria: However, Datasonic is not the only company seeking partnership with Nigeria, Managing Director of Samsung Heavy Industries (SHI) Mr. Jejin Jeon said his firm was considering siting a vessel fabrication hub in the country, noted that the firm had invested about $500 million in the country in the last six years. He stated Samsung was eyeing business expansion and vessel fabrication in Nigeria. 

[ALSO READ: Nigeria, others receive €1 billion from EU to make goods more attractive] 

Minister reacts: Adeniyi Adebayo who closed the separate meetings with both the top management of Samsung Heavy Industries (SHI), Korea and Datasonic was elated that foreign firms sought to develop the country via the nature of their investments. He hoped that more priority would be given to Nigerian youths to rid them out of the unemployment. He promised to make conditions favourable for them to operate. 

 “It is also exciting that you are coming now at the beginning when we are trying to settle down in office so that you can be part of our plans. Our mandate is to give support whoever wants to come and provide these job opportunities as private investors. 

 “I can assure you that as you progress with your project, we have people in the ministry who will listen and see your areas of needs and how to work with you. We will ensure that we create an enabling environment for your businesses to thrive.”

What this means: One of the ways of reducing poverty is majorly through export and foreign investment because they play an increasingly large role in economic development. The decision of Samsung and Datasonic to invest in Nigeria will help to create jobs as well as improve the quality of human life.

[FURTHER READING: If you’re in your 20s & 30s, here are some ideal investments] 

 

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Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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