Intelligent CIO Africa Issue 76 | Page 43


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when GDP growth is expected to be 2.3 %, 2.5 %, 2.6 %, 2.4 % and 2.4 %, respectively .
ICT industry growth of the ICT market over the next five years . Key players in the ICT market are focusing on expanding their businesses and strengthening their ICT services through collaborations and partnerships .
According to Mordor Intelligence , Nigeria ’ s ICT market is expected to grow at a CAGR of 2.1 % over the forecasted period . Nigeria ’ s ICT sector distinguishes itself by creating software and security solutions , using the country ’ s workforce , and collaborative functioning of industry and government in funding . Furthermore , increasing adoption of IoTbased devices across various industries , including BFSI , IT and Telecom , Retail and E-commerce , and others , is driving use cases and business benefits Nigeria ’ s ICT market is gaining traction with advanced technology , such as cloud computing . Artificial intelligence is also extending its application across the end-user segment , fuelling market growth over the next five years . For Instance , Microsoft has collaborated with the Nigerian government to promote the country ’ s digital transformation .
The increasing infrastructure developments , such as smart city and data centre construction , will drive the
Microsoft has launched its new office facility in Nigeria . The new office facility houses its Africa Development Centre . Microsoft ’ s new office facility in Lagos is expected to be worth $ 100 million in investment and will serve as a top engineering centre for Microsoft , where African talent can build solutions with local and global effect . It is also a hub where Africa is anticipated to receive software engineering solutions .
Due to the pandemic , the demand for the adoption of IT services and telecom services has seen a rise , augmented by technology demand growth due to shutdowns . Companies upgrading IT infrastructures to support remote working amid shutdowns may shift workloads to the public and private cloud . Over the coming years , this is expected to drive the demand further as enterprises move towards cloud and remote working models , creating new growth opportunities for the ICT market .
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