Nigeria as been rated the 9th fastest growing IT industry in Africa, new report by Business Monitor International has revealed.[blockquote right=”pull-right” cite=”BMI”]’Nigeria is in ninth position on our table, with a similar score to South Africa in the Industry Rewards category mainly because of its large population. However, its Country Rewards is one of the lowest in the region, reflecting a GDP per capita of less than US$2,000. Although the low purchasing power of majority of consumers is stifling growth in the consumer segment, BMI notes there are significant growth opportunities in the enterprise sector, with the financial services, oil & gas and telecoms sectors driving major investments.” [/blockquote]
Business Monitor is a leading, independent provider of proprietary data, analysis, ratings, rankings and forecasts covering 200 countries and 24 industry sectors.
The whitepaper includes Business Monitor’s country comparative risks and rewards assessment for the IT industry in Africa,
Government-led IT initiatives such as e-governance and schools computerization projects, investments in next-generation network (NGN) infrastructure, and strong private consumption growth were the yardstick used for the analysis of growth and ranking.
”South Africa is the highest-ranked African country on our table. It occupies sixth position, ahead of the two remaining GCC states Oman and Bahrain, which have the two lowest Industry Rewards scores in the region because of the small sizes of their markets. In contrast, South Africa benefits from a high Industry Rewards scores owing to its large population and growth potential in the consumer segment. South Africa is still the hub for Africa’s IT services market, although it is facing increasing competition from other countries such as Kenya” BMI said.
According to BMI, ”Nigeria is in ninth position on our table, with a similar score to South Africa in the Industry Rewards category mainly because of its large population. However, its Country Rewards is one of the lowest in the region, reflecting a GDP per capita of less than US$2,000. Although the low purchasing power of majority of consumers is stifling growth in the consumer segment, BMI notes there are significant growth opportunities in the enterprise sector, with the financial services, oil & gas and telecoms sectors driving major investments.”
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