Telecommunication service providers in Nigeria have urged government to take the necessary steps to fully diversify the country's economy and, given the impact of the global oil market, focus on growing the IT sector.

Olusola Teniola, President of ATCON (The Association of Telecommunication Companies of Nigeria), said operators had engaged authorities to act prior to the falling global oil price, but nothing had been done.

To prevent the situation from deteriorating, Teniola said urgent actions should be taken towards diversification of the nation's economy. "If properly developed, the ICT sector can serve as a replacement for the oil and gas sector in boosting Nigeria's economy."

"The price of oil has continued to experience volatility and this poses a threat to our national economy, therefore we have to look for a way out by devising viable policy pathways and economic sectors that will enhance national wealth and create employment for the populace. The surest way out is to give due attention to the development of the information and communication technology (ICT) sector."

ATCON"s president wants government to take steps to boost foreign exchange, turn various parts of the country into innovation hubs and actively support the growth of local companies.

"To stem the imbalance in the supply and demand of foreign exchange, what the federal government needs to consider is to encourage the establishment of companies that manufacture these components or assemble them in Nigeria with some incentives and for government to further sponsor ICT parks in the country," he added.

Ferdi Moolman, CEO of MTN Nigeria, agreed that Nigeria should upgrade as a full digital economy. "Despite what Nigeria has achieved technologically in the last 15 years, there is still a lot to do. Government should to put favourable policies in place to get ICT potentials that can replace the oil, which is not doing well at the moment."

At the Nigeria International Technology Exhibition and Conference (NITEC) Airtel Nigeria CEO, Segun Ogunsanya said, "ICT currently contributes up to nine percent to Nigeria's GDP. This can significantly improve if tech startups can explore the available opportunities despite the current dollar exchange rate and Nigeria's slow GDP," he said.