Source: BUSINESS INSIDER AFRICA
- Nigeria’s telecom sector records $75.6 billion in total investment as of 2021.
- The figure represents a combination of foreign direct investment and local contributions.
- The telecom sector has emerged as a significant contributor to Nigeria’s economy, making an impressive contribution of N10.126 trillion in 2022 alone.
Nigeria’s telecommunications sector has recorded a total investment of $75.6 billion as of 2021, according to the Nigerian Communications Commission (NCC). The impressive figure is a combination of both foreign direct investment (FDI) and local contributions, highlighting the growing appeal of Nigeria’s telecom industry.
During an interactive session with media managers and executives in Lagos, Umar Danbatta, the NCC’s Executive Vice Chairman (EVC), shared the exciting news, showcasing remarkable advancements in the telecoms sector that have bolstered revenue growth and fueled socio-economic development across the nation’s since taking office in 2015.
The telecom sector’s investment profile has experienced steady growth over recent years, climbing from $68 billion in 2018 to $70.5 billion in 2019 to $72 billion in 2020. By the close of 2021, the figure had skyrocketed to an impressive $75.6 billion, firmly establishing the current official investment profile in the industry.
The telecoms sector has emerged as a significant contributor to Nigeria’s economy, making an impressive contribution of N10.126 trillion in 2022 alone. The sector’s contribution reached 12.94% in the first quarter, a record-breaking 15% in the second quarter, 12.85% in the third quarter, and 13.55% in the fourth quarter of 2022.
This growth trajectory continued in the first quarter of 2023, with the telecommunications and Information Services sector contributing N2.508 trillion (14.13%) to Nigeria’s GDP.
The NCC acknowledged the telecoms sector as a crucial catalyst for economic development and pledged to continue striving for further progress, aiming to expand the frontiers and position Nigeria’s digital economy on the global map.
Increased investment in telecommunications infrastructure can bridge the digital divide, ensuring that more Nigerians have access to affordable and reliable communication services, empowering individuals and businesses, enabling them to participate in the digital economy, access online education, healthcare services, and financial inclusion.
ABOUT THE AUTHOR: VICTOR ULUWOLE. Head & Editor, Business Insider Africa.
