Nigeria: Investment in Nigeria’s Telecoms Industry Over $70 Billion in 21 Years – NCC

The NCC says the industry has created over 500,000 formal and informal jobs for Nigerians between 2001 to 2022.

The Nigerian Communication Commission (NCC) says the telecommunication industry has recorded over $70 billion investment in the past 21 years.

The Executive Vice Chairman of the NCC, Umar Danbatta, said this on Tuesday at the Cyberchain Abuja 2022, according to a statement signed by the NCC spokesperson, Reuben Muorka.

“From $500 million investments in the sector as at 2001, the telecommunications industry has recorded over $70 billion investment till date,” he said.

The NCC boss added that the industry has created over 500,000 formal and informal jobs for Nigerians between 2001 to 2022.

“The sector has provided over 500,000 formal and informal jobs for Nigerians. From an insignificant contribution to GDP in 2001, the telecoms sector, as at the last quarter of 2021, contributed 12.61 per cent to GDP.

Also he said there has been a significant increase in the number of functional phone lines.

“While the growth in the sector has been phenomenal, from some 400,000 functional phone lines in 2001 to over 209 million active mobile subscriptions, achieving a teledensity of 110 per cent, as at August 2022,” he added.

Mr Danbatta said the commission was committed to driving the deployment and adoption of emerging technologies.

This includes Internet of Things (IoT), utilisation of value of Big Data, Blockchain, Robotics and Virtual Reality, Fintech, Artificial Intelligence (AI), and telemedicine, among others, to stimulate greater contribution of the sector to the economy.

“NCC prioritises the need to improve and expand broadband infrastructure and the deployment of new technology such as the Fifth Generation of Mobile Communication (5G),” he said.

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