Investments In Nigeria's Telecom Sector Hits $77bn In Q2 2023 - NCC

Investments In Nigeria’s Telecom Sector Hit $77bn In Q2 2023 – NCC

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Prof. Umar Danbatta, the Executive Vice-Chairman of the Nigeria Communications Commission (NCC) on Saturday, announced that Nigeria’s telecommunication sector has experienced a surge in investment, thereby contributing significantly to the nation’s GDP.

Speaking at a media parley, Danbatta disclosed that investments in the sector has jumped from $38 billion to a staggering $77 billion during the second quarter of 2023.

Danbatta’s revelation comes as a testament to the resilience and dynamism of Nigeria’s telecommunications industry.

He proudly proclaimed, “From about eight percent contribution to GDP in 2015, when I came on board as the EVC of NCC, quarterly GDP has increased significantly to reach its current threshold of 16 percent. And this has continued to positively impact all aspects of the economy.”

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The NCC boss attributed this remarkable success to sustained regulatory activities and operational efficiency spearheaded by the commission.

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Over the past two decades, the industry has witnessed growth, improved regulatory standards, and digital innovation that garnered global recognition. Other achievements include a burgeoning telephone user base of 218.9 million, 159.5 million internet subscribers, and a remarkable 88.7 million broadband users within the period under review.

However, Danbatta acknowledged the hurdles that still impede the industry’s progress, such as Right of Way (RoW) issues, fiber cuts, high capital requirements for deployment, multiple taxations, and regulatory complexities.

He assured the nation that the NCC is committed to navigating these challenges to ensure continued growth and development in the telecommunications sector.

In an era where digital connectivity plays a pivotal role in economic advancement, Nigeria’s telecommunication industry stands as a shining beacon of progress, contributing significantly to the nation’s prosperity and global recognition.

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