Telecom investment grew from $38bn to $77bn by 2023 Q2 — NCC

Professor Umar Danbatta, the Executive Vice Chairman of the Nigerian Communications Commission (NCC), revealed that investments in the telecom sector have soared, reaching $77 billion by the second quarter of 2023.

This substantial growth, from $38 billion, has significantly bolstered Nigeria’s economy, contributing 16% to the nation’s Gross Domestic Product (GDP) during the same period.

Speaking at a media parley in Kano, Danbatta credited the surge in telecom investment to the concerted efforts of the NCC, highlighting the growth trajectory since 2015.

He emphasized that the sector’s contribution to GDP has more than doubled within this period, showcasing the positive impact on the overall economy.

Danbatta underscored the pivotal role of the telecom industry, stating, “We have witnessed explosive growth, improved regulatory standards, and digital innovation that have generated global recognition.”

Key statistics shared by the NCC Executive Vice Chairman included 218.9 million telephone users in Nigeria, 159.5 million internet subscribers, and 88.7 million broadband users during the period under review.

Despite this growth, Danbatta acknowledged the challenges hampering broadband deployment in Nigeria, including Right-of-Way (RoW) issues, fibre cuts, high capital requirements for deployment, multiple taxes, and regulations.

He assured Nigerians that the NCC remains committed to overcoming these challenges and navigating the regulatory complexities and digital divide to facilitate continued growth and innovation within the sector.


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