Telecom Sector Has Created Over 500,000 Jobs, Adds $70 Billion to the Economy

The telecommunications sector has created over 500,000 jobs and contributed $70 billion to the Nigerian economy so far, according to Prof. Umar Danbatta, the Executive Vice Chairman of the Nigerian Communications Commission(NCC).

Prof. Danbatta, who spoke at a Cyberchain event in Abuja on “Using Technology to Grow Nigeria’s GDP”, emphasized the significance of the telecommunications sector to the Nigerian economy, both public and private sectors.

The Prof., who was represented by Mrs. Ella Eli, the Principal Manager of the Digital Economy, explained that the adoption of the digital economy has enabled Nigeria to diversify its revenue generation and broaden its job creation by improving service efficiency through reduction of waste and optimisation of available resources.

In his words, he said, “Nigeria’s adoption of digital technologies has enabled it to diversify its revenue and economy, created jobs, improved services and efficiency, reduced wastages, and optimized resources available”.

Speaking on the sector’s contribution to the Gross Domestic Product (GDP), Danbatta said both in the informal and the formal sectors over 500,000 jobs have been created while the sector has enhanced Nigeria’s economy by more than $70 billion in value.

In fact, as it stands today, most Nigerians can not function on a daily basis without their mobile phones. A tool “the liberalised telecommunications sector has brought with it.”

Other telecommunications opportunities like instant messaging, instant information, financial inclusion, telemedicine, smart farming, e-Commerce and virtual learning have helped improve lives and businesses, Investors King reports.

Liberalisation of the telecommunications sector has helped empowered Nigerian youths and provided them with more job opportunities. Many youths are now earning in foreign currency via remote work and freelancing without having to leave the shores of Nigeria.

It means millions of foreign exchange are consistently repatriated into the Nigerian economy because telecommunications facilitate easy and affordable connection to various job pool platforms across the globe.