Nigeria’s telecommunication companies have created more than 500,000 employments and contributed about $70 billion to the economy.
In 2001, the Nigerian telecommunication sector was valued at $500 million. This makes a significant difference of $69.5 billion in just 21 years.
Speaking at a CyberChain Conference in Abuja, the Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta noted that Nigeria’s telecommunication sector has sustained more than 500,000 jobs and also contributed 12.61 percent to the Gross Domestic Product (GDP) of the country.
Dantata also added that Nigeria’s telecommunication subscriber which stood at 400,000 in 2001 has grown exponentially to 209 active mobile subscribers in 2022.
The Executive Chairman of NCC yet added that the commission will continue to promote important policies that can help to improve the telecommunication sector despite the significant growth it has witnessed in the last 21 years.
Additionally, Umar Danata who was represented by the Principal Manager, Digital Economy, Mrs. Ella Eli disclosed that Nigeria is due to see increased revenue from the telecommunication sector with the introduction of the 5G Network.
According to her, other areas where the country could rake in improved revenue include e-Commerce, Financial Technology (Fintech), and Big Data.
Meanwhile, the Nigeria Communication Commission has reiterated its desire to accelerate the deployment of emerging technologies such as the Internet of Things (IoT), Big Data, Blockchain, Robotics, Virtual Reality, and Artificial Intelligence (AI), in the country.
The commission believed that emerging technologies are critical to the development of the economy. NCC opined that emerging technologies are capable to enhances the country’s economic diversification.
Investors King understands that Nigeria’s telecommunication sector is one of the best and one of the most robust in Africa.
Nigeria which is Africa’s largest economy is a major player in the enlarged African telecommunication industry with important industry players such as MTN (Nigeria), Airtel, and Globacom.
Going forward, the industry is expected to witness renewed growth with the introduction of the 5G network which was recently launched by MTN in some specific cities in Nigeria.