Fawaz Adebisi
The Nigerian Communications Commission, NCC, has said that the total Investment in Nigeria’s telecommunication sector have reaches $75.6 billion.
The Executive Vice Chairman, EVC, of the commission, Prof. Umar Danbatta, said this while meeting with communications media ecosystem stakeholders in Lagos on Wednesday.
According to Danbatta, the $75.6billion investments comprise both foreign direct investments, FDIs, and local investments computed as at 2021.
He added that in 2018, the investment profile in the sector was at $68 billion, however, it increased to $70.5 billion in 2019 and $72 billion in 2020.
Towards 2021 ending, investments in Nigeria’s telecommunications sector reached $75,560,563,417.79 ($75.6 billion), marking an increase from the initial investment of $70 billion made in previous years.
These investment figures are calculated from two sources: the Central Bank of Nigeria (CBN) and financial data obtained from service providers by the NCC.
The CBN collects and calculates various components of the telecoms sector, including FDI, portfolio investments, and others, while, the NCC collects investment data from domestic sources, specifically from telecom licensees, which includes capital expenditure (CAPEX) as part of the overall industry investment.
In this vein, since assuming the role of CEO of the NCC in August 2015, Prof. Danbatta has highlighted the significant growth and landmark developments in the telecoms sector.
According to him, the sector’s initial investment profile was $500 million in 2001 when it was fully liberalized, adding that through an effective regulatory environment established by the commission, the telecom sector has experienced substantial growth.
Also, he stressed that the telecom sector has become a crucial contributor to Nigeria’s economy, with its quarterly sectoral contribution to the nation’s Gross Domestic Product, GDP, increasing from around 8.5 percent in the third quarter (Q3) of 2015.
He therefore said in 2022 alone, it contributed N10.126 trillion to Nigeria’s GDP, citing information from the National Bureau of Statistics, NBS.
Do you want to share a story with us? Do you want to advertise with us? Do you need publicity for a product, service, or event? Contact us on WhatsApp +2348183319097 Email: platformtimes@gmail.com
We are committed to impactful investigative journalism for human interest and social justice. Your donation will help us tell more stories. Kindly donate any amount HERE
