Investment in telcom hits $77bn from $38bn in 2023 – NCC

The Executive Vice Chairman and Chief Executive Officer (VC/CEO) of the Nigerian Communications Commission (NCC), Professor Umar Danbatta, has revealed that the telecom investment inflow by the second quarter of 2023 grew from $38 billion to $77 billion, contributing 16 per cent to the nation’s Gross Domestic Product (GDP).

Danbatta, who made the statement at a media parley held in Kano, said that, “With about eight per cent contribution to GDP in 2015 when we came on board as the EVC of NCC, quarterly GDP has increased significantly to reach its current threshold of 16 per cent, and this has continued to positively impact all aspects of the economy.

“Through sustained regulatory excellence and operational efficiency by the commission, the industry has grown in leaps and bounds over the past two decades. We have witnessed explosive growth, improved regulatory standards and digital innovation that have generated global recognition.”

He added that telephone users in Nigeria had hit 218.9 million, internet subscribers 159.5 million, while the broadband users in the country now had 88.7 million within the period under review.

Danbatta listed the issue of Right of Way (RoW), fibre cuts, high capital requirement for deployment, multiple taxation and regulations, among other frustrations, constituting barriers to broadband deployment in the country.

The EVC, however, assured Nigerians that the NCC would “navigate regulatory complexities, digital divide and literacy to tackle the challenges.”

Related