Nigeria’s Telecom Investments Hit $77Bn In Q2 2023 – NCC
Telecommunication investment Nigeria has grown from $38 billion to $77 billion by the second quarter (Q2) of 2023, according to Prof. Umar Danbatta, executive vice chairman, Nigerian Communications Commission (NCC).
Danbatta, disclosed this to media executives in Kano at the weekend, adding that the sector contributed 16 percent to the country’s Gross Domestic Product (GDP) during the same period.
According to him, broadband penetration national target will reach 50 per cent before the end of 2023, ahead of the 70 per cent expected by 2025.
EVC NCC said “From 8 per cent contribution to the Gross Domestic Product (GDP) in 2015, telecommunications sector now contributes 16 per cent quarterly to the Nigerian economy as of the second quarter of 2023.
“Following the authorisation of more telecommunications companies to operate in Nigeria’s telecoms sector, the investments profile has increased tremendously from $38 billion in 2015 to $75 billion currently and this keeps growing daily.
“From the sales of Fifth Generation (5G) C-Band Spectrum, the NCC has generated over $847.8 million for the federal government.
“We have witnessed explosive growth, improved regulatory standards, and digital innovation that have generated global recognition.
“Other milestones and initiatives recorded aside the regulatory activities that culminated in the landmark launch of 5G services in Nigeria include the introduction of Spectrum Trading Guidelines, re-farming and re-planning certain spectrum band for efficiency, the emplaced collaborative process for the release of C-Band Spectrum by Nigerian Communications Satellite (NIGCOMSAT) Limited, and introduction of the Expanded Revenue Assurance Solution (ERAS) to address revenue leakages and improve government revenue from the telecoms industry.
“These initiatives also include Licensing of Satellite Earth Stations, issuing of operating licence to SpaceX Satellite, facilitating the landing of additional submarine Cables, such as the Google 2,000km Equiano subsea Internet cable in 2022, listing of MTN on the Nigerian bourse, licensing of Mobile Virtual Network Operators (MVNOs), introduction of new unlicensed millimeter wave spectrum, and regulation of white space spectrum.”